UDHY.DE vs. HY3M.DE
UDHY.DE (iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist)) and HY3M.DE (VanEck Emerging Markets High Yield Bond UCITS ETF) are both exchange-traded funds - UDHY.DE is a High Yield Bonds fund tracking the ICE BofAML US High Yield Constrained, while HY3M.DE is a Emerging Markets Bonds fund tracking the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 3 years, UDHY.DE returned 5.82%/yr vs 9.20%/yr for HY3M.DE. A 0.62 correlation means they provide meaningful diversification when combined. UDHY.DE charges 0.20%/yr vs 0.40%/yr for HY3M.DE.
Performance
UDHY.DE vs. HY3M.DE - Performance Comparison
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Returns By Period
In the year-to-date period, UDHY.DE achieves a -0.44% return, which is significantly lower than HY3M.DE's 6.76% return.
UDHY.DE
- 1D
- 0.00%
- 1M
- -0.09%
- 6M
- 1.21%
- YTD
- -0.44%
- 1Y
- 1.74%
- 3Y*
- 5.82%
- 5Y*
- —
- 10Y*
- —
HY3M.DE
- 1D
- 0.18%
- 1M
- 0.99%
- 6M
- 4.21%
- YTD
- 6.76%
- 1Y
- 9.61%
- 3Y*
- 9.20%
- 5Y*
- 3.45%
- 10Y*
- —
UDHY.DE vs. HY3M.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UDHY.DE iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) | -0.44% | -3.31% | 14.00% | 9.01% | -3.77% |
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 6.76% | -3.30% | 18.25% | 4.13% | -2.11% |
Correlation
The correlation between UDHY.DE and HY3M.DE is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2022 | 0.62 |
The correlation between UDHY.DE and HY3M.DE has been stable across timeframes, ranging from 0.62 to 0.68 - a consistent structural relationship.
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Return for Risk
UDHY.DE vs. HY3M.DE — Risk / Return Rank
UDHY.DE
HY3M.DE
UDHY.DE vs. HY3M.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) (UDHY.DE) and VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UDHY.DE | HY3M.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.26 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | 3.11 | -3.01 |
| Martin ratioReturn relative to average drawdown | 0.14 | 9.17 | -9.03 |
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Drawdowns
UDHY.DE vs. HY3M.DE - Drawdown Comparison
The maximum UDHY.DE drawdown since its inception was -18.01%, smaller than the maximum HY3M.DE drawdown of -21.08%. Use the drawdown chart below to compare losses from any high point for UDHY.DE and HY3M.DE.
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Drawdown Indicators
| UDHY.DE | HY3M.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.01% | -21.08% | +3.07% |
Max Drawdown (1Y)Largest decline over 1 year | -18.01% | -3.08% | -14.93% |
Max Drawdown (3Y)Largest decline over 3 years | -18.01% | -12.09% | -5.92% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.58% | — |
Current DrawdownCurrent decline from peak | -14.38% | -0.77% | -13.61% |
Average DrawdownAverage peak-to-trough decline | -5.92% | -7.04% | +1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.70% | 1.04% | +11.66% |
Volatility
UDHY.DE vs. HY3M.DE - Volatility Comparison
iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) (UDHY.DE) has a higher volatility of 2.03% compared to VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) at 1.80%. This indicates that UDHY.DE's price experiences larger fluctuations and is considered to be riskier than HY3M.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UDHY.DE | HY3M.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 1.80% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.02% | 5.09% | -1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.25% | 6.74% | +15.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.01% | 8.60% | +4.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.01% | 13.19% | -0.18% |
UDHY.DE vs. HY3M.DE - Expense Ratio Comparison
UDHY.DE has a 0.20% expense ratio, which is lower than HY3M.DE's 0.40% expense ratio.
Dividends
UDHY.DE vs. HY3M.DE - Dividend Comparison
UDHY.DE's dividend yield for the trailing twelve months is around 1.70%, while HY3M.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UDHY.DE iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) | 1.70% | 8.01% | 7.25% | 6.34% | 1.63% |
Frequently Asked Questions
UDHY.DE and HY3M.DE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UDHY.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UDHY.DE is cheaper with a 0.20% expense ratio, compared with 0.40% for HY3M.DE.
UDHY.DE is categorized as High Yield Bonds, while HY3M.DE is Emerging Markets Bonds. UDHY.DE tracks ICE BofAML US High Yield Constrained, while HY3M.DE tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.20% for UDHY.DE and 0.40% for HY3M.DE.
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