USDC.L vs. HYEM.L

Last updated Jul 18, 2026

USDC.L (L&G USD Corporate Bond Screened UCITS ETF USD (Dist)) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) are both exchange-traded funds - USDC.L is a Corporate Bonds fund tracking the J.P. Morgan Global Credit Index ESG Investment Grade USD Custom Maturity Index, while HYEM.L 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 5 years, USDC.L returned 0.14%/yr vs 2.77%/yr for HYEM.L. At a 0.29 correlation, their price movements are largely independent. USDC.L charges 0.09%/yr vs 0.40%/yr for HYEM.L.

Performance

USDC.L vs. HYEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G USD Corporate Bond Screened UCITS ETF USD (Dist) (USDC.L) and VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USDC.L achieves a -2.06% return, which is significantly lower than HYEM.L's 3.56% return.

USDC.L

• 1D: 0.12%
• 1M: -0.49%
• 6M: 0.54%
• YTD: -2.06%
• 1Y: 1.96%
• 3Y*: 4.31%
• 5Y*: 0.14%
• 10Y*: —

HYEM.L

• 1D: -0.01%
• 1M: -0.27%
• 6M: 2.87%
• YTD: 3.56%
• 1Y: 7.93%
• 3Y*: 9.90%
• 5Y*: 2.77%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

USDC.L vs. HYEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD (Dist)	-2.06%	7.42%	3.13%	8.35%	-13.91%	-0.43%
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)	3.56%	8.98%	11.89%	7.56%	-12.87%	-0.59%

Correlation

The correlation between USDC.L and HYEM.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.29

The correlation between USDC.L and HYEM.L shifts across timeframes, from 0.22 (1 year) to 0.33 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

USDC.L vs. HYEM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USDC.L

USDC.L Risk / Return Rank: 16
USDC.L Sharpe Ratio Rank: 16
USDC.L Sortino Ratio Rank: 14
USDC.L Omega Ratio Rank: 16
USDC.L Calmar Ratio Rank: 16
USDC.L Martin Ratio Rank: 16

HYEM.L

HYEM.L Risk / Return Rank: 74
HYEM.L Sharpe Ratio Rank: 66
HYEM.L Sortino Ratio Rank: 75
HYEM.L Omega Ratio Rank: 82
HYEM.L Calmar Ratio Rank: 72
HYEM.L Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USDC.L vs. HYEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G USD Corporate Bond Screened UCITS ETF USD (Dist) (USDC.L) and VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L). 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.

	USDC.L	HYEM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.60	-1.27
Sortino ratio: Return per unit of downside risk	0.45	2.54	-2.10
Omega ratio: Gain probability vs. loss probability	1.07	1.37	-0.30
Calmar ratio: Return relative to maximum drawdown	0.40	2.69	-2.29
Martin ratio: Return relative to average drawdown	0.92	10.12	-9.20

USDC.L vs. HYEM.L - Sharpe Ratio Comparison

The current USDC.L Sharpe Ratio is 0.33, which is lower than the HYEM.L Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of USDC.L and HYEM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USDC.L vs. HYEM.L - Drawdown Comparison

The maximum USDC.L drawdown since its inception was -20.07%, smaller than the maximum HYEM.L drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for USDC.L and HYEM.L.

Drawdown Indicators

	USDC.L	HYEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-27.28%	+7.21%
Max Drawdown (1Y) Largest decline over 1 year	-4.92%	-2.94%	-1.98%
Max Drawdown (3Y) Largest decline over 3 years	-4.92%	-4.27%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-20.07%	-27.28%	+7.21%
Current Drawdown Current decline from peak	-2.83%	-0.39%	-2.44%
Average Drawdown Average peak-to-trough decline	-6.75%	-5.09%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	0.78%	+1.35%

Volatility

USDC.L vs. HYEM.L - Volatility Comparison

L&G USD Corporate Bond Screened UCITS ETF USD (Dist) (USDC.L) and VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) have volatilities of 1.11% and 1.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USDC.L	HYEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	1.12%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.79%	4.12%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	4.94%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.28%	6.98%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.12%	7.23%	-1.11%

USDC.L vs. HYEM.L - Expense Ratio Comparison

USDC.L has a 0.09% expense ratio, which is lower than HYEM.L's 0.40% expense ratio.

Dividends

USDC.L vs. HYEM.L - Dividend Comparison

USDC.L's dividend yield for the trailing twelve months is around 2.44%, while HYEM.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.09%	0.00%
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD (Dist)	2.44%	4.47%	4.08%	3.24%	2.36%	0.78%

Frequently Asked Questions

Can I hold both USDC.L and HYEM.L in my portfolio?

USDC.L and HYEM.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USDC.L or HYEM.L?

On fees, USDC.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USDC.L or HYEM.L?

USDC.L is cheaper with a 0.09% expense ratio, compared with 0.40% for HYEM.L.

What is the main difference between USDC.L and HYEM.L?

USDC.L is categorized as Corporate Bonds, while HYEM.L is Emerging Markets Bonds. USDC.L tracks J.P. Morgan Global Credit Index ESG Investment Grade USD Custom Maturity Index, while HYEM.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: L&G and VanEck. Their fees differ too: 0.09% for USDC.L and 0.40% for HYEM.L.