USHYX vs. IEMG
USHYX (USAA High Income Fund) and IEMG (iShares Core MSCI Emerging Markets ETF) are both funds - USHYX is a High Yield Bonds fund managed by Victory, while IEMG is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Over the past 10 years, USHYX returned 4.67%/yr vs 8.84%/yr for IEMG. Their 0.46 correlation means their historical movements had little consistent relationship. USHYX charges 0.76%/yr vs 0.09%/yr for IEMG.
Performance
USHYX vs. IEMG - Performance Comparison
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Returns By Period
In the year-to-date period, USHYX achieves a 1.66% return, which is significantly lower than IEMG's 16.38% return. Over the past 10 years, USHYX has underperformed IEMG with an annualized return of 4.67%, while IEMG has yielded a comparatively higher 8.84% annualized return.
USHYX
- 1D
- 0.15%
- 1M
- -0.04%
- 6M
- 1.29%
- YTD
- 1.66%
- 1Y
- 4.75%
- 3Y*
- 7.32%
- 5Y*
- 3.45%
- 10Y*
- 4.67%
- ALL TIME*
- 5.88%
IEMG
- 1D
- 0.73%
- 1M
- -2.79%
- 6M
- 7.82%
- YTD
- 16.38%
- 1Y
- 32.88%
- 3Y*
- 18.00%
- 5Y*
- 7.26%
- 10Y*
- 8.84%
- ALL TIME*
- 6.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $833.06M | $972.69M | $1.09B | |
| $0.00 | $0.00 | $0.00 |
USHYX vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USHYX USAA High Income Fund | 1.66% | 7.22% | 6.85% | 13.05% | -10.95% | 5.61% | 3.74% | 13.13% | -3.52% | 7.17% |
IEMG iShares Core MSCI Emerging Markets ETF | 16.38% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
Correlation
The correlation between USHYX and IEMG is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.46 |
The correlation between USHYX and IEMG shifts across timeframes, from 0.44 (3 years) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USHYX vs. IEMG — Risk / Return Rank
USHYX
IEMG
USHYX vs. IEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA High Income Fund (USHYX) and iShares Core MSCI Emerging Markets ETF (IEMG). 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.
| USHYX | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.26 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.33 | -0.17 |
| Martin ratioReturn relative to average drawdown | 10.74 | 7.16 | +3.58 |
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Drawdowns
USHYX vs. IEMG - Drawdown Comparison
The maximum USHYX drawdown since its inception was -33.59%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for USHYX and IEMG.
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Drawdown Indicators
| USHYX | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.59% | -38.71% | +5.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -13.78% | +11.57% |
Max Drawdown (3Y)Largest decline over 3 years | -3.75% | -17.21% | +13.46% |
Max Drawdown (5Y)Largest decline over 5 years | -15.10% | -33.61% | +18.51% |
Max Drawdown (10Y)Largest decline over 10 years | -24.55% | -38.71% | +14.16% |
Current DrawdownCurrent decline from peak | -0.29% | -9.76% | +9.47% |
Average DrawdownAverage peak-to-trough decline | -2.96% | -12.89% | +9.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 4.47% | -4.03% |
Volatility
USHYX vs. IEMG - Volatility Comparison
The current volatility for USAA High Income Fund (USHYX) is 0.61%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 8.73%. This indicates that USHYX experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USHYX | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 8.73% | -8.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 21.74% | -19.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.62% | 23.71% | -21.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.61% | 19.27% | -14.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.43% | 20.32% | -14.89% |
USHYX vs. IEMG - Expense Ratio Comparison
USHYX has a 0.76% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
USHYX vs. IEMG - Dividend Comparison
USHYX's dividend yield for the trailing twelve months is around 6.94%, more than IEMG's 2.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 2.32% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
USHYX USAA High Income Fund | 6.94% | 5.48% | 7.65% | 7.15% | 5.89% | 4.83% | 5.23% | 5.78% | 6.31% | 5.72% | 5.91% | 6.44% |
Frequently Asked Questions
USHYX and IEMG have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (8.73%) compared to USHYX (0.61%). In terms of maximum drawdown, USHYX dropped -33.59% vs IEMG's -38.71%.
USHYX currently has the higher Sharpe Ratio (1.82 vs 1.35), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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