VCPA.L vs. HYGB.L
VCPA.L (Vanguard USD Corporate Bond UCITS ETF Accumulating) and HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) are both exchange-traded funds - VCPA.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while HYGB.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, VCPA.L returned 0.76%/yr vs 3.29%/yr for HYGB.L. A 0.67 correlation means they provide meaningful diversification when combined. VCPA.L charges 0.09%/yr vs 0.40%/yr for HYGB.L.
Performance
VCPA.L vs. HYGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, VCPA.L achieves a 0.02% return, which is significantly lower than HYGB.L's 3.73% return.
VCPA.L
- 1D
- 0.33%
- 1M
- -1.02%
- 6M
- -0.37%
- YTD
- 0.02%
- 1Y
- 4.16%
- 3Y*
- 3.99%
- 5Y*
- 0.76%
- 10Y*
- —
HYGB.L
- 1D
- 0.36%
- 1M
- -0.41%
- 6M
- 2.50%
- YTD
- 3.73%
- 1Y
- 7.76%
- 3Y*
- 8.68%
- 5Y*
- 3.29%
- 10Y*
- —
VCPA.L vs. HYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VCPA.L Vanguard USD Corporate Bond UCITS ETF Accumulating | 0.02% | 0.42% | 4.58% | 2.12% | -4.89% | 0.33% | 5.37% | -15.43% |
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.73% | 1.56% | 13.72% | 1.66% | -2.52% | 0.59% | 1.90% | 7.15% |
Correlation
The correlation between VCPA.L and HYGB.L is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019 | 0.67 |
The correlation between VCPA.L and HYGB.L has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.
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Return for Risk
VCPA.L vs. HYGB.L — Risk / Return Rank
VCPA.L
HYGB.L
VCPA.L vs. HYGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.L) and VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.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.
| VCPA.L | HYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.21 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 2.33 | -1.45 |
| Martin ratioReturn relative to average drawdown | 2.09 | 5.93 | -3.84 |
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Drawdowns
VCPA.L vs. HYGB.L - Drawdown Comparison
The maximum VCPA.L drawdown since its inception was -24.70%, smaller than the maximum HYGB.L drawdown of -26.72%. Use the drawdown chart below to compare losses from any high point for VCPA.L and HYGB.L.
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Drawdown Indicators
| VCPA.L | HYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.70% | -26.72% | +2.02% |
Max Drawdown (1Y)Largest decline over 1 year | -4.67% | -3.31% | -1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -20.09% | -8.96% | -11.13% |
Max Drawdown (5Y)Largest decline over 5 years | -20.09% | -23.02% | +2.93% |
Current DrawdownCurrent decline from peak | -12.56% | -1.93% | -10.63% |
Average DrawdownAverage peak-to-trough decline | -13.95% | -14.28% | +0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.30% | +0.68% |
Volatility
VCPA.L vs. HYGB.L - Volatility Comparison
Vanguard USD Corporate Bond UCITS ETF Accumulating (VCPA.L) has a higher volatility of 1.56% compared to VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L) at 1.48%. This indicates that VCPA.L's price experiences larger fluctuations and is considered to be riskier than HYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCPA.L | HYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 1.48% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.51% | 4.96% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 6.52% | -0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.50% | 18.18% | -1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.17% | 17.40% | -0.23% |
VCPA.L vs. HYGB.L - Expense Ratio Comparison
VCPA.L has a 0.09% expense ratio, which is lower than HYGB.L's 0.40% expense ratio.
Dividends
VCPA.L vs. HYGB.L - Dividend Comparison
Neither VCPA.L nor HYGB.L has paid dividends to shareholders.
Frequently Asked Questions
VCPA.L and HYGB.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VCPA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VCPA.L is cheaper with a 0.09% expense ratio, compared with 0.40% for HYGB.L.
VCPA.L is categorized as Corporate Bonds, while HYGB.L is Emerging Markets Bonds. VCPA.L tracks Bloomberg US Corp Bond TR USD, while HYGB.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.09% for VCPA.L and 0.40% for HYGB.L.
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