VDEA.L vs. HYEM.L
VDEA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation) and HYEM.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - VDEA.L tracks the Bloomberg EM USD Sovereign + Quasi-Sov Index while HYEM.L tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 5 years, VDEA.L returned 2.15%/yr vs 2.77%/yr for HYEM.L. At a 0.44 correlation, their price movements are largely independent. VDEA.L charges 0.23%/yr vs 0.40%/yr for HYEM.L.
Performance
VDEA.L vs. HYEM.L - Performance Comparison
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Returns By Period
In the year-to-date period, VDEA.L achieves a 1.34% return, which is significantly lower than HYEM.L's 3.56% return.
VDEA.L
- 1D
- 0.00%
- 1M
- -0.76%
- 6M
- 1.53%
- YTD
- 1.34%
- 1Y
- 7.95%
- 3Y*
- 7.99%
- 5Y*
- 2.15%
- 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*
- —
VDEA.L vs. HYEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VDEA.L Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation | 1.34% | 11.45% | 6.35% | 9.71% | -15.28% | -1.74% | 6.10% | 9.44% |
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.56% | 8.98% | 11.89% | 7.56% | -12.87% | -0.65% | 5.46% | 9.35% |
Correlation
The correlation between VDEA.L and HYEM.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019 | 0.44 |
The correlation between VDEA.L and HYEM.L shifts across timeframes, from 0.31 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VDEA.L vs. HYEM.L — Risk / Return Rank
VDEA.L
HYEM.L
VDEA.L vs. HYEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.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.
| VDEA.L | HYEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.37 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.69 | -0.53 |
| Martin ratioReturn relative to average drawdown | 8.48 | 10.12 | -1.64 |
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Drawdowns
VDEA.L vs. HYEM.L - Drawdown Comparison
The maximum VDEA.L drawdown since its inception was -24.08%, smaller than the maximum HYEM.L drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for VDEA.L and HYEM.L.
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Drawdown Indicators
| VDEA.L | HYEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.08% | -27.28% | +3.20% |
Max Drawdown (1Y)Largest decline over 1 year | -3.66% | -2.94% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -6.15% | -4.27% | -1.88% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -27.28% | +3.20% |
Current DrawdownCurrent decline from peak | -0.86% | -0.39% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -5.09% | -0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.78% | +0.16% |
Volatility
VDEA.L vs. HYEM.L - Volatility Comparison
The current volatility for Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.L) is 1.03%, while VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYEM.L) has a volatility of 1.12%. This indicates that VDEA.L experiences smaller price fluctuations and is considered to be less risky than HYEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VDEA.L | HYEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 1.12% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.11% | 4.12% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.00% | 4.94% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.26% | 6.98% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.19% | 7.23% | +0.96% |
VDEA.L vs. HYEM.L - Expense Ratio Comparison
VDEA.L has a 0.23% expense ratio, which is lower than HYEM.L's 0.40% expense ratio.
Dividends
VDEA.L vs. HYEM.L - Dividend Comparison
Neither VDEA.L nor HYEM.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYEM.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% |
VDEA.L Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VDEA.L and HYEM.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VDEA.L is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDEA.L is cheaper with a 0.23% expense ratio, compared with 0.40% for HYEM.L.
VDEA.L tracks Bloomberg EM USD Sovereign + Quasi-Sov Index, while HYEM.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: 0.23% for VDEA.L and 0.40% for HYEM.L.
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