VEMY vs. CDX

Last updated Aug 2, 2026

VEMY (Virtus Stone Harbor Emerging Markets High Yield Bond ETF) and CDX (Simplify High Yield ETF) are both exchange-traded funds - VEMY is a Emerging Markets Bonds fund actively managed by Virtus, while CDX is a High Yield Bonds fund actively managed by Simplify. Both are actively managed. Over the past 3 years, VEMY returned 13.84%/yr vs 7.17%/yr for CDX. Their 0.40 correlation means their historical movements had little consistent relationship. VEMY charges 0.58%/yr vs 0.25%/yr for CDX.

Performance

VEMY vs. CDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Stone Harbor Emerging Markets High Yield Bond ETF (VEMY) and Simplify High Yield ETF (CDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEMY achieves a 5.65% return, which is significantly higher than CDX's -3.00% return.

VEMY

• 1D: 0.04%
• 1M: -0.85%
• 6M: 3.07%
• YTD: 5.65%
• 1Y: 12.83%
• 3Y*: 13.84%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.01%

CDX

• 1D: 0.10%
• 1M: -0.57%
• 6M: -3.06%
• YTD: -3.00%
• 1Y: -3.26%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CDX Simplify High Yield ETF	$2.23M	$2.17M	$2.98M
VEMY Virtus Stone Harbor Emerging Markets High Yield Bond ETF	$966.52K	$884.39K	$876.68K

VEMY vs. CDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VEMY Virtus Stone Harbor Emerging Markets High Yield Bond ETF	5.65%	15.27%	13.48%	14.45%	-1.43%
CDX Simplify High Yield ETF	-3.00%	9.51%	7.71%	12.74%	-1.97%

Correlation

The correlation between VEMY and CDX is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.40

Return for Risk

VEMY vs. CDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VEMY

VEMY Risk / Return Rank: 89
VEMY Sharpe Ratio Rank: 88
VEMY Sortino Ratio Rank: 92
VEMY Omega Ratio Rank: 91
VEMY Calmar Ratio Rank: 85
VEMY Martin Ratio Rank: 91

CDX

CDX Risk / Return Rank: 4
CDX Sharpe Ratio Rank: 5
CDX Sortino Ratio Rank: 4
CDX Omega Ratio Rank: 4
CDX Calmar Ratio Rank: 4
CDX Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VEMY vs. CDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Stone Harbor Emerging Markets High Yield Bond ETF (VEMY) and Simplify High Yield ETF (CDX). 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.

	VEMY	CDX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	-0.54	+2.69
Sortino ratio: Return per unit of downside risk	3.32	-0.74	+4.06
Omega ratio: Gain probability vs. loss probability	1.43	0.92	+0.51
Calmar ratio: Return relative to maximum drawdown	3.23	-0.60	+3.83
Martin ratio: Return relative to average drawdown	14.88	-1.44	+16.32

VEMY vs. CDX - Sharpe Ratio Comparison

The current VEMY Sharpe Ratio is 2.15, which is higher than the CDX Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of VEMY and CDX, 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

VEMY vs. CDX - Drawdown Comparison

The maximum VEMY drawdown since its inception was -8.77%, smaller than the maximum CDX drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for VEMY and CDX.

Drawdown Indicators

	VEMY	CDX	Difference
Max Drawdown Largest peak-to-trough decline	-8.77%	-13.24%	+4.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	-5.37%	+1.37%
Max Drawdown (3Y) Largest decline over 3 years	-6.57%	-8.97%	+2.40%
Current Drawdown Current decline from peak	-1.07%	-7.94%	+6.87%
Average Drawdown Average peak-to-trough decline	-1.27%	-4.44%	+3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	2.24%	-1.37%

Volatility

VEMY vs. CDX - Volatility Comparison

The current volatility for Virtus Stone Harbor Emerging Markets High Yield Bond ETF (VEMY) is 1.13%, while Simplify High Yield ETF (CDX) has a volatility of 2.02%. This indicates that VEMY experiences smaller price fluctuations and is considered to be less risky than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMY	CDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	2.02%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	5.16%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	6.02%	5.98%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.52%	10.97%	-3.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.52%	10.97%	-3.45%

VEMY vs. CDX - Expense Ratio Comparison

VEMY has a 0.58% expense ratio, which is higher than CDX's 0.25% expense ratio.

Dividends

VEMY vs. CDX - Dividend Comparison

VEMY's dividend yield for the trailing twelve months is around 8.12%, less than CDX's 8.33% yield.

Position	TTM	2025	2024	2023	2022
CDX Simplify High Yield ETF	8.33%	7.18%	12.60%	5.26%	7.51%
VEMY Virtus Stone Harbor Emerging Markets High Yield Bond ETF	8.12%	8.89%	10.28%	9.55%	0.00%

Frequently Asked Questions

Can I hold both VEMY and CDX in my portfolio?

VEMY and CDX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEMY or CDX?

CDX has higher volatility (2.02%) compared to VEMY (1.13%). In terms of maximum drawdown, VEMY dropped -8.77% vs CDX's -13.24%.

Which ETF is better, VEMY or CDX?

On 3-year performance, VEMY leads with 13.84% vs 7.17% for CDX. On fees, CDX is cheaper at 0.25% per year. On volatility, VEMY has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEMY or CDX?

Over the 3-year period, VEMY has performed better with a 13.84% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEMY or CDX?

CDX is cheaper with a 0.25% expense ratio, compared with 0.58% for VEMY.

Which ETF pays a higher dividend yield, VEMY or CDX?

CDX has the higher dividend yield at 8.33%, compared with 8.12% for VEMY.

What is the main difference between VEMY and CDX?

VEMY is categorized as Emerging Markets Bonds, while CDX is High Yield Bonds. They also come from different issuers: Virtus and Simplify. Their fees differ too: 0.58% for VEMY and 0.25% for CDX.

Which has better risk-adjusted returns?

VEMY currently has the higher Sharpe Ratio (2.15 vs -0.54), 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.