VGHY vs. HYEM
VGHY (Vanguard High-Yield Active ETF) and HYEM (VanEck Vectors Emerging Markets High Yield Bond ETF) are both High Yield Bonds funds. VGHY is actively managed, while HYEM is passively managed. At a 0.38 correlation, their price movements are largely independent. VGHY charges 0.22%/yr vs 0.40%/yr for HYEM.
Performance
VGHY vs. HYEM - Performance Comparison
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Returns By Period
In the year-to-date period, VGHY achieves a 1.72% return, which is significantly lower than HYEM's 4.28% return.
VGHY
- 1D
- 0.24%
- 1M
- 0.77%
- YTD
- 1.72%
- 6M
- 2.20%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYEM
- 1D
- -0.15%
- 1M
- 1.26%
- YTD
- 4.28%
- 6M
- 4.29%
- 1Y
- 9.50%
- 3Y*
- 10.35%
- 5Y*
- 2.95%
- 10Y*
- 4.64%
VGHY vs. HYEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VGHY Vanguard High-Yield Active ETF | 1.72% | 1.77% |
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 4.28% | 0.93% |
Correlation
The correlation between VGHY and HYEM is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025 | 0.38 |
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Return for Risk
VGHY vs. HYEM — Risk / Return Rank
VGHY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYEM
VGHY vs. HYEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Active ETF (VGHY) and VanEck Vectors Emerging Markets High Yield Bond ETF (HYEM). 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.
| VGHY | HYEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.42 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.50 | — |
| Martin ratioReturn relative to average drawdown | — | 14.23 | — |
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Drawdowns
VGHY vs. HYEM - Drawdown Comparison
The maximum VGHY drawdown since its inception was -2.66%, smaller than the maximum HYEM drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for VGHY and HYEM.
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Drawdown Indicators
| VGHY | HYEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.66% | -30.96% | +28.30% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.73% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.23% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.96% | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.20% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -0.44% | -4.38% | +3.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.67% | — |
Volatility
VGHY vs. HYEM - Volatility Comparison
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Volatility by Period
| VGHY | HYEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.14% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.25% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.25% | 4.40% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 7.51% | -3.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.25% | 9.27% | -5.02% |
VGHY vs. HYEM - Expense Ratio Comparison
VGHY has a 0.22% expense ratio, which is lower than HYEM's 0.40% expense ratio.
Dividends
VGHY vs. HYEM - Dividend Comparison
VGHY's dividend yield for the trailing twelve months is around 3.97%, less than HYEM's 6.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYEM VanEck Vectors Emerging Markets High Yield Bond ETF | 6.50% | 6.67% | 6.34% | 6.27% | 6.47% | 5.33% | 5.56% | 6.14% | 5.71% | 5.86% | 6.25% | 7.64% |
VGHY Vanguard High-Yield Active ETF | 3.97% | 1.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VGHY and HYEM have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGHY is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGHY is cheaper with a 0.22% expense ratio, compared with 0.40% for HYEM.
HYEM has the higher dividend yield at 6.50%, compared with 3.97% for VGHY.
They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.22% for VGHY and 0.40% for HYEM.
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