XHYG.DE vs. AYEM.DE
XHYG.DE (Xtrackers EUR High Yield Corporate Bond UCITS ETF 1D) and AYEM.DE (iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc)) are both exchange-traded funds - XHYG.DE is a European High Yield Bonds fund tracking the Bloomberg Pan Euro HY Euro TR EUR, while AYEM.DE is a Emerging Markets Equities fund tracking the MSCI Emerging Markets IMI ESG Screened. Both are passively managed. Over the past 5 years, XHYG.DE returned 2.78%/yr vs 8.30%/yr for AYEM.DE. At a 0.49 correlation, their price movements are largely independent. XHYG.DE charges 0.20%/yr vs 0.18%/yr for AYEM.DE.
Performance
XHYG.DE vs. AYEM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XHYG.DE achieves a 1.00% return, which is significantly lower than AYEM.DE's 26.90% return.
XHYG.DE
- 1D
- 0.08%
- 1M
- 0.61%
- YTD
- 1.00%
- 6M
- 1.35%
- 1Y
- 3.43%
- 3Y*
- 6.42%
- 5Y*
- 2.78%
- 10Y*
- 3.16%
AYEM.DE
- 1D
- -1.29%
- 1M
- 4.35%
- YTD
- 26.90%
- 6M
- 27.17%
- 1Y
- 46.15%
- 3Y*
- 20.23%
- 5Y*
- 8.30%
- 10Y*
- —
XHYG.DE vs. AYEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XHYG.DE Xtrackers EUR High Yield Corporate Bond UCITS ETF 1D | 1.00% | 4.63% | 6.16% | 11.48% | -8.51% | 2.12% | 1.72% | 9.91% | -2.85% |
AYEM.DE iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) | 26.90% | 17.51% | 14.02% | 6.81% | -14.64% | 6.10% | 7.92% | 21.67% | 1.83% |
Correlation
The correlation between XHYG.DE and AYEM.DE is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2018 | 0.49 |
The correlation between XHYG.DE and AYEM.DE has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.
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Return for Risk
XHYG.DE vs. AYEM.DE — Risk / Return Rank
XHYG.DE
AYEM.DE
XHYG.DE vs. AYEM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers EUR High Yield Corporate Bond UCITS ETF 1D (XHYG.DE) and iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) (AYEM.DE). 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.
| XHYG.DE | AYEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.71 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.48 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 4.30 | -3.08 |
| Martin ratioReturn relative to average drawdown | 5.17 | 15.83 | -10.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XHYG.DE | AYEM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | 2.68 | -1.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | 0.50 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.58 | -0.14 |
Drawdowns
XHYG.DE vs. AYEM.DE - Drawdown Comparison
The maximum XHYG.DE drawdown since its inception was -24.00%, smaller than the maximum AYEM.DE drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for XHYG.DE and AYEM.DE.
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Drawdown Indicators
| XHYG.DE | AYEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.00% | -31.19% | +7.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -11.01% | +8.20% |
Max Drawdown (3Y)Largest decline over 3 years | -3.64% | -19.14% | +15.50% |
Max Drawdown (5Y)Largest decline over 5 years | -14.54% | -23.38% | +8.84% |
Max Drawdown (10Y)Largest decline over 10 years | -24.00% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -2.20% | +2.09% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -8.38% | +6.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 3.00% | -2.33% |
Volatility
XHYG.DE vs. AYEM.DE - Volatility Comparison
The current volatility for Xtrackers EUR High Yield Corporate Bond UCITS ETF 1D (XHYG.DE) is 1.15%, while iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) (AYEM.DE) has a volatility of 7.02%. This indicates that XHYG.DE experiences smaller price fluctuations and is considered to be less risky than AYEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XHYG.DE | AYEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 7.02% | -5.87% |
Volatility (6M)Calculated over the trailing 6-month period | 3.10% | 14.89% | -11.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 17.68% | -14.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.45% | 16.40% | -10.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.17% | 18.62% | -11.45% |
XHYG.DE vs. AYEM.DE - Expense Ratio Comparison
XHYG.DE has a 0.20% expense ratio, which is higher than AYEM.DE's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XHYG.DE vs. AYEM.DE - Dividend Comparison
XHYG.DE's dividend yield for the trailing twelve months is around 4.93%, while AYEM.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
AYEM.DE iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XHYG.DE Xtrackers EUR High Yield Corporate Bond UCITS ETF 1D | 4.93% | 4.75% | 5.48% | 3.95% | 3.70% | 5.75% | 2.27% | 3.54% | 5.11% | 3.71% | 1.25% |
Frequently Asked Questions
XHYG.DE and AYEM.DE 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.
On fees, AYEM.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AYEM.DE is cheaper with a 0.18% expense ratio, compared with 0.20% for XHYG.DE.
XHYG.DE is categorized as European High Yield Bonds, while AYEM.DE is Emerging Markets Equities. XHYG.DE tracks Bloomberg Pan Euro HY Euro TR EUR, while AYEM.DE tracks MSCI Emerging Markets IMI ESG Screened. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.20% for XHYG.DE and 0.18% for AYEM.DE.
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