ZPR5.DE vs. HY3M.DE
ZPR5.DE (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF) and HY3M.DE (VanEck Emerging Markets High Yield Bond UCITS ETF) are both Emerging Markets Bonds funds - ZPR5.DE tracks the ICE BofA Emerging Markets USD Government Bond 0-5 ex-144a while HY3M.DE tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 5 years, ZPR5.DE returned 2.88%/yr vs 3.45%/yr for HY3M.DE. A 0.72 correlation means they provide meaningful diversification when combined. ZPR5.DE charges 0.42%/yr vs 0.40%/yr for HY3M.DE.
Performance
ZPR5.DE vs. HY3M.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPR5.DE achieves a 3.94% return, which is significantly lower than HY3M.DE's 6.76% return.
ZPR5.DE
- 1D
- 0.04%
- 1M
- 1.38%
- 6M
- 2.65%
- YTD
- 3.94%
- 1Y
- 6.30%
- 3Y*
- 5.23%
- 5Y*
- 2.88%
- 10Y*
- 1.99%
HY3M.DE
- 1D
- 0.18%
- 1M
- 0.99%
- 6M
- 4.21%
- YTD
- 6.76%
- 1Y
- 9.61%
- 3Y*
- 9.20%
- 5Y*
- 3.45%
- 10Y*
- —
ZPR5.DE vs. HY3M.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZPR5.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF | 3.94% | -4.10% | 11.01% | 2.52% | -1.05% | 7.95% | -6.72% | 8.16% | 8.35% |
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 6.76% | -3.30% | 18.25% | 4.13% | -7.66% | 7.35% | -3.67% | 17.71% | -14.66% |
Correlation
The correlation between ZPR5.DE and HY3M.DE is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018 | 0.72 |
The correlation between ZPR5.DE and HY3M.DE has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.
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Return for Risk
ZPR5.DE vs. HY3M.DE — Risk / Return Rank
ZPR5.DE
HY3M.DE
ZPR5.DE vs. HY3M.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (ZPR5.DE) and VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.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.
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.
| ZPR5.DE | HY3M.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.26 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 3.11 | -1.16 |
| Martin ratioReturn relative to average drawdown | 5.38 | 9.17 | -3.79 |
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Drawdowns
ZPR5.DE vs. HY3M.DE - Drawdown Comparison
The maximum ZPR5.DE drawdown since its inception was -22.24%, which is greater than HY3M.DE's maximum drawdown of -21.08%. Use the drawdown chart below to compare losses from any high point for ZPR5.DE and HY3M.DE.
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Drawdown Indicators
| ZPR5.DE | HY3M.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.24% | -21.08% | -1.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.23% | -3.08% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -12.09% | +2.38% |
Max Drawdown (5Y)Largest decline over 5 years | -9.91% | -13.58% | +3.67% |
Max Drawdown (10Y)Largest decline over 10 years | -19.66% | — | — |
Current DrawdownCurrent decline from peak | -2.59% | -0.77% | -1.82% |
Average DrawdownAverage peak-to-trough decline | -7.10% | -7.04% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.04% | +0.13% |
Volatility
ZPR5.DE vs. HY3M.DE - Volatility Comparison
The current volatility for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (ZPR5.DE) is 1.26%, while VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) has a volatility of 1.80%. This indicates that ZPR5.DE experiences smaller price fluctuations and is considered to be less risky than HY3M.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPR5.DE | HY3M.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.80% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 3.68% | 5.09% | -1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.39% | 6.74% | -1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.81% | 8.60% | -1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.58% | 13.19% | -2.61% |
ZPR5.DE vs. HY3M.DE - Expense Ratio Comparison
ZPR5.DE has a 0.42% expense ratio, which is higher than HY3M.DE's 0.40% expense ratio.
Dividends
ZPR5.DE vs. HY3M.DE - Dividend Comparison
ZPR5.DE's dividend yield for the trailing twelve months is around 4.74%, while HY3M.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPR5.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF | 4.74% | 5.10% | 4.13% | 3.17% | 2.54% | 2.63% | 3.53% | 3.34% | 2.73% | 3.18% | 2.72% | 1.83% |
Frequently Asked Questions
ZPR5.DE and HY3M.DE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HY3M.DE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HY3M.DE is cheaper with a 0.40% expense ratio, compared with 0.42% for ZPR5.DE.
ZPR5.DE tracks ICE BofA Emerging Markets USD Government Bond 0-5 ex-144a, while HY3M.DE tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.42% for ZPR5.DE and 0.40% for HY3M.DE.
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