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CBUG.L vs. CYGB.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CBUG.L vs. CYGB.L

Last updated Jul 16, 2026
Documentation

CBUG.L (iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist)) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - CBUG.L is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index, while CYGB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, CBUG.L returned 0.23%/yr vs 5.44%/yr for CYGB.L. At a 0.11 correlation, their price movements are largely independent. CBUG.L charges 0.10%/yr vs 0.40%/yr for CYGB.L.

Performance

CBUG.L vs. CYGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist) (CBUG.L) and iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CBUG.L achieves a -0.32% return, which is significantly lower than CYGB.L's 3.55% return.

CBUG.L

1D
-0.01%
1M
-0.01%
6M
-0.32%
YTD
-0.32%
1Y
3.51%
3Y*
4.04%
5Y*
0.23%
10Y*
—

CYGB.L

1D
0.10%
1M
0.74%
6M
3.19%
YTD
3.55%
1Y
3.60%
3Y*
6.74%
5Y*
5.44%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

CBUG.L vs. CYGB.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
CBUG.L
iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist)		-0.32%7.43%2.25%4.06%-9.97%-1.74%
CYGB.L
iShares China CNY Bond UCITS ETF GBP Hedged (Dist)		3.55%2.20%11.38%7.14%2.11%2.84%

Correlation

The correlation between CBUG.L and CYGB.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.12

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.11

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2021

0.11

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iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist)

iShares China CNY Bond UCITS ETF GBP Hedged (Dist)

Return for Risk

CBUG.L vs. CYGB.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CBUG.L
CBUG.L Risk / Return Rank: 2828
Overall Rank
CBUG.L Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
CBUG.L Sortino Ratio Rank: 2424
Sortino Ratio Rank
CBUG.L Omega Ratio Rank: 3131
Omega Ratio Rank
CBUG.L Calmar Ratio Rank: 3030
Calmar Ratio Rank
CBUG.L Martin Ratio Rank: 2929
Martin Ratio Rank
CYGB.L
CYGB.L Risk / Return Rank: 6464
Overall Rank
CYGB.L Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
CYGB.L Sortino Ratio Rank: 4848
Sortino Ratio Rank
CYGB.L Omega Ratio Rank: 5555
Omega Ratio Rank
CYGB.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
CYGB.L Martin Ratio Rank: 7979
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBUG.L vs. CYGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist) (CBUG.L) and iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.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.

CBUG.LCYGB.LDifference
Sharpe ratioReturn per unit of total volatility
0.75
1.32

-0.58

Sortino ratioReturn per unit of downside risk
1.11
1.99

-0.88

Omega ratioGain probability vs. loss probability

1.18

1.28

-0.10

Calmar ratioReturn relative to maximum drawdown

1.27

5.18

-3.91

Martin ratioReturn relative to average drawdown

3.38

11.91

-8.53

CBUG.L vs. CYGB.L - Sharpe Ratio Comparison

The current CBUG.L Sharpe Ratio is 0.75, which is lower than the CYGB.L Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of CBUG.L and CYGB.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CBUG.L vs. CYGB.L - Drawdown Comparison

The maximum CBUG.L drawdown since its inception was -14.47%, which is greater than CYGB.L's maximum drawdown of -1.56%. Use the drawdown chart below to compare losses from any high point for CBUG.L and CYGB.L.

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Drawdown Indicators

CBUG.LCYGB.LDifference

Max Drawdown

Largest peak-to-trough decline

-14.47%

-1.56%

-12.91%

Max Drawdown (1Y)

Largest decline over 1 year

-2.59%

-0.69%

-1.90%

Max Drawdown (3Y)

Largest decline over 3 years

-4.28%

-1.56%

-2.72%

Max Drawdown (5Y)

Largest decline over 5 years

-13.78%

-1.56%

-12.22%

Current Drawdown

Current decline from peak

-1.52%

0.00%

-1.52%

Average Drawdown

Average peak-to-trough decline

-4.80%

-0.24%

-4.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.97%

0.30%

+0.67%

Volatility

CBUG.L vs. CYGB.L - Volatility Comparison

iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist) (CBUG.L) has a higher volatility of 1.00% compared to iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) at 0.59%. This indicates that CBUG.L's price experiences larger fluctuations and is considered to be riskier than CYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CBUG.LCYGB.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.00%

0.59%

+0.41%

Volatility (6M)

Calculated over the trailing 6-month period

2.54%

2.22%

+0.32%

Volatility (1Y)

Calculated over the trailing 1-year period

4.38%

2.71%

+1.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.31%

2.37%

+2.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.70%

2.33%

+2.37%

CBUG.L vs. CYGB.L - Expense Ratio Comparison

CBUG.L has a 0.10% expense ratio, which is lower than CYGB.L's 0.40% expense ratio.

Dividends

CBUG.L vs. CYGB.L - Dividend Comparison

CBUG.L's dividend yield for the trailing twelve months is around 4.13%, more than CYGB.L's 1.70% yield.

PositionTTM2025202420232022202120202019
CBUG.L
iShares $ Treasury Bond 3-7yr UCITS ETF GBP Hedged (Dist)		4.13%4.17%4.21%3.04%1.69%1.15%2.07%1.15%
CYGB.L
iShares China CNY Bond UCITS ETF GBP Hedged (Dist)		1.70%1.84%2.13%2.38%2.68%2.21%0.00%0.00%

Frequently Asked Questions

CBUG.L and CYGB.L have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CBUG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CBUG.L is cheaper with a 0.10% expense ratio, compared with 0.40% for CYGB.L.

CBUG.L is categorized as Government Bonds, while CYGB.L is Emerging Markets Bonds. CBUG.L tracks ICE U.S. Treasury 3-7 Year Bond Index, while CYGB.L tracks Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.10% for CBUG.L and 0.40% for CYGB.L.

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