CGB.DE vs. EMIE.DE

Last updated Jul 18, 2026

CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) and EMIE.DE (UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc) are both Emerging Markets Bonds funds - CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index while EMIE.DE tracks the JP Morgan USD Emerging Markets IG ESG Diversified Bond (EUR Hedged). Both are passively managed. Over the past 5 years, CGB.DE returned 3.10%/yr vs -2.61%/yr for EMIE.DE. At a correlation of -0.15, they often move in opposite directions. CGB.DE charges 0.20%/yr vs 0.43%/yr for EMIE.DE.

Performance

CGB.DE vs. EMIE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) and UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc (EMIE.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGB.DE achieves a 8.22% return, which is significantly higher than EMIE.DE's -0.97% return.

CGB.DE

• 1D: -0.05%
• 1M: 1.36%
• 6M: 6.23%
• YTD: 8.22%
• 1Y: 9.90%
• 3Y*: 4.82%
• 5Y*: 3.10%
• 10Y*: 2.41%

EMIE.DE

• 1D: 0.09%
• 1M: -0.62%
• 6M: -0.79%
• YTD: -0.97%
• 1Y: 2.55%
• 3Y*: 2.29%
• 5Y*: -2.61%
• 10Y*: —

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

CGB.DE vs. EMIE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist)	8.22%	-6.58%	9.93%	-2.82%	-0.10%	15.85%	-0.38%	-0.98%
EMIE.DE UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc	-0.97%	7.07%	-0.38%	3.90%	-19.73%	-2.89%	6.91%	2.50%

Correlation

The correlation between CGB.DE and EMIE.DE is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	-0.28
Correlation (5Y) Calculated over the trailing 5-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	-0.15

The correlation between CGB.DE and EMIE.DE shifts across timeframes, from -0.28 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CGB.DE vs. EMIE.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CGB.DE

CGB.DE Risk / Return Rank: 75
CGB.DE Sharpe Ratio Rank: 72
CGB.DE Sortino Ratio Rank: 75
CGB.DE Omega Ratio Rank: 66
CGB.DE Calmar Ratio Rank: 85
CGB.DE Martin Ratio Rank: 76

EMIE.DE

EMIE.DE Risk / Return Rank: 23
EMIE.DE Sharpe Ratio Rank: 25
EMIE.DE Sortino Ratio Rank: 24
EMIE.DE Omega Ratio Rank: 23
EMIE.DE Calmar Ratio Rank: 21
EMIE.DE Martin Ratio Rank: 23

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.

CGB.DE vs. EMIE.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) and UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc (EMIE.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.

	CGB.DE	EMIE.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.73	0.70	+1.03
Sortino ratio: Return per unit of downside risk	2.56	1.04	+1.52
Omega ratio: Gain probability vs. loss probability	1.30	1.13	+0.17
Calmar ratio: Return relative to maximum drawdown	3.48	0.73	+2.76
Martin ratio: Return relative to average drawdown	10.44	2.07	+8.37

CGB.DE vs. EMIE.DE - Sharpe Ratio Comparison

The current CGB.DE Sharpe Ratio is 1.73, which is higher than the EMIE.DE Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of CGB.DE and EMIE.DE, 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

CGB.DE vs. EMIE.DE - Drawdown Comparison

The maximum CGB.DE drawdown since its inception was -20.06%, smaller than the maximum EMIE.DE drawdown of -27.00%. Use the drawdown chart below to compare losses from any high point for CGB.DE and EMIE.DE.

Drawdown Indicators

	CGB.DE	EMIE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-20.06%	-27.00%	+6.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-3.48%	+0.65%
Max Drawdown (3Y) Largest decline over 3 years	-11.08%	-7.03%	-4.05%
Max Drawdown (5Y) Largest decline over 5 years	-13.94%	-25.87%	+11.93%
Max Drawdown (10Y) Largest decline over 10 years	-14.64%	—	—
Current Drawdown Current decline from peak	-0.74%	-14.45%	+13.71%
Average Drawdown Average peak-to-trough decline	-9.25%	-12.67%	+3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	1.23%	-0.29%

Volatility

CGB.DE vs. EMIE.DE - Volatility Comparison

Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) has a higher volatility of 1.51% compared to UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc (EMIE.DE) at 0.66%. This indicates that CGB.DE's price experiences larger fluctuations and is considered to be riskier than EMIE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGB.DE	EMIE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	0.66%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	3.98%	2.85%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	5.75%	3.68%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.73%	6.68%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	7.98%	+3.08%

CGB.DE vs. EMIE.DE - Expense Ratio Comparison

CGB.DE has a 0.20% expense ratio, which is lower than EMIE.DE's 0.43% expense ratio.

Dividends

CGB.DE vs. EMIE.DE - Dividend Comparison

CGB.DE's dividend yield for the trailing twelve months is around 1.99%, while EMIE.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist)	1.99%	2.40%	2.37%	2.97%	4.40%	2.17%	2.15%	2.56%	0.72%	2.64%	0.38%
EMIE.DE UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGB.DE and EMIE.DE in my portfolio?

CGB.DE and EMIE.DE have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CGB.DE or EMIE.DE?

On fees, CGB.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CGB.DE or EMIE.DE?

CGB.DE is cheaper with a 0.20% expense ratio, compared with 0.43% for EMIE.DE.

What is the main difference between CGB.DE and EMIE.DE?

CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index, while EMIE.DE tracks JP Morgan USD Emerging Markets IG ESG Diversified Bond (EUR Hedged). They also come from different issuers: Xtrackers and UBS. Their fees differ too: 0.20% for CGB.DE and 0.43% for EMIE.DE.