CGB.DE vs. FESD.DE

Last updated Jul 4, 2026

CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) and FESD.DE (Fidelity Sustainable USD EM Bond UCITS ETF) are both Emerging Markets Bonds funds - CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index while FESD.DE tracks the Fidelity Sustainable USD EM Bond. Both are passively managed. Over the past 5 years, CGB.DE returned 3.23%/yr vs 2.16%/yr for FESD.DE. At a 0.44 correlation, their price movements are largely independent. CGB.DE charges 0.20%/yr vs 0.45%/yr for FESD.DE.

Performance

CGB.DE vs. FESD.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 Fidelity Sustainable USD EM Bond UCITS ETF (FESD.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 8.00% return, which is significantly higher than FESD.DE's 6.36% return.

CGB.DE

• 1D: 0.40%
• 1M: 1.32%
• 6M: 7.77%
• YTD: 8.00%
• 1Y: 11.41%
• 3Y*: 3.87%
• 5Y*: 3.23%
• 10Y*: 2.48%

FESD.DE

• 1D: 0.00%
• 1M: 2.06%
• 6M: 6.41%
• YTD: 6.36%
• 1Y: 13.79%
• 3Y*: 6.84%
• 5Y*: 2.16%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist)	8.00%	-6.58%	9.93%	-2.82%	-0.10%	10.98%
FESD.DE Fidelity Sustainable USD EM Bond UCITS ETF	6.36%	0.93%	9.23%	5.14%	-13.10%	-8.73%

Correlation

The correlation between CGB.DE and FESD.DE is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021	0.44

The correlation between CGB.DE and FESD.DE shifts across timeframes, from 0.44 (5 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CGB.DE vs. FESD.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: 78
CGB.DE Sharpe Ratio Rank: 75
CGB.DE Sortino Ratio Rank: 80
CGB.DE Omega Ratio Rank: 71
CGB.DE Calmar Ratio Rank: 87
CGB.DE Martin Ratio Rank: 77

FESD.DE

FESD.DE Risk / Return Rank: 80
FESD.DE Sharpe Ratio Rank: 79
FESD.DE Sortino Ratio Rank: 84
FESD.DE Omega Ratio Rank: 84
FESD.DE Calmar Ratio Rank: 84
FESD.DE Martin Ratio Rank: 69

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. FESD.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 Fidelity Sustainable USD EM Bond UCITS ETF (FESD.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	FESD.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.05	-0.09
Sortino ratio: Return per unit of downside risk	2.92	3.07	-0.15
Omega ratio: Gain probability vs. loss probability	1.34	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	4.02	3.73	+0.29
Martin ratio: Return relative to average drawdown	11.91	10.19	+1.72

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

The current CGB.DE Sharpe Ratio is 1.96, which is comparable to the FESD.DE Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of CGB.DE and FESD.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. FESD.DE - Drawdown Comparison

The maximum CGB.DE drawdown since its inception was -20.06%, smaller than the maximum FESD.DE drawdown of -22.67%. Use the drawdown chart below to compare losses from any high point for CGB.DE and FESD.DE.

Drawdown Indicators

	CGB.DE	FESD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-20.06%	-22.67%	+2.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-3.71%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-11.08%	-12.34%	+1.26%
Max Drawdown (5Y) Largest decline over 5 years	-13.94%	-15.86%	+1.92%
Max Drawdown (10Y) Largest decline over 10 years	-14.64%	—	—
Current Drawdown Current decline from peak	-0.94%	-2.21%	+1.27%
Average Drawdown Average peak-to-trough decline	-9.28%	-13.99%	+4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.36%	-0.40%

Volatility

CGB.DE vs. FESD.DE - Volatility Comparison

Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) has a higher volatility of 1.70% compared to Fidelity Sustainable USD EM Bond UCITS ETF (FESD.DE) at 1.57%. This indicates that CGB.DE's price experiences larger fluctuations and is considered to be riskier than FESD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGB.DE	FESD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	1.57%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	4.01%	4.91%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	6.75%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.74%	8.73%	-1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	10.64%	+0.42%

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

CGB.DE has a 0.20% expense ratio, which is lower than FESD.DE's 0.45% expense ratio.

Dividends

CGB.DE vs. FESD.DE - Dividend Comparison

CGB.DE's dividend yield for the trailing twelve months is around 2.00%, less than FESD.DE's 7.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist)	2.00%	2.40%	2.37%	2.97%	4.40%	2.17%	2.15%	2.56%	0.72%	2.64%	0.38%
FESD.DE Fidelity Sustainable USD EM Bond UCITS ETF	7.67%	6.61%	6.31%	5.87%	5.06%	2.34%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

CGB.DE and FESD.DE have a correlation of 0.55, 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 FESD.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 FESD.DE?

CGB.DE is cheaper with a 0.20% expense ratio, compared with 0.45% for FESD.DE.

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

CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index, while FESD.DE tracks Fidelity Sustainable USD EM Bond. They also come from different issuers: Xtrackers and Fidelity. Their fees differ too: 0.20% for CGB.DE and 0.45% for FESD.DE.