CGB.DE vs. ICGB.DE
CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, CGB.DE returned 3.23%/yr vs 3.84%/yr for ICGB.DE. Their correlation of 0.80 suggests significant overlap in exposure. CGB.DE charges 0.20%/yr vs 0.35%/yr for ICGB.DE.
Performance
CGB.DE vs. ICGB.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with CGB.DE having a 8.00% return and ICGB.DE slightly lower at 7.85%.
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%
ICGB.DE
- 1D
- -0.20%
- 1M
- 1.25%
- 6M
- 7.38%
- YTD
- 7.85%
- 1Y
- 9.80%
- 3Y*
- 4.28%
- 5Y*
- 3.84%
- 10Y*
- —
CGB.DE vs. ICGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 8.00% | -6.58% | 9.93% | -2.82% | -0.10% | 15.85% | -0.38% | -0.26% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 7.85% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -10.15% |
Correlation
The correlation between CGB.DE and ICGB.DE is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.80 |
The correlation between CGB.DE and ICGB.DE has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.
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Return for Risk
CGB.DE vs. ICGB.DE — Risk / Return Rank
CGB.DE
ICGB.DE
CGB.DE vs. ICGB.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 iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.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 | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.34 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.02 | 3.52 | +0.50 |
| Martin ratioReturn relative to average drawdown | 11.91 | 9.25 | +2.67 |
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Drawdowns
CGB.DE vs. ICGB.DE - Drawdown Comparison
The maximum CGB.DE drawdown since its inception was -20.06%, which is greater than ICGB.DE's maximum drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for CGB.DE and ICGB.DE.
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Drawdown Indicators
| CGB.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.06% | -13.36% | -6.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -2.77% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -11.08% | -11.17% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -13.94% | -13.36% | -0.58% |
Max Drawdown (10Y)Largest decline over 10 years | -14.64% | — | — |
Current DrawdownCurrent decline from peak | -0.94% | -1.82% | +0.88% |
Average DrawdownAverage peak-to-trough decline | -9.28% | -6.42% | -2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.06% | -0.10% |
Volatility
CGB.DE vs. ICGB.DE - Volatility Comparison
Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) has a higher volatility of 1.70% compared to iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) at 1.34%. This indicates that CGB.DE's price experiences larger fluctuations and is considered to be riskier than ICGB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGB.DE | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.34% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 4.01% | 3.71% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.81% | 5.38% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.74% | 6.64% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.06% | 7.91% | +3.15% |
CGB.DE vs. ICGB.DE - Expense Ratio Comparison
CGB.DE has a 0.20% expense ratio, which is lower than ICGB.DE's 0.35% expense ratio.
Dividends
CGB.DE vs. ICGB.DE - Dividend Comparison
CGB.DE's dividend yield for the trailing twelve months is around 2.00%, more than ICGB.DE's 1.69% 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% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 1.69% | 1.92% | 2.22% | 2.58% | 2.80% | 2.71% | 2.63% | 0.95% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CGB.DE and ICGB.DE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CGB.DE is cheaper with a 0.20% expense ratio, compared with 0.35% for ICGB.DE.
CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index, while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.20% for CGB.DE and 0.35% for ICGB.DE.
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