CGB.DE vs. SPFA.DE
CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) and SPFA.DE (SPDR Bloomberg Emerging Markets Local 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 SPFA.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond. Both are passively managed. Over the past 5 years, CGB.DE returned 3.10%/yr vs 1.72%/yr for SPFA.DE. At a 0.41 correlation, their price movements are largely independent. CGB.DE charges 0.20%/yr vs 0.55%/yr for SPFA.DE.
Performance
CGB.DE vs. SPFA.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CGB.DE achieves a 8.22% return, which is significantly higher than SPFA.DE's 2.31% 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%
SPFA.DE
- 1D
- -0.29%
- 1M
- 0.20%
- 6M
- 0.89%
- YTD
- 2.31%
- 1Y
- 5.20%
- 3Y*
- 3.54%
- 5Y*
- 1.72%
- 10Y*
- —
CGB.DE vs. SPFA.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | 4.86% | 2.24% |
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 2.31% | 2.44% | 3.19% | 5.65% | -4.47% | -1.03% | -5.67% | 14.74% | -12.93% |
Correlation
The correlation between CGB.DE and SPFA.DE is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jul 20, 2018 | 0.41 |
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Return for Risk
CGB.DE vs. SPFA.DE — Risk / Return Rank
CGB.DE
SPFA.DE
CGB.DE vs. SPFA.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 SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.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 | SPFA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.18 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 1.31 | +2.17 |
| Martin ratioReturn relative to average drawdown | 10.44 | 4.06 | +6.38 |
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Drawdowns
CGB.DE vs. SPFA.DE - Drawdown Comparison
The maximum CGB.DE drawdown since its inception was -20.06%, which is greater than SPFA.DE's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for CGB.DE and SPFA.DE.
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Drawdown Indicators
| CGB.DE | SPFA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.06% | -18.03% | -2.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -3.95% | +1.12% |
Max Drawdown (3Y)Largest decline over 3 years | -11.08% | -7.66% | -3.42% |
Max Drawdown (5Y)Largest decline over 5 years | -13.94% | -8.51% | -5.43% |
Max Drawdown (10Y)Largest decline over 10 years | -14.64% | — | — |
Current DrawdownCurrent decline from peak | -0.74% | -1.42% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -9.25% | -8.78% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.28% | -0.34% |
Volatility
CGB.DE vs. SPFA.DE - Volatility Comparison
Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) has a higher volatility of 1.51% compared to SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) at 1.29%. This indicates that CGB.DE's price experiences larger fluctuations and is considered to be riskier than SPFA.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 | SPFA.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.29% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.98% | 4.56% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.75% | 5.34% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.73% | 6.25% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.06% | 8.86% | +2.20% |
CGB.DE vs. SPFA.DE - Expense Ratio Comparison
CGB.DE has a 0.20% expense ratio, which is lower than SPFA.DE's 0.55% expense ratio.
Dividends
CGB.DE vs. SPFA.DE - Dividend Comparison
CGB.DE's dividend yield for the trailing twelve months is around 1.99%, while SPFA.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% |
SPFA.DE SPDR Bloomberg Emerging Markets Local 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% |
Frequently Asked Questions
CGB.DE and SPFA.DE have a correlation of 0.32, 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 0.55% for SPFA.DE.
CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index, while SPFA.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond. They also come from different issuers: Xtrackers and State Street. Their fees differ too: 0.20% for CGB.DE and 0.55% for SPFA.DE.
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