CGB.DE vs. SPFD.DE
CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) and SPFD.DE (State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc)) are both Emerging Markets Bonds funds - CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index while SPFD.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged). Both are passively managed. Over the past 5 years, CGB.DE returned 3.10%/yr vs -1.32%/yr for SPFD.DE. At a correlation of -0.33, they often move in opposite directions. CGB.DE charges 0.20%/yr vs 0.60%/yr for SPFD.DE.
Performance
CGB.DE vs. SPFD.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 SPFD.DE's -1.67% 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%
SPFD.DE
- 1D
- -0.29%
- 1M
- -1.28%
- 6M
- -1.60%
- YTD
- -1.67%
- 1Y
- 1.39%
- 3Y*
- 1.86%
- 5Y*
- -1.32%
- 10Y*
- —
CGB.DE vs. SPFD.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% | -0.10% |
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | -1.67% | 12.44% | -4.38% | 6.62% | -12.76% | -9.84% | 1.86% | 2.40% |
Correlation
The correlation between CGB.DE and SPFD.DE is -0.49, 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 | -0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.38 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2019 | -0.33 |
The correlation between CGB.DE and SPFD.DE shifts across timeframes, from -0.49 (1 year) to -0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CGB.DE vs. SPFD.DE — Risk / Return Rank
CGB.DE
SPFD.DE
CGB.DE vs. SPFD.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 State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.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 | SPFD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.04 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 0.21 | +3.28 |
| Martin ratioReturn relative to average drawdown | 10.44 | 0.52 | +9.92 |
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Drawdowns
CGB.DE vs. SPFD.DE - Drawdown Comparison
The maximum CGB.DE drawdown since its inception was -20.06%, smaller than the maximum SPFD.DE drawdown of -28.89%. Use the drawdown chart below to compare losses from any high point for CGB.DE and SPFD.DE.
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Drawdown Indicators
| CGB.DE | SPFD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.06% | -28.89% | +8.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -6.69% | +3.86% |
Max Drawdown (3Y)Largest decline over 3 years | -11.08% | -8.98% | -2.10% |
Max Drawdown (5Y)Largest decline over 5 years | -13.94% | -25.45% | +11.51% |
Max Drawdown (10Y)Largest decline over 10 years | -14.64% | — | — |
Current DrawdownCurrent decline from peak | -0.74% | -11.63% | +10.89% |
Average DrawdownAverage peak-to-trough decline | -9.25% | -13.40% | +4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 2.66% | -1.72% |
Volatility
CGB.DE vs. SPFD.DE - Volatility Comparison
The current volatility for Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) is 1.51%, while State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE) has a volatility of 1.65%. This indicates that CGB.DE experiences smaller price fluctuations and is considered to be less risky than SPFD.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 | SPFD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.65% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.98% | 6.80% | -2.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.75% | 7.47% | -1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.73% | 7.99% | -1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.06% | 8.38% | +2.68% |
CGB.DE vs. SPFD.DE - Expense Ratio Comparison
CGB.DE has a 0.20% expense ratio, which is lower than SPFD.DE's 0.60% expense ratio.
Dividends
CGB.DE vs. SPFD.DE - Dividend Comparison
CGB.DE's dividend yield for the trailing twelve months is around 1.99%, while SPFD.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% |
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (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
CGB.DE and SPFD.DE have a correlation of -0.49, 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 0.60% for SPFD.DE.
CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index, while SPFD.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged). They also come from different issuers: Xtrackers and State Street. Their fees differ too: 0.20% for CGB.DE and 0.60% for SPFD.DE.
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