CGB.DE vs. VGEM.DE
CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index while VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, CGB.DE returned 3.23%/yr vs 3.05%/yr for VGEM.DE. At a 0.46 correlation, their price movements are largely independent. CGB.DE charges 0.20%/yr vs 0.25%/yr for VGEM.DE.
Performance
CGB.DE vs. VGEM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CGB.DE achieves a 8.00% return, which is significantly higher than VGEM.DE's 4.89% 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%
VGEM.DE
- 1D
- -0.03%
- 1M
- 2.34%
- 6M
- 4.94%
- YTD
- 4.89%
- 1Y
- 11.03%
- 3Y*
- 6.71%
- 5Y*
- 3.05%
- 10Y*
- —
CGB.DE vs. VGEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 4.86% | 4.94% | 0.33% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 4.89% | -0.84% | 12.54% | 5.71% | -10.03% | 6.47% | -3.40% | 16.11% | 1.51% | -2.67% |
Correlation
The correlation between CGB.DE and VGEM.DE is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.46 |
The correlation between CGB.DE and VGEM.DE shifts across timeframes, from 0.44 (3 years) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CGB.DE vs. VGEM.DE — Risk / Return Rank
CGB.DE
VGEM.DE
CGB.DE vs. VGEM.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 Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.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 | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.33 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.02 | 3.70 | +0.32 |
| Martin ratioReturn relative to average drawdown | 11.91 | 10.46 | +1.45 |
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Drawdowns
CGB.DE vs. VGEM.DE - Drawdown Comparison
The maximum CGB.DE drawdown since its inception was -20.06%, roughly equal to the maximum VGEM.DE drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for CGB.DE and VGEM.DE.
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Drawdown Indicators
| CGB.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.06% | -19.64% | -0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -2.97% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -11.08% | -11.92% | +0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -13.94% | -12.13% | -1.81% |
Max Drawdown (10Y)Largest decline over 10 years | -14.64% | — | — |
Current DrawdownCurrent decline from peak | -0.94% | -0.85% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -9.28% | -5.90% | -3.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.05% | -0.09% |
Volatility
CGB.DE vs. VGEM.DE - Volatility Comparison
Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) have volatilities of 1.70% and 1.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGB.DE | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.77% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.01% | 4.20% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.81% | 6.19% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.74% | 7.90% | -1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.06% | 8.77% | +2.29% |
CGB.DE vs. VGEM.DE - Expense Ratio Comparison
CGB.DE has a 0.20% expense ratio, which is lower than VGEM.DE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CGB.DE vs. VGEM.DE - Dividend Comparison
CGB.DE's dividend yield for the trailing twelve months is around 2.00%, less than VGEM.DE's 5.78% 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% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.78% | 6.30% | 5.65% | 5.56% | 5.08% | 3.73% | 4.53% | 4.32% | 4.51% | 0.80% | 0.00% |
Frequently Asked Questions
CGB.DE and VGEM.DE have a correlation of 0.54, 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 0.25% for VGEM.DE.
CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. They also come from different issuers: Xtrackers and Vanguard. Their fees differ too: 0.20% for CGB.DE and 0.25% for VGEM.DE.
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