CGB.DE vs. XUEM.DE

Last updated Jul 4, 2026

CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) and XUEM.DE (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) are both Emerging Markets Bonds funds from Xtrackers - CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index while XUEM.DE tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, CGB.DE returned 3.23%/yr vs 2.65%/yr for XUEM.DE. At a 0.41 correlation, their price movements are largely independent. CGB.DE charges 0.20%/yr vs 0.25%/yr for XUEM.DE.

Performance

CGB.DE vs. XUEM.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 Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.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 XUEM.DE's 5.97% 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%

XUEM.DE

• 1D: 0.19%
• 1M: 2.12%
• 6M: 6.07%
• YTD: 5.97%
• 1Y: 13.91%
• 3Y*: 7.90%
• 5Y*: 2.65%
• 10Y*: —

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

CGB.DE vs. XUEM.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)	8.00%	-6.58%	9.93%	-2.82%	-0.10%	15.85%	-0.38%	4.86%	-1.78%
XUEM.DE Xtrackers USD Emerging Markets Bond UCITS ETF 2D	5.97%	1.05%	12.16%	7.17%	-14.21%	5.47%	-6.15%	17.95%	-11.62%

Correlation

The correlation between CGB.DE and XUEM.DE is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 9, 2018	0.41

The correlation between CGB.DE and XUEM.DE shifts across timeframes, from 0.38 (5 years) to 0.57 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CGB.DE vs. XUEM.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

XUEM.DE

XUEM.DE Risk / Return Rank: 88
XUEM.DE Sharpe Ratio Rank: 86
XUEM.DE Sortino Ratio Rank: 88
XUEM.DE Omega Ratio Rank: 88
XUEM.DE Calmar Ratio Rank: 93
XUEM.DE Martin Ratio Rank: 88

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. XUEM.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 Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.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	XUEM.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.27	-0.30
Sortino ratio: Return per unit of downside risk	2.92	3.30	-0.39
Omega ratio: Gain probability vs. loss probability	1.34	1.44	-0.10
Calmar ratio: Return relative to maximum drawdown	4.02	5.15	-1.14
Martin ratio: Return relative to average drawdown	11.91	15.44	-3.53

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

The current CGB.DE Sharpe Ratio is 1.96, which is comparable to the XUEM.DE Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of CGB.DE and XUEM.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. XUEM.DE - Drawdown Comparison

The maximum CGB.DE drawdown since its inception was -20.06%, smaller than the maximum XUEM.DE drawdown of -26.81%. Use the drawdown chart below to compare losses from any high point for CGB.DE and XUEM.DE.

Drawdown Indicators

	CGB.DE	XUEM.DE	Difference
Max Drawdown Largest peak-to-trough decline	-20.06%	-26.81%	+6.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-2.69%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-11.08%	-13.41%	+2.33%
Max Drawdown (5Y) Largest decline over 5 years	-13.94%	-17.53%	+3.59%
Max Drawdown (10Y) Largest decline over 10 years	-14.64%	—	—
Current Drawdown Current decline from peak	-0.94%	-0.56%	-0.38%
Average Drawdown Average peak-to-trough decline	-9.28%	-10.07%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.90%	+0.06%

Volatility

CGB.DE vs. XUEM.DE - Volatility Comparison

Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) has a higher volatility of 1.70% compared to Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.DE) at 1.39%. This indicates that CGB.DE's price experiences larger fluctuations and is considered to be riskier than XUEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGB.DE	XUEM.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	1.39%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	4.01%	3.90%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	6.12%	-0.31%
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%	11.76%	-0.70%

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

CGB.DE has a 0.20% expense ratio, which is lower than XUEM.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. XUEM.DE - Dividend Comparison

CGB.DE's dividend yield for the trailing twelve months is around 2.00%, less than XUEM.DE's 5.09% 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%
XUEM.DE Xtrackers USD Emerging Markets Bond UCITS ETF 2D	5.09%	5.56%	6.56%	5.40%	5.95%	8.12%	4.58%	0.61%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

CGB.DE and XUEM.DE have a correlation of 0.57, 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 XUEM.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 XUEM.DE?

CGB.DE is cheaper with a 0.20% expense ratio, compared with 0.25% for XUEM.DE.

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

CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index, while XUEM.DE tracks JPM EMBI Global Diversified TR USD. Their fees differ too: 0.20% for CGB.DE and 0.25% for XUEM.DE.