CNYB.L vs. DRGN.L
CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. CNYB.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, CNYB.L returned 3.58%/yr vs 2.78%/yr for DRGN.L. A 0.71 correlation means they provide meaningful diversification when combined. CNYB.L charges 0.35%/yr vs 0.30%/yr for DRGN.L.
Performance
CNYB.L vs. DRGN.L - Performance Comparison
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Different Trading Currencies
CNYB.L is traded in GBP, while DRGN.L is traded in USD. To make them comparable, the DRGN.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, CNYB.L achieves a 5.08% return, which is significantly higher than DRGN.L's 4.16% return.
CNYB.L
- 1D
- 0.23%
- 1M
- -0.13%
- 6M
- 4.82%
- YTD
- 5.08%
- 1Y
- 7.11%
- 3Y*
- 4.85%
- 5Y*
- 3.58%
- 10Y*
- —
DRGN.L
- 1D
- 0.29%
- 1M
- -0.20%
- 6M
- 3.74%
- YTD
- 4.16%
- 1Y
- 6.85%
- 3Y*
- 3.86%
- 5Y*
- 2.78%
- 10Y*
- —
CNYB.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.08% | -2.20% | 6.65% | -4.09% | 6.21% | 9.69% | 0.02% |
DRGN.L L&G China CNY Bond UCITS ETF | 4.16% | -2.03% | 4.94% | -4.54% | 5.84% | 8.22% | -0.58% |
Correlation
The correlation between CNYB.L and DRGN.L is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.71 |
The correlation between CNYB.L and DRGN.L has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.
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Return for Risk
CNYB.L vs. DRGN.L — Risk / Return Rank
CNYB.L
DRGN.L
CNYB.L vs. DRGN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) and L&G China CNY Bond UCITS ETF (DRGN.L). 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.
| CNYB.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 1.93 | +0.64 |
| Martin ratioReturn relative to average drawdown | 6.13 | 6.42 | -0.30 |
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Drawdowns
CNYB.L vs. DRGN.L - Drawdown Comparison
The maximum CNYB.L drawdown since its inception was -25.82%, which is greater than DRGN.L's maximum drawdown of -16.78%. Use the drawdown chart below to compare losses from any high point for CNYB.L and DRGN.L.
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Drawdown Indicators
| CNYB.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.82% | -16.78% | -9.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -3.89% | +1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -9.03% | -9.16% | +0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -15.44% | -16.78% | +1.34% |
Current DrawdownCurrent decline from peak | -7.25% | -6.38% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -12.53% | -7.76% | -4.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.17% | -0.01% |
Volatility
CNYB.L vs. DRGN.L - Volatility Comparison
iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) and L&G China CNY Bond UCITS ETF (DRGN.L) have volatilities of 1.68% and 1.65%, 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
| CNYB.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 1.65% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 5.14% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 6.44% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 7.54% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.48% | 7.51% | +3.97% |
CNYB.L vs. DRGN.L - Expense Ratio Comparison
CNYB.L has a 0.35% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
CNYB.L vs. DRGN.L - Dividend Comparison
CNYB.L's dividend yield for the trailing twelve months is around 1.72%, more than DRGN.L's 0.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% |
DRGN.L L&G China CNY Bond UCITS ETF | 0.87% | 1.94% | 2.31% | 2.45% | 2.77% | 1.43% | 0.00% | 0.00% |
Frequently Asked Questions
CNYB.L and DRGN.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DRGN.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DRGN.L is cheaper with a 0.30% expense ratio, compared with 0.35% for CNYB.L.
They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.35% for CNYB.L and 0.30% for DRGN.L.
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