CNYB.L vs. EMLI.L
CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) and EMLI.L (PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist) are both Emerging Markets Bonds funds - CNYB.L tracks the Bloomberg China Treasury + Policy Bank Index while EMLI.L tracks the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 5 years, CNYB.L returned 3.58%/yr vs 4.73%/yr for EMLI.L. At a 0.27 correlation, their price movements are largely independent. CNYB.L charges 0.35%/yr vs 0.61%/yr for EMLI.L.
Performance
CNYB.L vs. EMLI.L - Performance Comparison
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Different Trading Currencies
CNYB.L is traded in GBP, while EMLI.L is traded in USD. To make them comparable, the EMLI.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 EMLI.L's 3.82% 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*
- —
EMLI.L
- 1D
- -0.13%
- 1M
- 0.03%
- 6M
- 2.74%
- YTD
- 3.82%
- 1Y
- 8.45%
- 3Y*
- 4.90%
- 5Y*
- 4.73%
- 10Y*
- 2.96%
CNYB.L vs. EMLI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.08% | -2.20% | 6.65% | -4.09% | 6.21% | 9.69% | -19.80% | 0.53% |
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist | 3.82% | 8.31% | -1.55% | 8.01% | 5.59% | -4.61% | -1.08% | -3.66% |
Correlation
The correlation between CNYB.L and EMLI.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.27 |
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Return for Risk
CNYB.L vs. EMLI.L — Risk / Return Rank
CNYB.L
EMLI.L
CNYB.L vs. EMLI.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 PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.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 | EMLI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 1.96 | +0.62 |
| Martin ratioReturn relative to average drawdown | 6.13 | 5.42 | +0.71 |
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Drawdowns
CNYB.L vs. EMLI.L - Drawdown Comparison
The maximum CNYB.L drawdown since its inception was -25.82%, which is greater than EMLI.L's maximum drawdown of -20.70%. Use the drawdown chart below to compare losses from any high point for CNYB.L and EMLI.L.
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Drawdown Indicators
| CNYB.L | EMLI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.82% | -20.70% | -5.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -4.47% | +1.72% |
Max Drawdown (3Y)Largest decline over 3 years | -9.03% | -4.67% | -4.36% |
Max Drawdown (5Y)Largest decline over 5 years | -15.44% | -12.77% | -2.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.70% | — |
Current DrawdownCurrent decline from peak | -7.25% | -1.22% | -6.03% |
Average DrawdownAverage peak-to-trough decline | -12.53% | -5.83% | -6.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.62% | -0.46% |
Volatility
CNYB.L vs. EMLI.L - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) is 1.68%, while PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist (EMLI.L) has a volatility of 2.45%. This indicates that CNYB.L experiences smaller price fluctuations and is considered to be less risky than EMLI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNYB.L | EMLI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 2.45% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 6.29% | -1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 7.41% | -1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 10.24% | -2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.48% | 10.68% | +0.80% |
CNYB.L vs. EMLI.L - Expense Ratio Comparison
CNYB.L has a 0.35% expense ratio, which is lower than EMLI.L's 0.61% expense ratio.
Dividends
CNYB.L vs. EMLI.L - Dividend Comparison
CNYB.L's dividend yield for the trailing twelve months is around 1.72%, less than EMLI.L's 6.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% | 0.00% |
EMLI.L PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF Dist | 6.65% | 5.81% | 6.33% | 5.70% | 5.21% | 4.50% | 3.68% | 5.24% | 5.83% | 5.76% | 6.69% | 7.09% |
Frequently Asked Questions
CNYB.L and EMLI.L have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNYB.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNYB.L is cheaper with a 0.35% expense ratio, compared with 0.61% for EMLI.L.
CNYB.L tracks Bloomberg China Treasury + Policy Bank Index, while EMLI.L tracks JPM GBI-EM Global Diversified TR USD. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.35% for CNYB.L and 0.61% for EMLI.L.
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