CNYB.L vs. UBXX.L
CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) and UBXX.L (UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis) are both Emerging Markets Bonds funds - CNYB.L tracks the Bloomberg China Treasury + Policy Bank Index while UBXX.L tracks the J.P. Morgan EMBI Global Diversified 1-5 Year Index. Both are passively managed. Over the past 5 years, CNYB.L returned 3.58%/yr vs 2.38%/yr for UBXX.L. At a correlation of -0.16, they often move in opposite directions. CNYB.L charges 0.35%/yr vs 0.47%/yr for UBXX.L.
Performance
CNYB.L vs. UBXX.L - Performance Comparison
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Different Trading Currencies
CNYB.L is traded in GBP, while UBXX.L is traded in GBp. To make them comparable, the UBXX.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 UBXX.L's 2.13% 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*
- —
UBXX.L
- 1D
- -0.14%
- 1M
- -0.14%
- 6M
- 1.63%
- YTD
- 2.13%
- 1Y
- 6.93%
- 3Y*
- 7.55%
- 5Y*
- 2.38%
- 10Y*
- —
CNYB.L vs. UBXX.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% |
UBXX.L UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis | 2.13% | 9.71% | 7.01% | 7.14% | -11.07% | -0.10% | 1.69% | -0.14% |
Correlation
The correlation between CNYB.L and UBXX.L is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | -0.16 |
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Return for Risk
CNYB.L vs. UBXX.L — Risk / Return Rank
CNYB.L
UBXX.L
CNYB.L vs. UBXX.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 UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis (UBXX.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 | UBXX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.51 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 3.57 | -1.00 |
| Martin ratioReturn relative to average drawdown | 6.13 | 16.39 | -10.26 |
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Drawdowns
CNYB.L vs. UBXX.L - Drawdown Comparison
The maximum CNYB.L drawdown since its inception was -25.82%, which is greater than UBXX.L's maximum drawdown of -16.83%. Use the drawdown chart below to compare losses from any high point for CNYB.L and UBXX.L.
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Drawdown Indicators
| CNYB.L | UBXX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.82% | -16.83% | -8.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -1.93% | -0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -9.03% | -2.59% | -6.44% |
Max Drawdown (5Y)Largest decline over 5 years | -15.44% | -16.83% | +1.39% |
Current DrawdownCurrent decline from peak | -7.25% | -0.32% | -6.93% |
Average DrawdownAverage peak-to-trough decline | -12.53% | -3.67% | -8.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 0.42% | +0.74% |
Volatility
CNYB.L vs. UBXX.L - Volatility Comparison
iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) has a higher volatility of 1.68% compared to UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis (UBXX.L) at 0.48%. This indicates that CNYB.L's price experiences larger fluctuations and is considered to be riskier than UBXX.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 | UBXX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 0.48% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 2.34% | +2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 2.87% | +3.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 4.25% | +3.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.48% | 4.93% | +6.55% |
CNYB.L vs. UBXX.L - Expense Ratio Comparison
CNYB.L has a 0.35% expense ratio, which is lower than UBXX.L's 0.47% expense ratio.
Dividends
CNYB.L vs. UBXX.L - Dividend Comparison
CNYB.L's dividend yield for the trailing twelve months is around 1.72%, less than UBXX.L's 6.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
UBXX.L UBS J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF hGBP dis | 6.47% | 25.71% | 7.05% | 4.76% | 4.40% | 3.91% | 4.43% | 6.18% | 0.21% |
Frequently Asked Questions
CNYB.L and UBXX.L have a correlation of -0.20, 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 0.47% for UBXX.L.
CNYB.L tracks Bloomberg China Treasury + Policy Bank Index, while UBXX.L tracks J.P. Morgan EMBI Global Diversified 1-5 Year Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.35% for CNYB.L and 0.47% for UBXX.L.
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