CNYB.L vs. VEMA.L
CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) and VEMA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating) are both Emerging Markets Bonds funds - CNYB.L tracks the Bloomberg China Treasury + Policy Bank Index while VEMA.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, CNYB.L returned 3.58%/yr vs 2.70%/yr for VEMA.L. At a 0.47 correlation, their price movements are largely independent. CNYB.L charges 0.35%/yr vs 0.25%/yr for VEMA.L.
Performance
CNYB.L vs. VEMA.L - Performance Comparison
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Returns By Period
In the year-to-date period, CNYB.L achieves a 5.09% return, which is significantly higher than VEMA.L's 1.58% return.
CNYB.L
- 1D
- 0.24%
- 1M
- -0.35%
- 6M
- 4.32%
- YTD
- 5.09%
- 1Y
- 7.12%
- 3Y*
- 4.85%
- 5Y*
- 3.58%
- 10Y*
- —
VEMA.L
- 1D
- 0.51%
- 1M
- -0.69%
- 6M
- 1.26%
- YTD
- 1.58%
- 1Y
- 8.03%
- 3Y*
- 7.05%
- 5Y*
- 2.70%
- 10Y*
- —
CNYB.L vs. VEMA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.09% | -2.20% | 6.65% | -4.09% | 6.21% | 9.69% | -19.80% | 0.53% |
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating | 1.58% | 4.17% | 8.10% | 3.45% | -5.29% | -0.35% | 2.49% | -3.52% |
Correlation
The correlation between CNYB.L and VEMA.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.47 |
The correlation between CNYB.L and VEMA.L shifts across timeframes, from 0.47 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CNYB.L vs. VEMA.L — Risk / Return Rank
CNYB.L
VEMA.L
CNYB.L vs. VEMA.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 Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.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 | VEMA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.24 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 1.82 | +0.76 |
| Martin ratioReturn relative to average drawdown | 6.11 | 4.76 | +1.36 |
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Drawdowns
CNYB.L vs. VEMA.L - Drawdown Comparison
The maximum CNYB.L drawdown since its inception was -25.82%, which is greater than VEMA.L's maximum drawdown of -24.39%. Use the drawdown chart below to compare losses from any high point for CNYB.L and VEMA.L.
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Drawdown Indicators
| CNYB.L | VEMA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.82% | -24.39% | -1.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -4.40% | +1.65% |
Max Drawdown (3Y)Largest decline over 3 years | -9.03% | -19.46% | +10.43% |
Max Drawdown (5Y)Largest decline over 5 years | -15.44% | -19.46% | +4.02% |
Current DrawdownCurrent decline from peak | -7.24% | -5.06% | -2.18% |
Average DrawdownAverage peak-to-trough decline | -12.52% | -15.59% | +3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.68% | -0.52% |
Volatility
CNYB.L vs. VEMA.L - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) is 1.24%, while Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) has a volatility of 1.49%. This indicates that CNYB.L experiences smaller price fluctuations and is considered to be less risky than VEMA.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 | VEMA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.49% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 4.19% | +0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.29% | 5.96% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.65% | 16.08% | -8.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.47% | 17.08% | -5.61% |
CNYB.L vs. VEMA.L - Expense Ratio Comparison
CNYB.L has a 0.35% expense ratio, which is higher than VEMA.L's 0.25% expense ratio.
Dividends
CNYB.L vs. VEMA.L - Dividend Comparison
CNYB.L's dividend yield for the trailing twelve months is around 1.72%, while VEMA.L has not paid dividends to shareholders.
| 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% |
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CNYB.L and VEMA.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VEMA.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VEMA.L is cheaper with a 0.25% expense ratio, compared with 0.35% for CNYB.L.
CNYB.L tracks Bloomberg China Treasury + Policy Bank Index, while VEMA.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.35% for CNYB.L and 0.25% for VEMA.L.
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