CU31.L vs. DRGG.L
CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and DRGG.L (L&G China CNY Bond UCITS ETF USD (Dist)) are both Government Bonds funds - CU31.L tracks the ICE US Treasury 1-3 Year Index while DRGG.L tracks the J.P. Morgan China Custom Liquid ESG Capped Index. Both are passively managed. Over the past 5 years, CU31.L returned 2.36%/yr vs 2.57%/yr for DRGG.L. Their correlation of 0.80 suggests significant overlap in exposure. CU31.L charges 0.07%/yr vs 0.30%/yr for DRGG.L.
Performance
CU31.L vs. DRGG.L - Performance Comparison
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Returns By Period
In the year-to-date period, CU31.L achieves a 0.55% return, which is significantly lower than DRGG.L's 2.81% return.
CU31.L
- 1D
- 0.05%
- 1M
- -0.25%
- 6M
- 0.10%
- YTD
- 0.55%
- 1Y
- 3.04%
- 3Y*
- 3.23%
- 5Y*
- 2.36%
- 10Y*
- 1.58%
DRGG.L
- 1D
- -0.39%
- 1M
- -1.37%
- 6M
- 2.76%
- YTD
- 2.81%
- 1Y
- 5.94%
- 3Y*
- 3.57%
- 5Y*
- 2.57%
- 10Y*
- —
CU31.L vs. DRGG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.55% | -1.98% | 5.81% | -1.58% | 7.69% | 0.60% | -1.10% |
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist) | 2.81% | -1.73% | 4.79% | -5.00% | 5.94% | 8.52% | -25.93% |
Correlation
The correlation between CU31.L and DRGG.L is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.80 |
The correlation between CU31.L and DRGG.L has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.
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Return for Risk
CU31.L vs. DRGG.L — Risk / Return Rank
CU31.L
DRGG.L
CU31.L vs. DRGG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) and L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.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.
| CU31.L | DRGG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.19 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 1.74 | -1.07 |
| Martin ratioReturn relative to average drawdown | 1.68 | 5.21 | -3.53 |
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Drawdowns
CU31.L vs. DRGG.L - Drawdown Comparison
The maximum CU31.L drawdown since its inception was -21.14%, smaller than the maximum DRGG.L drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for CU31.L and DRGG.L.
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Drawdown Indicators
| CU31.L | DRGG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.14% | -27.90% | +6.76% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -3.40% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -21.14% | -9.04% | -12.10% |
Max Drawdown (5Y)Largest decline over 5 years | -21.14% | -15.77% | -5.37% |
Max Drawdown (10Y)Largest decline over 10 years | -21.14% | — | — |
Current DrawdownCurrent decline from peak | -16.94% | -14.72% | -2.22% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -18.79% | +10.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.14% | +0.67% |
Volatility
CU31.L vs. DRGG.L - Volatility Comparison
iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) has a higher volatility of 1.67% compared to L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) at 1.44%. This indicates that CU31.L's price experiences larger fluctuations and is considered to be riskier than DRGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CU31.L | DRGG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.44% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.45% | 4.49% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.06% | 5.86% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.20% | 7.33% | +8.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.09% | 12.95% | +0.14% |
CU31.L vs. DRGG.L - Expense Ratio Comparison
CU31.L has a 0.07% expense ratio, which is lower than DRGG.L's 0.30% expense ratio.
Dividends
CU31.L vs. DRGG.L - Dividend Comparison
CU31.L has not paid dividends to shareholders, while DRGG.L's dividend yield for the trailing twelve months is around 0.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist) | 0.01% | 2.04% | 2.27% | 2.48% | 2.61% | 1.40% |
Frequently Asked Questions
CU31.L and DRGG.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CU31.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CU31.L is cheaper with a 0.07% expense ratio, compared with 0.30% for DRGG.L.
CU31.L tracks ICE US Treasury 1-3 Year Index, while DRGG.L tracks J.P. Morgan China Custom Liquid ESG Capped Index. They also come from different issuers: iShares and L&G. Their fees differ too: 0.07% for CU31.L and 0.30% for DRGG.L.
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