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CYGB.L vs. CNYB.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CYGB.L vs. CNYB.L

Last updated Jul 16, 2026
Documentation

CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds from iShares tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, CYGB.L returned 5.44%/yr vs 3.58%/yr for CNYB.L. At a 0.12 correlation, their price movements are largely independent. CYGB.L charges 0.40%/yr vs 0.35%/yr for CNYB.L.

Performance

CYGB.L vs. CNYB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CYGB.L achieves a 3.55% return, which is significantly lower than CNYB.L's 5.08% return.

CYGB.L

1D
0.10%
1M
0.74%
6M
3.19%
YTD
3.55%
1Y
3.60%
3Y*
6.74%
5Y*
5.44%
10Y*
—

CNYB.L

1D
0.23%
1M
-0.13%
6M
4.82%
YTD
5.08%
1Y
7.11%
3Y*
4.85%
5Y*
3.58%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

CYGB.L vs. CNYB.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
CYGB.L
iShares China CNY Bond UCITS ETF GBP Hedged (Dist)		3.55%2.20%11.38%7.14%2.11%2.84%
CNYB.L
iShares China CNY Bond UCITS ETF USD (Dist)		5.08%-2.20%6.65%-4.09%6.21%11.98%

Correlation

The correlation between CYGB.L and CNYB.L is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.05

Correlation (3Y)
Calculated over the trailing 3-year period

0.12

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2021

0.12

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iShares China CNY Bond UCITS ETF GBP Hedged (Dist)

iShares China CNY Bond UCITS ETF USD (Dist)

Return for Risk

CYGB.L vs. CNYB.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CYGB.L
CYGB.L Risk / Return Rank: 6464
Overall Rank
CYGB.L Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
CYGB.L Sortino Ratio Rank: 4848
Sortino Ratio Rank
CYGB.L Omega Ratio Rank: 5555
Omega Ratio Rank
CYGB.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
CYGB.L Martin Ratio Rank: 7979
Martin Ratio Rank
CNYB.L
CNYB.L Risk / Return Rank: 4444
Overall Rank
CNYB.L Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
CNYB.L Sortino Ratio Rank: 3838
Sortino Ratio Rank
CNYB.L Omega Ratio Rank: 3636
Omega Ratio Rank
CNYB.L Calmar Ratio Rank: 6464
Calmar Ratio Rank
CNYB.L Martin Ratio Rank: 4646
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CYGB.L vs. CNYB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.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.

CYGB.LCNYB.LDifference
Sharpe ratioReturn per unit of total volatility
1.32
1.13

+0.20

Sortino ratioReturn per unit of downside risk
1.99
1.67

+0.31

Omega ratioGain probability vs. loss probability

1.28

1.21

+0.07

Calmar ratioReturn relative to maximum drawdown

5.18

2.57

+2.60

Martin ratioReturn relative to average drawdown

11.91

6.13

+5.79

CYGB.L vs. CNYB.L - Sharpe Ratio Comparison

The current CYGB.L Sharpe Ratio is 1.32, which is comparable to the CNYB.L Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of CYGB.L and CNYB.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CYGB.L vs. CNYB.L - Drawdown Comparison

The maximum CYGB.L drawdown since its inception was -1.56%, smaller than the maximum CNYB.L drawdown of -25.82%. Use the drawdown chart below to compare losses from any high point for CYGB.L and CNYB.L.

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Drawdown Indicators

CYGB.LCNYB.LDifference

Max Drawdown

Largest peak-to-trough decline

-1.56%

-25.82%

+24.26%

Max Drawdown (1Y)

Largest decline over 1 year

-0.69%

-2.75%

+2.06%

Max Drawdown (3Y)

Largest decline over 3 years

-1.56%

-9.03%

+7.47%

Max Drawdown (5Y)

Largest decline over 5 years

-1.56%

-15.44%

+13.88%

Current Drawdown

Current decline from peak

0.00%

-7.25%

+7.25%

Average Drawdown

Average peak-to-trough decline

-0.24%

-12.53%

+12.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.30%

1.16%

-0.86%

Volatility

CYGB.L vs. CNYB.L - Volatility Comparison

The current volatility for iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) is 0.59%, while iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) has a volatility of 1.68%. This indicates that CYGB.L experiences smaller price fluctuations and is considered to be less risky than CNYB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CYGB.LCNYB.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.59%

1.68%

-1.09%

Volatility (6M)

Calculated over the trailing 6-month period

2.22%

4.69%

-2.47%

Volatility (1Y)

Calculated over the trailing 1-year period

2.71%

6.29%

-3.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.37%

7.66%

-5.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.33%

11.48%

-9.15%

CYGB.L vs. CNYB.L - Expense Ratio Comparison

CYGB.L has a 0.40% expense ratio, which is higher than CNYB.L's 0.35% expense ratio.

Dividends

CYGB.L vs. CNYB.L - Dividend Comparison

CYGB.L's dividend yield for the trailing twelve months is around 1.70%, less than CNYB.L's 1.72% yield.

PositionTTM2025202420232022202120202019
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%
CYGB.L
iShares China CNY Bond UCITS ETF GBP Hedged (Dist)		1.70%1.84%2.13%2.38%2.68%2.21%0.00%0.00%

Frequently Asked Questions

CYGB.L and CNYB.L have a correlation of 0.05, 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 0.40% for CYGB.L.

Both ETFs track Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.40% for CYGB.L and 0.35% for CNYB.L.

Portfolio Optimizer

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