CYGB.L vs. EMHG.L
CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) and EMHG.L (iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist)) are both Emerging Markets Bonds funds from iShares - CYGB.L tracks the Bloomberg China Treasury + Policy Bank Index while EMHG.L tracks the J.P. Morgan Emerging Markets Bond Index Global Diversified Core. Both are passively managed. Over the past 5 years, CYGB.L returned 5.42%/yr vs 0.86%/yr for EMHG.L. At a 0.03 correlation, their price movements are largely independent. CYGB.L charges 0.40%/yr vs 0.50%/yr for EMHG.L.
Performance
CYGB.L vs. EMHG.L - Performance Comparison
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Returns By Period
In the year-to-date period, CYGB.L achieves a 3.44% return, which is significantly higher than EMHG.L's 1.47% return.
CYGB.L
- 1D
- -0.17%
- 1M
- 0.46%
- 6M
- 3.08%
- YTD
- 3.44%
- 1Y
- 3.67%
- 3Y*
- 6.63%
- 5Y*
- 5.42%
- 10Y*
- —
EMHG.L
- 1D
- 0.00%
- 1M
- -0.64%
- 6M
- 1.75%
- YTD
- 1.47%
- 1Y
- 9.27%
- 3Y*
- 8.05%
- 5Y*
- 0.86%
- 10Y*
- —
CYGB.L vs. EMHG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.44% | 2.20% | 11.38% | 7.14% | 2.11% | 2.84% |
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 1.47% | 13.40% | 5.31% | 8.97% | -19.93% | 1.13% |
Correlation
The correlation between CYGB.L and EMHG.L is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.03 |
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Return for Risk
CYGB.L vs. EMHG.L — Risk / Return Rank
CYGB.L
EMHG.L
CYGB.L vs. EMHG.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 J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.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.L | EMHG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.31 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 5.28 | 2.08 | +3.21 |
| Martin ratioReturn relative to average drawdown | 12.15 | 8.44 | +3.71 |
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Drawdowns
CYGB.L vs. EMHG.L - Drawdown Comparison
The maximum CYGB.L drawdown since its inception was -1.56%, smaller than the maximum EMHG.L drawdown of -29.64%. Use the drawdown chart below to compare losses from any high point for CYGB.L and EMHG.L.
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Drawdown Indicators
| CYGB.L | EMHG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.56% | -29.64% | +28.08% |
Max Drawdown (1Y)Largest decline over 1 year | -0.69% | -4.44% | +3.75% |
Max Drawdown (3Y)Largest decline over 3 years | -1.56% | -7.62% | +6.06% |
Max Drawdown (5Y)Largest decline over 5 years | -1.56% | -29.64% | +28.08% |
Current DrawdownCurrent decline from peak | -0.17% | -0.90% | +0.73% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -8.30% | +8.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 1.10% | -0.81% |
Volatility
CYGB.L vs. EMHG.L - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) is 0.59%, while iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.L) has a volatility of 1.32%. This indicates that CYGB.L experiences smaller price fluctuations and is considered to be less risky than EMHG.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.L | EMHG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 1.32% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 4.87% | -2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 5.89% | -3.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.38% | 8.99% | -6.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.33% | 10.02% | -7.69% |
CYGB.L vs. EMHG.L - Expense Ratio Comparison
CYGB.L has a 0.40% expense ratio, which is lower than EMHG.L's 0.50% expense ratio.
Dividends
CYGB.L vs. EMHG.L - Dividend Comparison
CYGB.L's dividend yield for the trailing twelve months is around 1.70%, less than EMHG.L's 5.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 5.72% | 5.71% | 5.74% | 5.61% | 5.64% | 3.93% | 3.85% | 4.73% | 3.64% |
Frequently Asked Questions
CYGB.L and EMHG.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CYGB.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CYGB.L is cheaper with a 0.40% expense ratio, compared with 0.50% for EMHG.L.
CYGB.L tracks Bloomberg China Treasury + Policy Bank Index, while EMHG.L tracks J.P. Morgan Emerging Markets Bond Index Global Diversified Core. Their fees differ too: 0.40% for CYGB.L and 0.50% for EMHG.L.
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