CYGB.L vs. HYGB.L
CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) and HYGB.L (VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc)) are both Emerging Markets Bonds funds - CYGB.L tracks the Bloomberg China Treasury + Policy Bank Index while HYGB.L tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 5 years, CYGB.L returned 5.42%/yr vs 3.29%/yr for HYGB.L. At a correlation of -0.02, they often move in opposite directions. Both charge a 0.40% expense ratio.
Performance
CYGB.L vs. HYGB.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 lower than HYGB.L's 3.73% 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*
- —
HYGB.L
- 1D
- 0.36%
- 1M
- -0.41%
- 6M
- 2.50%
- YTD
- 3.73%
- 1Y
- 7.76%
- 3Y*
- 8.68%
- 5Y*
- 3.29%
- 10Y*
- —
CYGB.L vs. HYGB.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% |
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 3.73% | 1.56% | 13.72% | 1.66% | -2.52% | 2.80% |
Correlation
The correlation between CYGB.L and HYGB.L is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | -0.02 |
The correlation between CYGB.L and HYGB.L shifts across timeframes, from -0.14 (1 year) to -0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CYGB.L vs. HYGB.L — Risk / Return Rank
CYGB.L
HYGB.L
CYGB.L vs. HYGB.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 VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.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 | HYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 5.28 | 2.33 | +2.95 |
| Martin ratioReturn relative to average drawdown | 12.15 | 5.93 | +6.22 |
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Drawdowns
CYGB.L vs. HYGB.L - Drawdown Comparison
The maximum CYGB.L drawdown since its inception was -1.56%, smaller than the maximum HYGB.L drawdown of -26.72%. Use the drawdown chart below to compare losses from any high point for CYGB.L and HYGB.L.
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Drawdown Indicators
| CYGB.L | HYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.56% | -26.72% | +25.16% |
Max Drawdown (1Y)Largest decline over 1 year | -0.69% | -3.31% | +2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -1.56% | -8.96% | +7.40% |
Max Drawdown (5Y)Largest decline over 5 years | -1.56% | -23.02% | +21.46% |
Current DrawdownCurrent decline from peak | -0.17% | -1.93% | +1.76% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -14.28% | +14.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 1.30% | -1.01% |
Volatility
CYGB.L vs. HYGB.L - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) is 0.59%, while VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) (HYGB.L) has a volatility of 1.48%. This indicates that CYGB.L experiences smaller price fluctuations and is considered to be less risky than HYGB.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 | HYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 1.48% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 4.96% | -2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 6.52% | -3.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.38% | 18.18% | -15.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.33% | 17.40% | -15.07% |
CYGB.L vs. HYGB.L - Expense Ratio Comparison
Both CYGB.L and HYGB.L have an expense ratio of 0.40%.
Dividends
CYGB.L vs. HYGB.L - Dividend Comparison
CYGB.L's dividend yield for the trailing twelve months is around 1.70%, while HYGB.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% |
HYGB.L VanEck Emerging Markets High Yield Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CYGB.L and HYGB.L have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CYGB.L and HYGB.L have the same expense ratio: 0.40% per year.
CYGB.L tracks Bloomberg China Treasury + Policy Bank Index, while HYGB.L tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: iShares and VanEck.
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