CYGB.L vs. PEMD.L
CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) and PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) are both Emerging Markets Bonds funds - CYGB.L tracks the Bloomberg China Treasury + Policy Bank Index while PEMD.L tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, CYGB.L returned 5.44%/yr vs 2.44%/yr for PEMD.L. At a 0.00 correlation, their price movements are largely independent. CYGB.L charges 0.40%/yr vs 0.25%/yr for PEMD.L.
Performance
CYGB.L vs. PEMD.L - Performance Comparison
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Different Trading Currencies
CYGB.L is traded in GBP, while PEMD.L is traded in USD. To make them comparable, the PEMD.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, CYGB.L achieves a 3.55% return, which is significantly higher than PEMD.L's 1.07% 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*
- —
PEMD.L
- 1D
- -0.98%
- 1M
- -1.59%
- 6M
- 1.11%
- YTD
- 1.07%
- 1Y
- 7.97%
- 3Y*
- 7.34%
- 5Y*
- 2.44%
- 10Y*
- —
CYGB.L vs. PEMD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.55% | 2.20% | 11.38% | 7.14% | 2.11% | 2.84% |
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 1.07% | 4.77% | 8.03% | 5.04% | -6.62% | 5.78% |
Correlation
The correlation between CYGB.L and PEMD.L is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
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 | 0.00 |
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Return for Risk
CYGB.L vs. PEMD.L — Risk / Return Rank
CYGB.L
PEMD.L
CYGB.L vs. PEMD.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 Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.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 | PEMD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.18 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 5.18 | 1.74 | +3.44 |
| Martin ratioReturn relative to average drawdown | 11.91 | 4.93 | +6.98 |
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Drawdowns
CYGB.L vs. PEMD.L - Drawdown Comparison
The maximum CYGB.L drawdown since its inception was -1.56%, smaller than the maximum PEMD.L drawdown of -18.92%. Use the drawdown chart below to compare losses from any high point for CYGB.L and PEMD.L.
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Drawdown Indicators
| CYGB.L | PEMD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.56% | -18.92% | +17.36% |
Max Drawdown (1Y)Largest decline over 1 year | -0.69% | -4.57% | +3.88% |
Max Drawdown (3Y)Largest decline over 3 years | -1.56% | -8.98% | +7.42% |
Max Drawdown (5Y)Largest decline over 5 years | -1.56% | -13.78% | +12.22% |
Current DrawdownCurrent decline from peak | 0.00% | -3.30% | +3.30% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -7.45% | +7.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 1.61% | -1.31% |
Volatility
CYGB.L vs. PEMD.L - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) is 0.59%, while Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) has a volatility of 2.30%. This indicates that CYGB.L experiences smaller price fluctuations and is considered to be less risky than PEMD.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 | PEMD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 2.30% | -1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 5.89% | -3.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 7.42% | -4.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.37% | 9.97% | -7.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.33% | 12.24% | -9.91% |
CYGB.L vs. PEMD.L - Expense Ratio Comparison
CYGB.L has a 0.40% expense ratio, which is higher than PEMD.L's 0.25% expense ratio.
Dividends
CYGB.L vs. PEMD.L - Dividend Comparison
CYGB.L's dividend yield for the trailing twelve months is around 1.70%, less than PEMD.L's 5.51% 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% |
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 5.51% | 5.49% | 5.83% | 5.54% | 4.94% | 3.93% | 3.60% | 4.99% | 5.36% |
Frequently Asked Questions
CYGB.L and PEMD.L have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PEMD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PEMD.L is cheaper with a 0.25% expense ratio, compared with 0.40% for CYGB.L.
CYGB.L tracks Bloomberg China Treasury + Policy Bank Index, while PEMD.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.40% for CYGB.L and 0.25% for PEMD.L.
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