CYGB.L vs. T3GB.L
CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) and T3GB.L (Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - CYGB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index, while T3GB.L is a Short-Term Bond fund tracking the Bloomberg US Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, CYGB.L returned 5.30%/yr vs 1.40%/yr for T3GB.L. Their 0.11 correlation means their historical movements had little consistent relationship. CYGB.L charges 0.40%/yr vs 0.10%/yr for T3GB.L.
Performance
CYGB.L vs. T3GB.L - Performance Comparison
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Different Trading Currencies
CYGB.L is traded in GBP, while T3GB.L is traded in GBp. To make them comparable, the T3GB.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 3.27% return, which is significantly higher than T3GB.L's 0.56% return.
CYGB.L
- 1D
- -0.17%
- 1M
- 0.17%
- 6M
- 2.73%
- YTD
- 3.27%
- 1Y
- 3.85%
- 3Y*
- 6.57%
- 5Y*
- 5.30%
- 10Y*
- —
- ALL TIME*
- 5.30%
T3GB.L
- 1D
- 0.08%
- 1M
- -0.12%
- 6M
- 0.61%
- YTD
- 0.56%
- 1Y
- 2.79%
- 3Y*
- 4.02%
- 5Y*
- 1.40%
- 10Y*
- —
- ALL TIME*
- 1.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| £126.15K | £474.77K | £188.14K | |
| £514.38 | £492.85 | £638.56 |
CYGB.L vs. T3GB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.27% | 2.20% | 11.38% | 7.14% | 2.11% | 2.84% |
T3GB.L Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist) | 0.56% | 4.94% | 3.79% | 3.35% | -4.53% | -0.87% |
Correlation
The correlation between CYGB.L and T3GB.L is 0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.11 |
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Return for Risk
CYGB.L vs. T3GB.L — Risk / Return Rank
CYGB.L
T3GB.L
CYGB.L vs. T3GB.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 US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist) (T3GB.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 | T3GB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.47 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 5.55 | 3.92 | +1.63 |
| Martin ratioReturn relative to average drawdown | 13.03 | 14.51 | -1.48 |
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Drawdowns
CYGB.L vs. T3GB.L - Drawdown Comparison
The maximum CYGB.L drawdown since its inception was -1.56%, smaller than the maximum T3GB.L drawdown of -6.48%. Use the drawdown chart below to compare losses from any high point for CYGB.L and T3GB.L.
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Drawdown Indicators
| CYGB.L | T3GB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.56% | -6.48% | +4.92% |
Max Drawdown (1Y)Largest decline over 1 year | -0.69% | -0.72% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -1.56% | -0.91% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -1.56% | -6.38% | +4.82% |
Current DrawdownCurrent decline from peak | -0.34% | -0.22% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -1.52% | +1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.19% | +0.11% |
Volatility
CYGB.L vs. T3GB.L - Volatility Comparison
iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) has a higher volatility of 0.63% compared to Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist) (T3GB.L) at 0.33%. This indicates that CYGB.L's price experiences larger fluctuations and is considered to be riskier than T3GB.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 | T3GB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.33% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 0.88% | +1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 1.20% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.38% | 2.03% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.33% | 1.80% | +0.53% |
CYGB.L vs. T3GB.L - Expense Ratio Comparison
CYGB.L has a 0.40% expense ratio, which is higher than T3GB.L's 0.10% expense ratio.
Dividends
CYGB.L vs. T3GB.L - Dividend Comparison
CYGB.L's dividend yield for the trailing twelve months is around 1.70%, less than T3GB.L's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
T3GB.L Invesco US Treasury Bond 1-3 Year UCITS ETF GBP Hedged (Dist) | 3.85% | 3.95% | 4.36% | 4.05% | 1.98% | 0.28% | 1.15% | 0.81% |
Frequently Asked Questions
CYGB.L and T3GB.L have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, T3GB.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
T3GB.L is cheaper with a 0.10% expense ratio, compared with 0.40% for CYGB.L.
CYGB.L is categorized as Emerging Markets Bonds, while T3GB.L is Short-Term Bond. CYGB.L tracks Bloomberg China Treasury + Policy Bank Index, while T3GB.L tracks Bloomberg US Treasury 1-3 Year Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.40% for CYGB.L and 0.10% for T3GB.L.
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