DRGG.L vs. LDEU.L

Last updated Jul 18, 2026

DRGG.L (L&G China CNY Bond UCITS ETF USD (Dist)) and LDEU.L (L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist)) are both exchange-traded funds - DRGG.L is a Government Bonds fund tracking the J.P. Morgan China Custom Liquid ESG Capped Index, while LDEU.L is a Europe Equities fund tracking the FTSE Developed Europe ex UK All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index. Both are passively managed. Over the past 5 years, DRGG.L returned 2.62%/yr vs 16.94%/yr for LDEU.L. At a correlation of -0.15, they often move in opposite directions. DRGG.L charges 0.30%/yr vs 0.25%/yr for LDEU.L.

Performance

DRGG.L vs. LDEU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) and L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist) (LDEU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DRGG.L is traded in GBp, while LDEU.L is traded in EUR. To make them comparable, the LDEU.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, DRGG.L achieves a 3.07% return, which is significantly lower than LDEU.L's 12.58% return.

DRGG.L

• 1D: 0.25%
• 1M: -1.39%
• 6M: 3.02%
• YTD: 3.07%
• 1Y: 5.96%
• 3Y*: 3.65%
• 5Y*: 2.62%
• 10Y*: —

LDEU.L

• 1D: 0.29%
• 1M: -1.06%
• 6M: 9.88%
• YTD: 12.58%
• 1Y: 27.34%
• 3Y*: 24.57%
• 5Y*: 16.94%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DRGG.L vs. LDEU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist)	3.07%	-1.73%	4.79%	-5.00%	5.94%	8.76%
LDEU.L L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist)	12.58%	44.92%	9.43%	14.43%	1.84%	5.93%

Correlation

The correlation between DRGG.L and LDEU.L is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.17
Correlation (5Y) Calculated over the trailing 5-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	-0.15

Return for Risk

DRGG.L vs. LDEU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DRGG.L

DRGG.L Risk / Return Rank: 39
DRGG.L Sharpe Ratio Rank: 37
DRGG.L Sortino Ratio Rank: 38
DRGG.L Omega Ratio Rank: 35
DRGG.L Calmar Ratio Rank: 44
DRGG.L Martin Ratio Rank: 43

LDEU.L

LDEU.L Risk / Return Rank: 91
LDEU.L Sharpe Ratio Rank: 93
LDEU.L Sortino Ratio Rank: 91
LDEU.L Omega Ratio Rank: 91
LDEU.L Calmar Ratio Rank: 91
LDEU.L Martin Ratio Rank: 90

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.

DRGG.L vs. LDEU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) and L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist) (LDEU.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.

	DRGG.L	LDEU.L	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.31	-1.30
Sortino ratio: Return per unit of downside risk	1.56	3.11	-1.55
Omega ratio: Gain probability vs. loss probability	1.19	1.41	-0.22
Calmar ratio: Return relative to maximum drawdown	1.74	3.44	-1.70
Martin ratio: Return relative to average drawdown	5.19	12.17	-6.98

DRGG.L vs. LDEU.L - Sharpe Ratio Comparison

The current DRGG.L Sharpe Ratio is 1.01, which is lower than the LDEU.L Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of DRGG.L and LDEU.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.

Drawdowns

DRGG.L vs. LDEU.L - Drawdown Comparison

The maximum DRGG.L drawdown since its inception was -27.90%, which is greater than LDEU.L's maximum drawdown of -17.44%. Use the drawdown chart below to compare losses from any high point for DRGG.L and LDEU.L.

Drawdown Indicators

	DRGG.L	LDEU.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.90%	-17.44%	-10.46%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-7.91%	+4.51%
Max Drawdown (3Y) Largest decline over 3 years	-9.04%	-13.34%	+4.30%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	-17.44%	+1.67%
Current Drawdown Current decline from peak	-14.51%	-1.06%	-13.45%
Average Drawdown Average peak-to-trough decline	-18.79%	-2.98%	-15.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	2.24%	-1.10%

Volatility

DRGG.L vs. LDEU.L - Volatility Comparison

The current volatility for L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) is 1.03%, while L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist) (LDEU.L) has a volatility of 3.03%. This indicates that DRGG.L experiences smaller price fluctuations and is considered to be less risky than LDEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRGG.L	LDEU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	3.03%	-2.00%
Volatility (6M) Calculated over the trailing 6-month period	4.49%	9.62%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	5.85%	11.78%	-5.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.33%	14.58%	-7.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	14.42%	-1.47%

DRGG.L vs. LDEU.L - Expense Ratio Comparison

DRGG.L has a 0.30% expense ratio, which is higher than LDEU.L's 0.25% expense ratio.

Dividends

DRGG.L vs. LDEU.L - Dividend Comparison

DRGG.L's dividend yield for the trailing twelve months is around 0.01%, less than LDEU.L's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist)	0.01%	2.04%	2.27%	2.48%	2.61%	1.40%
LDEU.L L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist)	3.50%	3.47%	4.36%	4.44%	4.17%	2.93%

Frequently Asked Questions

Can I hold both DRGG.L and LDEU.L in my portfolio?

DRGG.L and LDEU.L have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DRGG.L or LDEU.L?

On fees, LDEU.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DRGG.L or LDEU.L?

LDEU.L is cheaper with a 0.25% expense ratio, compared with 0.30% for DRGG.L.

What is the main difference between DRGG.L and LDEU.L?

DRGG.L is categorized as Government Bonds, while LDEU.L is Europe Equities. DRGG.L tracks J.P. Morgan China Custom Liquid ESG Capped Index, while LDEU.L tracks FTSE Developed Europe ex UK All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index. Their fees differ too: 0.30% for DRGG.L and 0.25% for LDEU.L.