DRGN.L vs. CNYB.L
DRGN.L (L&G China CNY Bond UCITS ETF) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds. DRGN.L is actively managed, while CNYB.L is passively managed. Over the past 5 years, DRGN.L returned 2.01%/yr vs 3.19%/yr for CNYB.L. A 0.51 correlation means they provide meaningful diversification when combined. DRGN.L charges 0.30%/yr vs 0.35%/yr for CNYB.L.
Performance
DRGN.L vs. CNYB.L - Performance Comparison
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Different Trading Currencies
DRGN.L is traded in USD, while CNYB.L is traded in GBP. To make them comparable, the CNYB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, DRGN.L achieves a 3.18% return, which is significantly lower than CNYB.L's 5.45% return.
DRGN.L
- 1D
- -0.10%
- 1M
- -0.67%
- 6M
- 2.98%
- YTD
- 3.18%
- 1Y
- 6.54%
- 3Y*
- 4.53%
- 5Y*
- 2.01%
- 10Y*
- —
CNYB.L
- 1D
- 0.00%
- 1M
- 0.55%
- 6M
- 5.32%
- YTD
- 5.45%
- 1Y
- 8.10%
- 3Y*
- 5.98%
- 5Y*
- 3.19%
- 10Y*
- —
DRGN.L vs. CNYB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 3.18% | 5.48% | 3.14% | 0.48% | -5.41% | 7.20% | 1.10% |
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.45% | 5.18% | 4.87% | 0.97% | -5.14% | 8.69% | 1.63% |
Correlation
The correlation between DRGN.L and CNYB.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.51 |
Over the past year, the correlation between DRGN.L and CNYB.L has dropped to 0.22 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.
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Return for Risk
DRGN.L vs. CNYB.L — Risk / Return Rank
DRGN.L
CNYB.L
DRGN.L vs. CNYB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G China CNY Bond UCITS ETF (DRGN.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.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.
| DRGN.L | CNYB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.27 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.37 | 5.94 | -1.57 |
| Martin ratioReturn relative to average drawdown | 14.98 | 16.99 | -2.02 |
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Drawdowns
DRGN.L vs. CNYB.L - Drawdown Comparison
The maximum DRGN.L drawdown since its inception was -11.78%, smaller than the maximum CNYB.L drawdown of -24.43%. Use the drawdown chart below to compare losses from any high point for DRGN.L and CNYB.L.
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Drawdown Indicators
| DRGN.L | CNYB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.78% | -24.43% | +12.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -1.30% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -3.47% | -3.73% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -11.78% | -11.92% | +0.14% |
Current DrawdownCurrent decline from peak | -0.86% | -4.70% | +3.84% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -13.92% | +10.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.46% | -0.03% |
Volatility
DRGN.L vs. CNYB.L - Volatility Comparison
The current volatility for L&G China CNY Bond UCITS ETF (DRGN.L) is 0.79%, while iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) has a volatility of 1.22%. This indicates that DRGN.L experiences smaller price fluctuations and is considered to be less risky than CNYB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRGN.L | CNYB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.22% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 4.24% | -1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.50% | 5.15% | -1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.65% | 6.79% | -2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.58% | 12.07% | -7.49% |
DRGN.L vs. CNYB.L - Expense Ratio Comparison
DRGN.L has a 0.30% expense ratio, which is lower than CNYB.L's 0.35% expense ratio.
Dividends
DRGN.L vs. CNYB.L - Dividend Comparison
DRGN.L's dividend yield for the trailing twelve months is around 0.87%, less than CNYB.L's 1.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% |
DRGN.L L&G China CNY Bond UCITS ETF | 0.87% | 1.94% | 2.31% | 2.45% | 2.77% | 1.43% | 0.00% | 0.00% |
Frequently Asked Questions
DRGN.L and CNYB.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DRGN.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DRGN.L is cheaper with a 0.30% expense ratio, compared with 0.35% for CNYB.L.
They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.30% for DRGN.L and 0.35% for CNYB.L.
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