DRGN.L vs. IEML.L
DRGN.L (L&G China CNY Bond UCITS ETF) and IEML.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds. DRGN.L is actively managed, while IEML.L is passively managed. Over the past 5 years, DRGN.L returned 2.49%/yr vs 1.29%/yr for IEML.L. At a 0.49 correlation, their price movements are largely independent. DRGN.L charges 0.30%/yr vs 0.50%/yr for IEML.L.
Performance
DRGN.L vs. IEML.L - Performance Comparison
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Returns By Period
In the year-to-date period, DRGN.L achieves a 4.51% return, which is significantly higher than IEML.L's 0.25% return.
DRGN.L
- 1D
- 0.19%
- 1M
- 0.48%
- YTD
- 4.51%
- 6M
- 5.03%
- 1Y
- 7.73%
- 3Y*
- 5.42%
- 5Y*
- 2.49%
- 10Y*
- —
IEML.L
- 1D
- -0.02%
- 1M
- 0.39%
- YTD
- 0.25%
- 6M
- 0.34%
- 1Y
- 7.04%
- 3Y*
- 6.42%
- 5Y*
- 1.29%
- 10Y*
- 1.98%
DRGN.L vs. IEML.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 4.51% | 5.48% | 3.14% | 0.48% | -5.41% | 7.20% | 1.10% |
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 0.25% | 18.29% | -2.61% | 11.29% | -10.82% | -10.44% | 1.74% |
Correlation
The correlation between DRGN.L and IEML.L is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.49 |
The correlation between DRGN.L and IEML.L has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.
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Return for Risk
DRGN.L vs. IEML.L — Risk / Return Rank
DRGN.L
IEML.L
DRGN.L vs. IEML.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 J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.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 | IEML.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.18 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 5.36 | 1.12 | +4.25 |
| Martin ratioReturn relative to average drawdown | 21.04 | 3.62 | +17.42 |
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Drawdowns
DRGN.L vs. IEML.L - Drawdown Comparison
The maximum DRGN.L drawdown since its inception was -11.78%, smaller than the maximum IEML.L drawdown of -36.66%. Use the drawdown chart below to compare losses from any high point for DRGN.L and IEML.L.
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Drawdown Indicators
| DRGN.L | IEML.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.78% | -36.66% | +24.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -6.28% | +4.82% |
Max Drawdown (3Y)Largest decline over 3 years | -3.47% | -9.04% | +5.57% |
Max Drawdown (5Y)Largest decline over 5 years | -11.78% | -25.01% | +13.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.17% | — |
Current DrawdownCurrent decline from peak | -0.38% | -9.97% | +9.59% |
Average DrawdownAverage peak-to-trough decline | -3.60% | -19.01% | +15.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 1.94% | -1.57% |
Volatility
DRGN.L vs. IEML.L - Volatility Comparison
The current volatility for L&G China CNY Bond UCITS ETF (DRGN.L) is 0.82%, while iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) (IEML.L) has a volatility of 2.47%. This indicates that DRGN.L experiences smaller price fluctuations and is considered to be less risky than IEML.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 | IEML.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 2.47% | -1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 7.11% | -4.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.37% | 7.99% | -4.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.64% | 9.25% | -4.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.58% | 10.04% | -5.46% |
DRGN.L vs. IEML.L - Expense Ratio Comparison
DRGN.L has a 0.30% expense ratio, which is lower than IEML.L's 0.50% expense ratio.
Dividends
DRGN.L vs. IEML.L - Dividend Comparison
DRGN.L's dividend yield for the trailing twelve months is around 1.63%, less than IEML.L's 6.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 1.63% | 1.94% | 2.31% | 2.45% | 2.77% | 1.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEML.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Dist) | 6.88% | 5.16% | 5.69% | 5.02% | 5.54% | 4.67% | 4.83% | 5.24% | 5.71% | 4.99% | 5.50% | 3.49% |
Frequently Asked Questions
DRGN.L and IEML.L have a correlation of 0.52, 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 0.50% for IEML.L.
They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.30% for DRGN.L and 0.50% for IEML.L.
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