DRGN.L vs. TAHY.L
DRGN.L (L&G China CNY Bond UCITS ETF) and TAHY.L (Janus Henderson Haitong Asia ex-Japan High Yield Corporate USD Bond Screened Core UCITS ETF USD (Acc)) are both exchange-traded funds - DRGN.L is a Emerging Markets Bonds fund actively managed by Legal & General, while TAHY.L is a High Yield Bonds fund tracking the iBoxx MSCI Scored & Screened Tilted USD Asia ex-Japan High Yield Capped TCA Index. DRGN.L is actively managed, while TAHY.L is passively managed. Over the past 3 years, DRGN.L returned 4.89%/yr vs 8.17%/yr for TAHY.L. At a 0.13 correlation, their price movements are largely independent. DRGN.L charges 0.30%/yr vs 0.60%/yr for TAHY.L.
Performance
DRGN.L vs. TAHY.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with DRGN.L having a 3.71% return and TAHY.L slightly higher at 3.88%.
DRGN.L
- 1D
- 0.00%
- 1M
- -0.16%
- 6M
- 4.23%
- YTD
- 3.71%
- 1Y
- 7.03%
- 3Y*
- 4.89%
- 5Y*
- 2.15%
- 10Y*
- —
TAHY.L
- 1D
- 0.00%
- 1M
- 0.24%
- 6M
- 2.85%
- YTD
- 3.88%
- 1Y
- 6.69%
- 3Y*
- 8.17%
- 5Y*
- —
- 10Y*
- —
DRGN.L vs. TAHY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 3.71% | 5.48% | 3.14% | 0.48% | -5.41% | 2.69% |
TAHY.L Janus Henderson Haitong Asia ex-Japan High Yield Corporate USD Bond Screened Core UCITS ETF USD (Acc) | 3.88% | 7.26% | 17.54% | -10.74% | -18.39% | -13.10% |
Correlation
The correlation between DRGN.L and TAHY.L is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 2, 2021 | 0.13 |
The correlation between DRGN.L and TAHY.L shifts across timeframes, from -0.02 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DRGN.L vs. TAHY.L — Risk / Return Rank
DRGN.L
TAHY.L
DRGN.L vs. TAHY.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 Janus Henderson Haitong Asia ex-Japan High Yield Corporate USD Bond Screened Core UCITS ETF USD (Acc) (TAHY.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 | TAHY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.38 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.80 | 2.59 | +2.21 |
| Martin ratioReturn relative to average drawdown | 16.30 | 7.38 | +8.93 |
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Drawdowns
DRGN.L vs. TAHY.L - Drawdown Comparison
The maximum DRGN.L drawdown since its inception was -11.78%, smaller than the maximum TAHY.L drawdown of -51.61%. Use the drawdown chart below to compare losses from any high point for DRGN.L and TAHY.L.
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Drawdown Indicators
| DRGN.L | TAHY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.78% | -51.61% | +39.83% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -2.57% | +1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -3.47% | -9.81% | +6.34% |
Max Drawdown (5Y)Largest decline over 5 years | -11.78% | — | — |
Current DrawdownCurrent decline from peak | -0.35% | -17.10% | +16.75% |
Average DrawdownAverage peak-to-trough decline | -3.56% | -26.81% | +23.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.91% | -0.48% |
Volatility
DRGN.L vs. TAHY.L - Volatility Comparison
The current volatility for L&G China CNY Bond UCITS ETF (DRGN.L) is 0.96%, while Janus Henderson Haitong Asia ex-Japan High Yield Corporate USD Bond Screened Core UCITS ETF USD (Acc) (TAHY.L) has a volatility of 1.07%. This indicates that DRGN.L experiences smaller price fluctuations and is considered to be less risky than TAHY.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 | TAHY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 1.07% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 2.83% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 3.64% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.65% | 13.09% | -8.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.57% | 13.09% | -8.52% |
DRGN.L vs. TAHY.L - Expense Ratio Comparison
DRGN.L has a 0.30% expense ratio, which is lower than TAHY.L's 0.60% expense ratio.
Dividends
DRGN.L vs. TAHY.L - Dividend Comparison
DRGN.L's dividend yield for the trailing twelve months is around 0.71%, while TAHY.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 0.71% | 1.94% | 2.31% | 2.45% | 2.77% | 1.43% |
TAHY.L Janus Henderson Haitong Asia ex-Japan High Yield Corporate USD Bond Screened Core UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DRGN.L and TAHY.L have a correlation of -0.02, 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 0.60% for TAHY.L.
DRGN.L is categorized as Emerging Markets Bonds, while TAHY.L is High Yield Bonds. They also come from different issuers: Legal & General and Janus Henderson. Their fees differ too: 0.30% for DRGN.L and 0.60% for TAHY.L.
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