DRGN.L vs. XUEB.L

Last updated Apr 2, 2026

Compare and contrast key facts about L&G China CNY Bond UCITS ETF (DRGN.L) and Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L).

DRGN.L and XUEB.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DRGN.L is an actively managed fund by Legal & General. It was launched on Jul 20, 2021. XUEB.L is a passively managed fund by Xtrackers that tracks the performance of the JPM EMBI Global Diversified TR USD. It was launched on Mar 11, 2020.

Performance

DRGN.L vs. XUEB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G China CNY Bond UCITS ETF (DRGN.L) and Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L). The values are adjusted to include any dividend payments, if applicable.

DRGN.L vs. XUEB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DRGN.L L&G China CNY Bond UCITS ETF	1.64%	5.43%	3.15%	0.46%	-1.65%
XUEB.L Xtrackers II USD Emerging Markets Bond UCITS ETF 2C	-0.72%	13.61%	6.10%	11.06%	5.53%

Returns By Period

In the year-to-date period, DRGN.L achieves a 1.64% return, which is significantly higher than XUEB.L's -0.72% return.

DRGN.L

• 1D: -0.25%
• 1M: -0.01%
• YTD: 1.64%
• 6M: 4.17%
• 1Y: 7.23%
• 3Y*: 3.16%
• 5Y*: 2.41%
• 10Y*: —

XUEB.L

• 1D: 1.04%
• 1M: -2.05%
• YTD: -0.72%
• 6M: 2.15%
• 1Y: 10.04%
• 3Y*: 9.09%
• 5Y*: —
• 10Y*: —

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

DRGN.L vs. XUEB.L - Expense Ratio Comparison

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

DRGN.L

L&G China CNY Bond UCITS ETF

XUEB.L

Xtrackers II USD Emerging Markets Bond UCITS ETF 2C

Return for Risk

DRGN.L vs. XUEB.L — Risk / Return Rank

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

DRGN.L

DRGN.L Risk / Return Rank: 94
DRGN.L Sharpe Ratio Rank: 90
DRGN.L Sortino Ratio Rank: 93
DRGN.L Omega Ratio Rank: 95
DRGN.L Calmar Ratio Rank: 96
DRGN.L Martin Ratio Rank: 96

XUEB.L

XUEB.L Risk / Return Rank: 78
XUEB.L Sharpe Ratio Rank: 78
XUEB.L Sortino Ratio Rank: 80
XUEB.L Omega Ratio Rank: 79
XUEB.L Calmar Ratio Rank: 74
XUEB.L Martin Ratio Rank: 79

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.

DRGN.L vs. XUEB.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 Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.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.

	DRGN.L	XUEB.L	Difference
Sharpe ratio Return per unit of total volatility	2.10	1.54	+0.55
Sortino ratio Return per unit of downside risk	2.98	2.19	+0.79
Omega ratio Gain probability vs. loss probability	1.48	1.32	+0.16
Calmar ratio Return relative to maximum drawdown	4.88	2.26	+2.62
Martin ratio Return relative to average drawdown	19.90	9.82	+10.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRGN.L vs. XUEB.L - Sharpe Ratio Comparison

The current DRGN.L Sharpe Ratio is 2.10, which is higher than the XUEB.L Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of DRGN.L and XUEB.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DRGN.L	XUEB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.54	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.10	-0.57

Correlation

The correlation between DRGN.L and XUEB.L is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

DRGN.L vs. XUEB.L - Dividend Comparison

DRGN.L's dividend yield for the trailing twelve months is around 1.68%, while XUEB.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
DRGN.L L&G China CNY Bond UCITS ETF	1.68%	1.94%	2.31%	2.45%	2.76%	1.44%
XUEB.L Xtrackers II USD Emerging Markets Bond UCITS ETF 2C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

DRGN.L vs. XUEB.L - Drawdown Comparison

The maximum DRGN.L drawdown since its inception was -11.71%, smaller than the maximum XUEB.L drawdown of -14.08%. Use the drawdown chart below to compare losses from any high point for DRGN.L and XUEB.L.

Drawdown Indicators

	DRGN.L	XUEB.L	Difference
Max Drawdown Largest peak-to-trough decline	-11.71%	-14.08%	+2.37%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-5.06%	+3.59%
Max Drawdown (5Y) Largest decline over 5 years	-11.71%	—	—
Current Drawdown Current decline from peak	-1.35%	-2.86%	+1.51%
Average Drawdown Average peak-to-trough decline	-3.72%	-2.15%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	1.04%	-0.68%

Volatility

DRGN.L vs. XUEB.L - Volatility Comparison

The current volatility for L&G China CNY Bond UCITS ETF (DRGN.L) is 2.25%, while Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L) has a volatility of 2.57%. This indicates that DRGN.L experiences smaller price fluctuations and is considered to be less risky than XUEB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRGN.L	XUEB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	2.57%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	3.66%	-0.92%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	6.50%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.57%	8.62%	-4.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	8.62%	-4.07%