EMBE.L vs. CBND.L
EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and CBND.L (Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)) are both exchange-traded funds - EMBE.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified Hedge TR EUR, while CBND.L is a Government Bonds fund tracking the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, EMBE.L returned -0.60%/yr vs 3.37%/yr for CBND.L. At a correlation of -0.12, they often move in opposite directions. EMBE.L charges 0.50%/yr vs 0.24%/yr for CBND.L.
Performance
EMBE.L vs. CBND.L - Performance Comparison
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Different Trading Currencies
EMBE.L is traded in EUR, while CBND.L is traded in USD. To make them comparable, the CBND.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMBE.L achieves a 0.46% return, which is significantly lower than CBND.L's 7.91% return.
EMBE.L
- 1D
- -0.19%
- 1M
- -1.04%
- 6M
- 1.07%
- YTD
- 0.46%
- 1Y
- 6.27%
- 3Y*
- 6.43%
- 5Y*
- -0.60%
- 10Y*
- 0.56%
- ALL TIME*
- 2.01%
CBND.L
- 1D
- 0.31%
- 1M
- 0.74%
- 6M
- 6.54%
- YTD
- 7.91%
- 1Y
- 9.23%
- 3Y*
- 4.83%
- 5Y*
- 3.37%
- 10Y*
- —
- ALL TIME*
- 3.98%
EMBE.L vs. CBND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 0.46% | 10.99% | 4.00% | 7.66% | -20.86% | -3.27% | 3.35% | 1.93% |
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 7.94% | -7.42% | 11.58% | -1.76% | 0.70% | 15.65% | -0.26% | 2.28% |
Correlation
The correlation between EMBE.L and CBND.L is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | -0.12 |
The correlation between EMBE.L and CBND.L shifts across timeframes, from -0.17 (3 years) to -0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMBE.L vs. CBND.L — Risk / Return Rank
EMBE.L
CBND.L
EMBE.L vs. CBND.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) and Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.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.
| EMBE.L | CBND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.29 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 2.88 | -1.52 |
| Martin ratioReturn relative to average drawdown | 5.18 | 8.13 | -2.95 |
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Drawdowns
EMBE.L vs. CBND.L - Drawdown Comparison
The maximum EMBE.L drawdown since its inception was -30.73%, which is greater than CBND.L's maximum drawdown of -13.58%. Use the drawdown chart below to compare losses from any high point for EMBE.L and CBND.L.
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Drawdown Indicators
| EMBE.L | CBND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.73% | -13.58% | -17.15% |
Max Drawdown (1Y)Largest decline over 1 year | -4.58% | -3.19% | -1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -7.94% | -11.07% | +3.13% |
Max Drawdown (5Y)Largest decline over 5 years | -30.46% | -13.58% | -16.88% |
Max Drawdown (10Y)Largest decline over 10 years | -30.73% | — | — |
Current DrawdownCurrent decline from peak | -4.43% | -1.18% | -3.25% |
Average DrawdownAverage peak-to-trough decline | -7.35% | -5.18% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.13% | +0.08% |
Volatility
EMBE.L vs. CBND.L - Volatility Comparison
iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) and Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) have volatilities of 1.04% and 1.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMBE.L | CBND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 1.09% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 4.92% | 4.31% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.85% | 5.95% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.90% | 7.12% | +1.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.46% | 7.10% | +2.36% |
EMBE.L vs. CBND.L - Expense Ratio Comparison
EMBE.L has a 0.50% expense ratio, which is higher than CBND.L's 0.24% expense ratio.
Dividends
EMBE.L vs. CBND.L - Dividend Comparison
EMBE.L's dividend yield for the trailing twelve months is around 5.67%, more than CBND.L's 2.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 2.04% | 2.20% | 2.45% | 2.54% | 2.72% | 2.52% | 1.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 5.67% | 5.44% | 5.64% | 5.50% | 5.39% | 3.92% | 3.85% | 4.77% | 5.75% | 3.88% | 5.36% | 4.72% |
Frequently Asked Questions
EMBE.L and CBND.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBND.L is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBND.L is cheaper with a 0.24% expense ratio, compared with 0.50% for EMBE.L.
EMBE.L is categorized as Emerging Markets Bonds, while CBND.L is Government Bonds. EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR, while CBND.L tracks FTSE Goldman Sachs China Government Bond Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.50% for EMBE.L and 0.24% for CBND.L.
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