EMBE.L vs. CNYB.L
EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds from iShares - EMBE.L tracks the JPM EMBI Global Diversified Hedge TR EUR while CNYB.L tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, EMBE.L returned -0.60%/yr vs 3.68%/yr for CNYB.L. At a correlation of -0.12, they often move in opposite directions. EMBE.L charges 0.50%/yr vs 0.35%/yr for CNYB.L.
Performance
EMBE.L vs. CNYB.L - Performance Comparison
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Different Trading Currencies
EMBE.L is traded in EUR, while CNYB.L is traded in GBP. To make them comparable, the CNYB.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 CNYB.L's 8.21% 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%
CNYB.L
- 1D
- 0.32%
- 1M
- 1.04%
- 6M
- 7.00%
- YTD
- 8.21%
- 1Y
- 9.52%
- 3Y*
- 4.95%
- 5Y*
- 3.68%
- 10Y*
- —
- ALL TIME*
- 0.56%
EMBE.L vs. CNYB.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% | 1.45% |
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 8.23% | -7.30% | 11.79% | -2.06% | 0.74% | 16.82% | -24.15% | 6.05% |
Correlation
The correlation between EMBE.L and CNYB.L is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | -0.12 |
The correlation between EMBE.L and CNYB.L shifts across timeframes, from -0.24 (3 years) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMBE.L vs. CNYB.L — Risk / Return Rank
EMBE.L
CNYB.L
EMBE.L vs. CNYB.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 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.
| EMBE.L | CNYB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.28 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 3.38 | -2.02 |
| Martin ratioReturn relative to average drawdown | 5.18 | 9.15 | -3.97 |
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Drawdowns
EMBE.L vs. CNYB.L - Drawdown Comparison
The maximum EMBE.L drawdown since its inception was -30.73%, which is greater than CNYB.L's maximum drawdown of -27.64%. Use the drawdown chart below to compare losses from any high point for EMBE.L and CNYB.L.
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Drawdown Indicators
| EMBE.L | CNYB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.73% | -27.64% | -3.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.58% | -2.80% | -1.78% |
Max Drawdown (3Y)Largest decline over 3 years | -7.94% | -11.45% | +3.51% |
Max Drawdown (5Y)Largest decline over 5 years | -30.46% | -13.36% | -17.10% |
Max Drawdown (10Y)Largest decline over 10 years | -30.73% | — | — |
Current DrawdownCurrent decline from peak | -4.43% | -5.35% | +0.92% |
Average DrawdownAverage peak-to-trough decline | -7.35% | -12.51% | +5.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.04% | +0.17% |
Volatility
EMBE.L vs. CNYB.L - Volatility Comparison
The current volatility for iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) is 1.04%, while iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) has a volatility of 1.18%. This indicates that EMBE.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
| EMBE.L | CNYB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 1.18% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 4.92% | 4.22% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.85% | 5.98% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.90% | 7.22% | +1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.46% | 11.88% | -2.42% |
EMBE.L vs. CNYB.L - Expense Ratio Comparison
EMBE.L has a 0.50% expense ratio, which is higher than CNYB.L's 0.35% expense ratio.
Dividends
EMBE.L vs. CNYB.L - Dividend Comparison
EMBE.L's dividend yield for the trailing twelve months is around 5.67%, more than CNYB.L's 1.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 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 CNYB.L have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNYB.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNYB.L is cheaper with a 0.35% expense ratio, compared with 0.50% for EMBE.L.
EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR, while CNYB.L tracks Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.50% for EMBE.L and 0.35% for CNYB.L.
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