EMCP.L vs. DRGN.L
EMCP.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. EMCP.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, EMCP.L returned 2.35%/yr vs 2.78%/yr for DRGN.L. A 0.55 correlation means they provide meaningful diversification when combined. EMCP.L charges 0.50%/yr vs 0.30%/yr for DRGN.L.
Performance
EMCP.L vs. DRGN.L - Performance Comparison
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Different Trading Currencies
EMCP.L is traded in GBP, while DRGN.L is traded in USD. To make them comparable, the DRGN.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMCP.L achieves a 1.24% return, which is significantly lower than DRGN.L's 4.16% return.
EMCP.L
- 1D
- -0.70%
- 1M
- -0.72%
- 6M
- 0.87%
- YTD
- 1.24%
- 1Y
- 5.17%
- 3Y*
- 5.87%
- 5Y*
- 2.35%
- 10Y*
- 3.28%
DRGN.L
- 1D
- 0.29%
- 1M
- -0.20%
- 6M
- 3.74%
- YTD
- 4.16%
- 1Y
- 6.85%
- 3Y*
- 3.86%
- 5Y*
- 2.78%
- 10Y*
- —
EMCP.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMCP.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) | 1.24% | 0.95% | 8.19% | 1.91% | -1.50% | 0.62% | -0.06% |
DRGN.L L&G China CNY Bond UCITS ETF | 4.16% | -2.03% | 4.94% | -4.54% | 5.84% | 8.22% | -0.58% |
Correlation
The correlation between EMCP.L and DRGN.L is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.55 |
The correlation between EMCP.L and DRGN.L has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.
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Return for Risk
EMCP.L vs. DRGN.L — Risk / Return Rank
EMCP.L
DRGN.L
EMCP.L vs. DRGN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) (EMCP.L) and L&G China CNY Bond UCITS ETF (DRGN.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.
| EMCP.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.22 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 1.93 | -0.69 |
| Martin ratioReturn relative to average drawdown | 3.20 | 6.42 | -3.23 |
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Drawdowns
EMCP.L vs. DRGN.L - Drawdown Comparison
The maximum EMCP.L drawdown since its inception was -37.54%, which is greater than DRGN.L's maximum drawdown of -16.78%. Use the drawdown chart below to compare losses from any high point for EMCP.L and DRGN.L.
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Drawdown Indicators
| EMCP.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.54% | -16.78% | -20.76% |
Max Drawdown (1Y)Largest decline over 1 year | -4.15% | -3.89% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -8.40% | -9.16% | +0.76% |
Max Drawdown (5Y)Largest decline over 5 years | -11.10% | -16.78% | +5.68% |
Max Drawdown (10Y)Largest decline over 10 years | -15.92% | — | — |
Current DrawdownCurrent decline from peak | -2.81% | -6.38% | +3.57% |
Average DrawdownAverage peak-to-trough decline | -11.49% | -7.76% | -3.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.61% | 1.17% | +0.44% |
Volatility
EMCP.L vs. DRGN.L - Volatility Comparison
iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) (EMCP.L) has a higher volatility of 1.97% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 1.65%. This indicates that EMCP.L's price experiences larger fluctuations and is considered to be riskier than DRGN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMCP.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 1.65% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 5.14% | -0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.82% | 6.44% | -0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.76% | 7.54% | +0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.35% | 7.51% | +1.84% |
EMCP.L vs. DRGN.L - Expense Ratio Comparison
EMCP.L has a 0.50% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
EMCP.L vs. DRGN.L - Dividend Comparison
EMCP.L's dividend yield for the trailing twelve months is around 5.65%, more than DRGN.L's 0.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 0.87% | 1.94% | 2.31% | 2.45% | 2.77% | 1.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMCP.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) | 5.65% | 5.54% | 5.36% | 5.03% | 4.20% | 3.59% | 4.16% | 4.69% | 4.63% | 4.49% | 4.31% | 5.00% |
Frequently Asked Questions
EMCP.L and DRGN.L have a correlation of 0.59, 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 EMCP.L.
They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.50% for EMCP.L and 0.30% for DRGN.L.
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