EMCR.L vs. CBND.L
EMCR.L (iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist)) and CBND.L (Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)) are both exchange-traded funds - EMCR.L is a Emerging Markets Bonds fund tracking the J.P. Morgan CEMBI Broad Diversified Core Index, 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, EMCR.L returned 1.97%/yr vs 2.85%/yr for CBND.L. At a 0.18 correlation, their price movements are largely independent. EMCR.L charges 0.50%/yr vs 0.24%/yr for CBND.L.
Performance
EMCR.L vs. CBND.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMCR.L achieves a 1.80% return, which is significantly lower than CBND.L's 4.87% return.
EMCR.L
- 1D
- 0.29%
- 1M
- 0.23%
- 6M
- 1.61%
- YTD
- 1.80%
- 1Y
- 6.43%
- 3Y*
- 7.10%
- 5Y*
- 1.97%
- 10Y*
- 3.52%
CBND.L
- 1D
- 0.05%
- 1M
- 0.02%
- 6M
- 4.64%
- YTD
- 4.87%
- 1Y
- 7.44%
- 3Y*
- 5.57%
- 5Y*
- 2.85%
- 10Y*
- —
EMCR.L vs. CBND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMCR.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) | 1.80% | 8.43% | 6.66% | 7.85% | -12.39% | -0.65% | 7.22% | 1.89% |
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 4.87% | 5.04% | 4.67% | 1.28% | -5.17% | 7.61% | 8.70% | 3.08% |
Correlation
The correlation between EMCR.L and CBND.L is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.18 |
The correlation between EMCR.L and CBND.L shifts across timeframes, from 0.18 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMCR.L vs. CBND.L — Risk / Return Rank
EMCR.L
CBND.L
EMCR.L vs. CBND.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) (EMCR.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.
| EMCR.L | CBND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.47 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 7.45 | -5.19 |
| Martin ratioReturn relative to average drawdown | 9.69 | 18.48 | -8.79 |
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Drawdowns
EMCR.L vs. CBND.L - Drawdown Comparison
The maximum EMCR.L drawdown since its inception was -22.67%, which is greater than CBND.L's maximum drawdown of -11.48%. Use the drawdown chart below to compare losses from any high point for EMCR.L and CBND.L.
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Drawdown Indicators
| EMCR.L | CBND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.67% | -11.48% | -11.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -0.99% | -1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -3.69% | -3.66% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -20.20% | -11.48% | -8.72% |
Max Drawdown (10Y)Largest decline over 10 years | -22.67% | — | — |
Current DrawdownCurrent decline from peak | -0.16% | -0.21% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -2.80% | -0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.40% | +0.24% |
Volatility
EMCR.L vs. CBND.L - Volatility Comparison
iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) (EMCR.L) has a higher volatility of 1.02% compared to Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) at 0.89%. This indicates that EMCR.L's price experiences larger fluctuations and is considered to be riskier than CBND.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMCR.L | CBND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.89% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 2.58% | +0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.07% | 3.11% | +0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 5.02% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.50% | 4.94% | +2.56% |
EMCR.L vs. CBND.L - Expense Ratio Comparison
EMCR.L has a 0.50% expense ratio, which is higher than CBND.L's 0.24% expense ratio.
Dividends
EMCR.L vs. CBND.L - Dividend Comparison
EMCR.L's dividend yield for the trailing twelve months is around 5.59%, 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% |
EMCR.L iShares J.P. Morgan $ EM Corp Bond UCITS ETF USD (Dist) | 5.59% | 5.56% | 5.44% | 5.04% | 4.28% | 3.62% | 3.93% | 4.58% | 4.70% | 4.35% | 4.61% | 5.13% |
Frequently Asked Questions
EMCR.L and CBND.L have a correlation of 0.29, 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 EMCR.L.
EMCR.L is categorized as Emerging Markets Bonds, while CBND.L is Government Bonds. EMCR.L tracks J.P. Morgan CEMBI Broad Diversified Core Index, 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 EMCR.L and 0.24% for CBND.L.
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