EMCR.L vs. DRGN.L
EMCR.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. EMCR.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, EMCR.L returned 1.97%/yr vs 2.01%/yr for DRGN.L. At a 0.25 correlation, their price movements are largely independent. EMCR.L charges 0.50%/yr vs 0.30%/yr for DRGN.L.
Performance
EMCR.L vs. DRGN.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 DRGN.L's 3.18% 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%
DRGN.L
- 1D
- -0.10%
- 1M
- -0.67%
- 6M
- 2.98%
- YTD
- 3.18%
- 1Y
- 6.54%
- 3Y*
- 4.53%
- 5Y*
- 2.01%
- 10Y*
- —
EMCR.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
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% | 1.18% |
DRGN.L L&G China CNY Bond UCITS ETF | 3.18% | 5.48% | 3.14% | 0.48% | -5.41% | 7.20% | 1.10% |
Correlation
The correlation between EMCR.L and DRGN.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.25 |
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Return for Risk
EMCR.L vs. DRGN.L — Risk / Return Rank
EMCR.L
DRGN.L
EMCR.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) (EMCR.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.
| EMCR.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.40 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 4.37 | -2.11 |
| Martin ratioReturn relative to average drawdown | 9.69 | 14.98 | -5.28 |
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Drawdowns
EMCR.L vs. DRGN.L - Drawdown Comparison
The maximum EMCR.L drawdown since its inception was -22.67%, which is greater than DRGN.L's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for EMCR.L and DRGN.L.
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Drawdown Indicators
| EMCR.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.67% | -11.78% | -10.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -1.46% | -1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.69% | -3.47% | -0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -20.20% | -11.78% | -8.42% |
Max Drawdown (10Y)Largest decline over 10 years | -22.67% | — | — |
Current DrawdownCurrent decline from peak | -0.16% | -0.86% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -3.57% | +0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.43% | +0.21% |
Volatility
EMCR.L vs. DRGN.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 L&G China CNY Bond UCITS ETF (DRGN.L) at 0.79%. This indicates that EMCR.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
| EMCR.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.79% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 3.11% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.07% | 3.50% | +0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 4.65% | +0.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.50% | 4.58% | +2.92% |
EMCR.L vs. DRGN.L - Expense Ratio Comparison
EMCR.L has a 0.50% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
EMCR.L vs. DRGN.L - Dividend Comparison
EMCR.L's dividend yield for the trailing twelve months is around 5.59%, 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% |
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 DRGN.L have a correlation of 0.31, 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 EMCR.L.
They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.50% for EMCR.L and 0.30% for DRGN.L.
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