EMD5.L vs. DRGN.L
EMD5.L (L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. EMD5.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, EMD5.L returned 2.39%/yr vs 2.01%/yr for DRGN.L. At a 0.28 correlation, their price movements are largely independent. EMD5.L charges 0.25%/yr vs 0.30%/yr for DRGN.L.
Performance
EMD5.L vs. DRGN.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMD5.L achieves a -0.96% return, which is significantly lower than DRGN.L's 3.18% return.
EMD5.L
- 1D
- 0.11%
- 1M
- -0.00%
- 6M
- -0.75%
- YTD
- -0.96%
- 1Y
- 3.64%
- 3Y*
- 7.13%
- 5Y*
- 2.39%
- 10Y*
- —
DRGN.L
- 1D
- -0.10%
- 1M
- -0.67%
- 6M
- 2.98%
- YTD
- 3.18%
- 1Y
- 6.54%
- 3Y*
- 4.53%
- 5Y*
- 2.01%
- 10Y*
- —
EMD5.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) | -0.96% | 10.15% | 8.41% | 7.84% | -10.41% | -0.28% | 0.80% |
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 EMD5.L and DRGN.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 | 0.29 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.28 |
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Return for Risk
EMD5.L vs. DRGN.L — Risk / Return Rank
EMD5.L
DRGN.L
EMD5.L vs. DRGN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.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.
| EMD5.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.40 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 4.37 | -3.27 |
| Martin ratioReturn relative to average drawdown | 2.76 | 14.98 | -12.22 |
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Drawdowns
EMD5.L vs. DRGN.L - Drawdown Comparison
The maximum EMD5.L drawdown since its inception was -16.04%, 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 EMD5.L and DRGN.L.
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Drawdown Indicators
| EMD5.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.04% | -11.78% | -4.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -1.46% | -1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | -3.47% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -16.04% | -11.78% | -4.26% |
Current DrawdownCurrent decline from peak | -1.06% | -0.86% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -3.57% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 0.43% | +0.88% |
Volatility
EMD5.L vs. DRGN.L - Volatility Comparison
L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) (EMD5.L) has a higher volatility of 0.95% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 0.79%. This indicates that EMD5.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
| EMD5.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 0.79% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 3.11% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 3.50% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.85% | 4.65% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 4.58% | +0.04% |
EMD5.L vs. DRGN.L - Expense Ratio Comparison
EMD5.L has a 0.25% expense ratio, which is lower than DRGN.L's 0.30% expense ratio.
Dividends
EMD5.L vs. DRGN.L - Dividend Comparison
EMD5.L's dividend yield for the trailing twelve months is around 2.87%, more than DRGN.L's 0.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 0.87% | 1.94% | 2.31% | 2.45% | 2.77% | 1.43% |
EMD5.L L&G Emerging Markets Government Bond (USD) 0-5 Year Screened UCITS ETF USD (Dist) | 2.87% | 5.66% | 6.09% | 4.60% | 3.04% | 1.25% |
Frequently Asked Questions
EMD5.L and DRGN.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, EMD5.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMD5.L is cheaper with a 0.25% expense ratio, compared with 0.30% for DRGN.L.
They also come from different issuers: L&G and Legal & General. Their fees differ too: 0.25% for EMD5.L and 0.30% for DRGN.L.
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