EMDH.L vs. DRGN.L
EMDH.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF GBP Hedged (Dist)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. EMDH.L is passively managed, while DRGN.L is actively managed. Over the past 3 years, EMDH.L returned 4.88%/yr vs 3.86%/yr for DRGN.L. At a correlation of -0.18, they often move in opposite directions. EMDH.L charges 0.38%/yr vs 0.30%/yr for DRGN.L.
Performance
EMDH.L vs. DRGN.L - Performance Comparison
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Different Trading Currencies
EMDH.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, EMDH.L achieves a -1.83% return, which is significantly lower than DRGN.L's 4.16% return.
EMDH.L
- 1D
- -0.29%
- 1M
- -0.42%
- 6M
- -2.12%
- YTD
- -1.83%
- 1Y
- 2.22%
- 3Y*
- 4.88%
- 5Y*
- —
- 10Y*
- —
DRGN.L
- 1D
- 0.29%
- 1M
- -0.20%
- 6M
- 3.74%
- YTD
- 4.16%
- 1Y
- 6.85%
- 3Y*
- 3.86%
- 5Y*
- 2.78%
- 10Y*
- —
EMDH.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMDH.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF GBP Hedged (Dist) | -1.83% | 7.78% | 5.38% | 5.73% | -12.44% | 0.25% |
DRGN.L L&G China CNY Bond UCITS ETF | 4.16% | -2.03% | 4.94% | -4.54% | 5.84% | -2.35% |
Correlation
The correlation between EMDH.L and DRGN.L is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2021 | -0.18 |
The correlation between EMDH.L and DRGN.L shifts across timeframes, from -0.22 (3 years) to -0.10 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMDH.L vs. DRGN.L — Risk / Return Rank
EMDH.L
DRGN.L
EMDH.L vs. DRGN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF GBP Hedged (Dist) (EMDH.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.
| EMDH.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.22 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 1.93 | -1.47 |
| Martin ratioReturn relative to average drawdown | 1.17 | 6.42 | -5.26 |
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Drawdowns
EMDH.L vs. DRGN.L - Drawdown Comparison
The maximum EMDH.L drawdown since its inception was -18.65%, 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 EMDH.L and DRGN.L.
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Drawdown Indicators
| EMDH.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.65% | -16.78% | -1.87% |
Max Drawdown (1Y)Largest decline over 1 year | -4.44% | -3.89% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -4.44% | -9.16% | +4.72% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.78% | — |
Current DrawdownCurrent decline from peak | -2.12% | -6.38% | +4.26% |
Average DrawdownAverage peak-to-trough decline | -6.27% | -7.76% | +1.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.17% | +0.60% |
Volatility
EMDH.L vs. DRGN.L - Volatility Comparison
The current volatility for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF GBP Hedged (Dist) (EMDH.L) is 0.74%, while L&G China CNY Bond UCITS ETF (DRGN.L) has a volatility of 1.65%. This indicates that EMDH.L experiences smaller price fluctuations and is considered to be less risky 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
| EMDH.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 1.65% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 3.76% | 5.14% | -1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.17% | 6.44% | -2.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.22% | 7.54% | -2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.22% | 7.51% | -2.29% |
EMDH.L vs. DRGN.L - Expense Ratio Comparison
EMDH.L has a 0.38% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
EMDH.L vs. DRGN.L - Dividend Comparison
EMDH.L's dividend yield for the trailing twelve months is around 2.68%, 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% |
EMDH.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF GBP Hedged (Dist) | 2.68% | 5.29% | 4.90% | 4.53% | 2.36% | 0.00% |
Frequently Asked Questions
EMDH.L and DRGN.L have a correlation of -0.10, 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 0.38% for EMDH.L.
They also come from different issuers: L&G and Legal & General. Their fees differ too: 0.38% for EMDH.L and 0.30% for DRGN.L.
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