EMGA.L vs. DRGN.L
EMGA.L (iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. EMGA.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, EMGA.L returned 1.03%/yr vs 2.26%/yr for DRGN.L. A 0.52 correlation means they provide meaningful diversification when combined. EMGA.L charges 0.50%/yr vs 0.30%/yr for DRGN.L.
Performance
EMGA.L vs. DRGN.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMGA.L achieves a 0.79% return, which is significantly lower than DRGN.L's 4.62% return.
EMGA.L
- 1D
- -0.12%
- 1M
- 0.75%
- YTD
- 0.79%
- 6M
- 1.63%
- 1Y
- 8.91%
- 3Y*
- 7.03%
- 5Y*
- 1.03%
- 10Y*
- —
DRGN.L
- 1D
- -0.08%
- 1M
- 1.37%
- YTD
- 4.62%
- 6M
- 6.29%
- 1Y
- 8.23%
- 3Y*
- 4.99%
- 5Y*
- 2.26%
- 10Y*
- —
EMGA.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMGA.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) | 0.79% | 18.25% | -2.74% | 11.65% | -10.95% | -10.50% | 1.41% |
DRGN.L L&G China CNY Bond UCITS ETF | 4.62% | 5.43% | 3.15% | 0.46% | -5.32% | 7.15% | 0.87% |
Correlation
The correlation between EMGA.L and DRGN.L is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.52 |
The correlation between EMGA.L and DRGN.L has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.
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Return for Risk
EMGA.L vs. DRGN.L — Risk / Return Rank
EMGA.L
DRGN.L
EMGA.L vs. DRGN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.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.
| EMGA.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.56 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 5.58 | -4.08 |
| Martin ratioReturn relative to average drawdown | 5.01 | 22.51 | -17.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMGA.L | DRGN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 2.45 | -1.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.49 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.64 | -0.48 |
Drawdowns
EMGA.L vs. DRGN.L - Drawdown Comparison
The maximum EMGA.L drawdown since its inception was -28.18%, which is greater than DRGN.L's maximum drawdown of -11.71%. Use the drawdown chart below to compare losses from any high point for EMGA.L and DRGN.L.
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Drawdown Indicators
| EMGA.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -11.71% | -16.47% |
Max Drawdown (1Y)Largest decline over 1 year | -5.93% | -1.47% | -4.46% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -3.49% | -5.63% |
Max Drawdown (5Y)Largest decline over 5 years | -26.60% | -11.71% | -14.89% |
Current DrawdownCurrent decline from peak | -2.52% | -0.30% | -2.22% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -3.61% | -5.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 0.36% | +1.42% |
Volatility
EMGA.L vs. DRGN.L - Volatility Comparison
iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) (EMGA.L) has a higher volatility of 2.63% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 1.21%. This indicates that EMGA.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
| EMGA.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 1.21% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 3.00% | +3.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 3.36% | +4.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.03% | 4.58% | +4.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.24% | 4.53% | +5.71% |
EMGA.L vs. DRGN.L - Expense Ratio Comparison
EMGA.L has a 0.50% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
EMGA.L vs. DRGN.L - Dividend Comparison
EMGA.L has not paid dividends to shareholders, while DRGN.L's dividend yield for the trailing twelve months is around 1.63%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 1.63% | 1.94% | 2.31% | 2.45% | 2.76% | 1.44% |
EMGA.L iShares J.P. Morgan Emerging Markets Local Government Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMGA.L and DRGN.L have a correlation of 0.55, 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 EMGA.L.
They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.50% for EMGA.L and 0.30% for DRGN.L.
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