EMHG.L vs. CNYB.L
EMHG.L (iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist)) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds from iShares - EMHG.L tracks the J.P. Morgan Emerging Markets Bond Index Global Diversified Core while CNYB.L tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, EMHG.L returned 0.93%/yr vs 3.58%/yr for CNYB.L. At a correlation of -0.16, they often move in opposite directions. EMHG.L charges 0.50%/yr vs 0.35%/yr for CNYB.L.
Performance
EMHG.L vs. CNYB.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMHG.L achieves a 1.82% return, which is significantly lower than CNYB.L's 5.08% return.
EMHG.L
- 1D
- 0.30%
- 1M
- -0.56%
- 6M
- 2.08%
- YTD
- 1.82%
- 1Y
- 9.87%
- 3Y*
- 8.37%
- 5Y*
- 0.93%
- 10Y*
- —
CNYB.L
- 1D
- 0.23%
- 1M
- -0.13%
- 6M
- 4.82%
- YTD
- 5.08%
- 1Y
- 7.11%
- 3Y*
- 4.85%
- 5Y*
- 3.58%
- 10Y*
- —
EMHG.L vs. CNYB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 1.82% | 13.40% | 5.31% | 8.97% | -19.93% | -2.50% | 3.49% | 2.19% |
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.08% | -2.20% | 6.65% | -4.09% | 6.21% | 9.69% | -19.80% | 0.53% |
Correlation
The correlation between EMHG.L and CNYB.L is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.25 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | -0.16 |
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Return for Risk
EMHG.L vs. CNYB.L — Risk / Return Rank
EMHG.L
CNYB.L
EMHG.L vs. CNYB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.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.
| EMHG.L | CNYB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.21 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.57 | -0.29 |
| Martin ratioReturn relative to average drawdown | 9.28 | 6.13 | +3.15 |
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Drawdowns
EMHG.L vs. CNYB.L - Drawdown Comparison
The maximum EMHG.L drawdown since its inception was -29.64%, which is greater than CNYB.L's maximum drawdown of -25.82%. Use the drawdown chart below to compare losses from any high point for EMHG.L and CNYB.L.
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Drawdown Indicators
| EMHG.L | CNYB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.64% | -25.82% | -3.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.44% | -2.75% | -1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -7.62% | -9.03% | +1.41% |
Max Drawdown (5Y)Largest decline over 5 years | -29.64% | -15.44% | -14.20% |
Current DrawdownCurrent decline from peak | -0.56% | -7.25% | +6.69% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -12.53% | +4.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.16% | -0.07% |
Volatility
EMHG.L vs. CNYB.L - Volatility Comparison
The current volatility for iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) (EMHG.L) is 1.37%, while iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) has a volatility of 1.68%. This indicates that EMHG.L experiences smaller price fluctuations and is considered to be less risky than CNYB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMHG.L | CNYB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.68% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 4.88% | 4.69% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.90% | 6.29% | -0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.00% | 7.66% | +1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 11.48% | -1.46% |
EMHG.L vs. CNYB.L - Expense Ratio Comparison
EMHG.L has a 0.50% expense ratio, which is higher than CNYB.L's 0.35% expense ratio.
Dividends
EMHG.L vs. CNYB.L - Dividend Comparison
EMHG.L's dividend yield for the trailing twelve months is around 6.17%, more than CNYB.L's 1.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% | 0.00% |
EMHG.L iShares J.P. Morgan $ EM Bond UCITS ETF GBP Hedged (Dist) | 6.17% | 5.71% | 5.74% | 5.61% | 5.64% | 3.93% | 3.85% | 4.73% | 3.64% |
Frequently Asked Questions
EMHG.L and CNYB.L have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNYB.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNYB.L is cheaper with a 0.35% expense ratio, compared with 0.50% for EMHG.L.
EMHG.L tracks J.P. Morgan Emerging Markets Bond Index Global Diversified Core, while CNYB.L tracks Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.50% for EMHG.L and 0.35% for CNYB.L.
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