EMIE.DE vs. ICGB.DE
EMIE.DE (UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - EMIE.DE tracks the JP Morgan USD Emerging Markets IG ESG Diversified Bond (EUR Hedged) while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, EMIE.DE returned -2.46%/yr vs 3.84%/yr for ICGB.DE. At a correlation of -0.14, they often move in opposite directions. EMIE.DE charges 0.43%/yr vs 0.35%/yr for ICGB.DE.
Performance
EMIE.DE vs. ICGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EMIE.DE achieves a -0.44% return, which is significantly lower than ICGB.DE's 7.85% return.
EMIE.DE
- 1D
- 0.18%
- 1M
- 0.18%
- 6M
- -0.26%
- YTD
- -0.44%
- 1Y
- 2.63%
- 3Y*
- 2.61%
- 5Y*
- -2.46%
- 10Y*
- —
ICGB.DE
- 1D
- -0.20%
- 1M
- 1.25%
- 6M
- 7.38%
- YTD
- 7.85%
- 1Y
- 9.80%
- 3Y*
- 4.28%
- 5Y*
- 3.84%
- 10Y*
- —
EMIE.DE vs. ICGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMIE.DE UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc | -0.44% | 7.07% | -0.38% | 3.90% | -19.73% | -2.89% | 6.91% | 2.50% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 7.85% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -0.83% |
Correlation
The correlation between EMIE.DE and ICGB.DE is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019 | -0.14 |
The correlation between EMIE.DE and ICGB.DE shifts across timeframes, from -0.24 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EMIE.DE vs. ICGB.DE — Risk / Return Rank
EMIE.DE
ICGB.DE
EMIE.DE vs. ICGB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc (EMIE.DE) and iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE). 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.
| EMIE.DE | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.34 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 3.52 | -2.77 |
| Martin ratioReturn relative to average drawdown | 2.23 | 9.25 | -7.01 |
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Drawdowns
EMIE.DE vs. ICGB.DE - Drawdown Comparison
The maximum EMIE.DE drawdown since its inception was -27.00%, which is greater than ICGB.DE's maximum drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for EMIE.DE and ICGB.DE.
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Drawdown Indicators
| EMIE.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.00% | -13.36% | -13.64% |
Max Drawdown (1Y)Largest decline over 1 year | -3.48% | -2.77% | -0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -7.03% | -11.17% | +4.14% |
Max Drawdown (5Y)Largest decline over 5 years | -25.87% | -13.36% | -12.51% |
Current DrawdownCurrent decline from peak | -13.99% | -1.82% | -12.17% |
Average DrawdownAverage peak-to-trough decline | -12.66% | -6.42% | -6.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.06% | +0.11% |
Volatility
EMIE.DE vs. ICGB.DE - Volatility Comparison
The current volatility for UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc (EMIE.DE) is 0.87%, while iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) has a volatility of 1.34%. This indicates that EMIE.DE experiences smaller price fluctuations and is considered to be less risky than ICGB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMIE.DE | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.34% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 3.71% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 5.38% | -1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 6.64% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.00% | 7.91% | +0.09% |
EMIE.DE vs. ICGB.DE - Expense Ratio Comparison
EMIE.DE has a 0.43% expense ratio, which is higher than ICGB.DE's 0.35% expense ratio.
Dividends
EMIE.DE vs. ICGB.DE - Dividend Comparison
EMIE.DE has not paid dividends to shareholders, while ICGB.DE's dividend yield for the trailing twelve months is around 1.69%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EMIE.DE UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 1.69% | 1.92% | 2.22% | 2.58% | 2.80% | 2.71% | 2.63% | 0.95% |
Frequently Asked Questions
EMIE.DE and ICGB.DE have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICGB.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICGB.DE is cheaper with a 0.35% expense ratio, compared with 0.43% for EMIE.DE.
EMIE.DE tracks JP Morgan USD Emerging Markets IG ESG Diversified Bond (EUR Hedged), while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.43% for EMIE.DE and 0.35% for ICGB.DE.
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