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EMLB.L vs. DRGN.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMLB.L vs. DRGN.L

Last updated Jul 16, 2026
Documentation

EMLB.L (PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. EMLB.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, EMLB.L returned 3.98%/yr vs 2.01%/yr for DRGN.L. At a 0.41 correlation, their price movements are largely independent. EMLB.L charges 0.39%/yr vs 0.30%/yr for DRGN.L.

Performance

EMLB.L vs. DRGN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.L) and L&G China CNY Bond UCITS ETF (DRGN.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMLB.L achieves a 2.92% return, which is significantly lower than DRGN.L's 3.18% return.

EMLB.L

1D
0.25%
1M
0.05%
6M
2.30%
YTD
2.92%
1Y
8.68%
3Y*
5.90%
5Y*
3.98%
10Y*
3.11%

DRGN.L

1D
-0.10%
1M
-0.67%
6M
2.98%
YTD
3.18%
1Y
6.54%
3Y*
4.53%
5Y*
2.01%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMLB.L vs. DRGN.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
EMLB.L
PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)		2.92%17.08%-3.25%13.74%-5.70%-5.53%2.17%
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 EMLB.L and DRGN.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.38

Correlation (5Y)
Calculated over the trailing 5-year period

0.43

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2020

0.41

Compare stocks, funds, or ETFs

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PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)

L&G China CNY Bond UCITS ETF

Often compared with DRGN.L:
DRGN.L vs. EMLI.LDRGN.L vs. EMDL.LDRGN.L vs. SBEM.LDRGN.L vs. SEMC.LDRGN.L vs. VEMA.LDRGN.L vs. EMBE.LDRGN.L vs. EMDG.L

Return for Risk

EMLB.L vs. DRGN.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMLB.L
EMLB.L Risk / Return Rank: 4040
Overall Rank
EMLB.L Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
EMLB.L Sortino Ratio Rank: 4343
Sortino Ratio Rank
EMLB.L Omega Ratio Rank: 4343
Omega Ratio Rank
EMLB.L Calmar Ratio Rank: 3636
Calmar Ratio Rank
EMLB.L Martin Ratio Rank: 4040
Martin Ratio Rank
DRGN.L
DRGN.L Risk / Return Rank: 8080
Overall Rank
DRGN.L Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
DRGN.L Sortino Ratio Rank: 6969
Sortino Ratio Rank
DRGN.L Omega Ratio Rank: 8484
Omega Ratio Rank
DRGN.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
DRGN.L Martin Ratio Rank: 8888
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMLB.L vs. DRGN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.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.

EMLB.LDRGN.LDifference
Sharpe ratioReturn per unit of total volatility
1.20
1.83

-0.62

Sortino ratioReturn per unit of downside risk
1.83
2.54

-0.71

Omega ratioGain probability vs. loss probability

1.23

1.40

-0.17

Calmar ratioReturn relative to maximum drawdown

1.54

4.37

-2.84

Martin ratioReturn relative to average drawdown

5.03

14.98

-9.95

EMLB.L vs. DRGN.L - Sharpe Ratio Comparison

The current EMLB.L Sharpe Ratio is 1.20, which is lower than the DRGN.L Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of EMLB.L and DRGN.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EMLB.L vs. DRGN.L - Drawdown Comparison

The maximum EMLB.L drawdown since its inception was -29.75%, 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 EMLB.L and DRGN.L.

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Drawdown Indicators

EMLB.LDRGN.LDifference

Max Drawdown

Largest peak-to-trough decline

-29.75%

-11.78%

-17.97%

Max Drawdown (1Y)

Largest decline over 1 year

-5.48%

-1.46%

-4.02%

Max Drawdown (3Y)

Largest decline over 3 years

-7.50%

-3.47%

-4.03%

Max Drawdown (5Y)

Largest decline over 5 years

-20.09%

-11.78%

-8.31%

Max Drawdown (10Y)

Largest decline over 10 years

-21.37%

—

—

Current Drawdown

Current decline from peak

-1.04%

-0.86%

-0.18%

Average Drawdown

Average peak-to-trough decline

-9.33%

-3.57%

-5.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.68%

0.43%

+1.25%

Volatility

EMLB.L vs. DRGN.L - Volatility Comparison

PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc) (EMLB.L) has a higher volatility of 2.03% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 0.79%. This indicates that EMLB.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

EMLB.LDRGN.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.03%

0.79%

+1.24%

Volatility (6M)

Calculated over the trailing 6-month period

6.19%

3.11%

+3.08%

Volatility (1Y)

Calculated over the trailing 1-year period

7.00%

3.50%

+3.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.48%

4.65%

+4.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.58%

4.58%

+5.00%

EMLB.L vs. DRGN.L - Expense Ratio Comparison

EMLB.L has a 0.39% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.

Dividends

EMLB.L vs. DRGN.L - Dividend Comparison

EMLB.L has not paid dividends to shareholders, while DRGN.L's dividend yield for the trailing twelve months is around 0.87%.

PositionTTM20252024202320222021
DRGN.L
L&G China CNY Bond UCITS ETF		0.87%1.94%2.31%2.45%2.77%1.43%
EMLB.L
PIMCO Advantage Emerging Markets Local Bond UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EMLB.L and DRGN.L have a correlation of 0.46, 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 0.39% for EMLB.L.

They also come from different issuers: PIMCO and Legal & General. Their fees differ too: 0.39% for EMLB.L and 0.30% for DRGN.L.

Portfolio Optimizer

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