EMUS.L vs. DRGN.L
EMUS.L (L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. EMUS.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, EMUS.L returned 1.05%/yr vs 2.15%/yr for DRGN.L. At a 0.29 correlation, their price movements are largely independent. EMUS.L charges 0.35%/yr vs 0.30%/yr for DRGN.L.
Performance
EMUS.L vs. DRGN.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMUS.L achieves a -1.60% return, which is significantly lower than DRGN.L's 3.71% return.
EMUS.L
- 1D
- 0.24%
- 1M
- -0.36%
- 6M
- 0.90%
- YTD
- -1.60%
- 1Y
- 2.31%
- 3Y*
- 5.28%
- 5Y*
- 1.05%
- 10Y*
- —
DRGN.L
- 1D
- 0.00%
- 1M
- -0.16%
- 6M
- 4.23%
- YTD
- 3.71%
- 1Y
- 7.03%
- 3Y*
- 4.89%
- 5Y*
- 2.15%
- 10Y*
- —
EMUS.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMUS.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | -1.60% | 8.01% | 5.52% | 7.02% | -11.63% | 0.86% |
DRGN.L L&G China CNY Bond UCITS ETF | 3.71% | 5.48% | 3.14% | 0.48% | -5.41% | 5.74% |
Correlation
The correlation between EMUS.L and DRGN.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.29 |
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Return for Risk
EMUS.L vs. DRGN.L — Risk / Return Rank
EMUS.L
DRGN.L
EMUS.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 USD (Dist) (EMUS.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.
| EMUS.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.44 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 4.80 | -4.30 |
| Martin ratioReturn relative to average drawdown | 1.32 | 16.30 | -14.98 |
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Drawdowns
EMUS.L vs. DRGN.L - Drawdown Comparison
The maximum EMUS.L drawdown since its inception was -19.58%, 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 EMUS.L and DRGN.L.
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Drawdown Indicators
| EMUS.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.58% | -11.78% | -7.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.59% | -1.46% | -3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -4.59% | -3.47% | -1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -19.58% | -11.78% | -7.80% |
Current DrawdownCurrent decline from peak | -1.93% | -0.35% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -5.63% | -3.56% | -2.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 0.43% | +1.31% |
Volatility
EMUS.L vs. DRGN.L - Volatility Comparison
The current volatility for L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) (EMUS.L) is 0.89%, while L&G China CNY Bond UCITS ETF (DRGN.L) has a volatility of 0.96%. This indicates that EMUS.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
| EMUS.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 0.96% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.46% | 3.06% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.56% | 3.52% | +1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.30% | 4.65% | +0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.29% | 4.57% | +0.72% |
EMUS.L vs. DRGN.L - Expense Ratio Comparison
EMUS.L has a 0.35% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
EMUS.L vs. DRGN.L - Dividend Comparison
EMUS.L's dividend yield for the trailing twelve months is around 2.79%, more than DRGN.L's 0.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 0.71% | 1.94% | 2.31% | 2.45% | 2.77% | 1.43% |
EMUS.L L&G Emerging Markets Corporate Bond (USD) Screened UCITS ETF USD (Dist) | 2.79% | 5.39% | 4.96% | 4.62% | 3.79% | 1.17% |
Frequently Asked Questions
EMUS.L and DRGN.L have a correlation of 0.26, 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 0.35% for EMUS.L.
They also come from different issuers: L&G and Legal & General. Their fees differ too: 0.35% for EMUS.L and 0.30% for DRGN.L.
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