FSEM.L vs. CYGB.L
FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both Emerging Markets Bonds funds. FSEM.L is actively managed, while CYGB.L is passively managed. Over the past 5 years, FSEM.L returned 1.01%/yr vs 5.08%/yr for CYGB.L. At a 0.22 correlation, their price movements are largely independent. FSEM.L charges 0.45%/yr vs 0.40%/yr for CYGB.L.
Performance
FSEM.L vs. CYGB.L - Performance Comparison
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Different Trading Currencies
FSEM.L is traded in USD, while CYGB.L is traded in GBP. To make them comparable, the CYGB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, FSEM.L achieves a 1.64% return, which is significantly lower than CYGB.L's 4.04% return.
FSEM.L
- 1D
- 0.25%
- 1M
- -0.73%
- 6M
- 1.88%
- YTD
- 1.64%
- 1Y
- 9.84%
- 3Y*
- 7.55%
- 5Y*
- 1.01%
- 10Y*
- —
CYGB.L
- 1D
- 0.00%
- 1M
- 1.54%
- 6M
- 3.81%
- YTD
- 4.04%
- 1Y
- 4.68%
- 3Y*
- 7.94%
- 5Y*
- 5.08%
- 10Y*
- —
FSEM.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 1.64% | 13.59% | 3.43% | 8.85% | -17.96% | 3.23% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 4.04% | 9.91% | 9.53% | 12.79% | -8.81% | 1.30% |
Correlation
The correlation between FSEM.L and CYGB.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021 | 0.22 |
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Return for Risk
FSEM.L vs. CYGB.L — Risk / Return Rank
FSEM.L
CYGB.L
FSEM.L vs. CYGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) and iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.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.
| FSEM.L | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.11 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 1.08 | +1.32 |
| Martin ratioReturn relative to average drawdown | 9.51 | 2.45 | +7.06 |
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Drawdowns
FSEM.L vs. CYGB.L - Drawdown Comparison
The maximum FSEM.L drawdown since its inception was -27.88%, which is greater than CYGB.L's maximum drawdown of -22.10%. Use the drawdown chart below to compare losses from any high point for FSEM.L and CYGB.L.
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Drawdown Indicators
| FSEM.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.88% | -22.10% | -5.78% |
Max Drawdown (1Y)Largest decline over 1 year | -4.09% | -4.04% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -6.72% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -27.88% | -21.63% | -6.25% |
Current DrawdownCurrent decline from peak | -0.73% | 0.00% | -0.73% |
Average DrawdownAverage peak-to-trough decline | -9.89% | -4.36% | -5.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 1.78% | -0.75% |
Volatility
FSEM.L vs. CYGB.L - Volatility Comparison
The current volatility for Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) is 1.06%, while iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) has a volatility of 1.98%. This indicates that FSEM.L experiences smaller price fluctuations and is considered to be less risky than CYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSEM.L | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.98% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 5.70% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 7.38% | -1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.59% | 8.87% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.43% | 8.74% | -0.31% |
FSEM.L vs. CYGB.L - Expense Ratio Comparison
FSEM.L has a 0.45% expense ratio, which is higher than CYGB.L's 0.40% expense ratio.
Dividends
FSEM.L vs. CYGB.L - Dividend Comparison
FSEM.L's dividend yield for the trailing twelve months is around 6.42%, more than CYGB.L's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% |
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 6.42% | 6.30% | 6.49% | 5.74% | 5.01% | 2.41% |
Frequently Asked Questions
FSEM.L and CYGB.L 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, CYGB.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CYGB.L is cheaper with a 0.40% expense ratio, compared with 0.45% for FSEM.L.
They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.45% for FSEM.L and 0.40% for CYGB.L.
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