GASF.DE vs. EM1C.DE
GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) and EM1C.DE (VanEck J.P. Morgan EM Local Currency Bond UCITS ETF) are both Emerging Markets Bonds funds - GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index while EM1C.DE tracks the JP Morgan GBI-Emerging Markets Global Core. Both are passively managed. Over the past 5 years, GASF.DE returned 3.49%/yr vs 2.41%/yr for EM1C.DE. At a 0.38 correlation, their price movements are largely independent. GASF.DE charges 0.24%/yr vs 0.30%/yr for EM1C.DE.
Performance
GASF.DE vs. EM1C.DE - Performance Comparison
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Returns By Period
In the year-to-date period, GASF.DE achieves a 7.80% return, which is significantly higher than EM1C.DE's 4.27% return.
GASF.DE
- 1D
- 0.00%
- 1M
- 1.11%
- 6M
- 5.78%
- YTD
- 7.80%
- 1Y
- 8.64%
- 3Y*
- 5.05%
- 5Y*
- 3.49%
- 10Y*
- —
EM1C.DE
- 1D
- -0.44%
- 1M
- 0.23%
- 6M
- 2.39%
- YTD
- 4.27%
- 1Y
- 8.95%
- 3Y*
- 4.77%
- 5Y*
- 2.41%
- 10Y*
- —
GASF.DE vs. EM1C.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 7.80% | -6.82% | 10.85% | -2.28% | 0.91% | 16.54% | -0.76% | -8.22% |
EM1C.DE VanEck J.P. Morgan EM Local Currency Bond UCITS ETF | 4.27% | 4.52% | 3.70% | 6.43% | -4.55% | -2.31% | -6.15% | 1.48% |
Correlation
The correlation between GASF.DE and EM1C.DE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.38 |
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Return for Risk
GASF.DE vs. EM1C.DE — Risk / Return Rank
GASF.DE
EM1C.DE
GASF.DE vs. EM1C.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) and VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EM1C.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.
| GASF.DE | EM1C.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.33 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 2.60 | -0.07 |
| Martin ratioReturn relative to average drawdown | 7.67 | 8.74 | -1.06 |
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Drawdowns
GASF.DE vs. EM1C.DE - Drawdown Comparison
The maximum GASF.DE drawdown since its inception was -13.75%, smaller than the maximum EM1C.DE drawdown of -23.47%. Use the drawdown chart below to compare losses from any high point for GASF.DE and EM1C.DE.
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Drawdown Indicators
| GASF.DE | EM1C.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.75% | -23.47% | +9.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -3.43% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -11.00% | -7.21% | -3.79% |
Max Drawdown (5Y)Largest decline over 5 years | -13.75% | -8.70% | -5.05% |
Current DrawdownCurrent decline from peak | -1.66% | -3.15% | +1.49% |
Average DrawdownAverage peak-to-trough decline | -6.05% | -13.82% | +7.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.02% | +0.10% |
Volatility
GASF.DE vs. EM1C.DE - Volatility Comparison
Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) has a higher volatility of 1.25% compared to VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EM1C.DE) at 1.12%. This indicates that GASF.DE's price experiences larger fluctuations and is considered to be riskier than EM1C.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GASF.DE | EM1C.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 1.12% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.44% | 4.27% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.31% | 5.09% | +0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 7.04% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.71% | 10.10% | -2.39% |
GASF.DE vs. EM1C.DE - Expense Ratio Comparison
GASF.DE has a 0.24% expense ratio, which is lower than EM1C.DE's 0.30% expense ratio.
Dividends
GASF.DE vs. EM1C.DE - Dividend Comparison
GASF.DE's dividend yield for the trailing twelve months is around 1.99%, while EM1C.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
EM1C.DE VanEck J.P. Morgan EM Local Currency Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 1.99% | 2.36% | 2.35% | 2.63% | 2.73% | 2.40% | 1.99% |
Frequently Asked Questions
GASF.DE and EM1C.DE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GASF.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GASF.DE is cheaper with a 0.24% expense ratio, compared with 0.30% for EM1C.DE.
GASF.DE tracks FTSE Goldman Sachs China Government Bond Index, while EM1C.DE tracks JP Morgan GBI-Emerging Markets Global Core. They also come from different issuers: Goldman Sachs and VanEck. Their fees differ too: 0.24% for GASF.DE and 0.30% for EM1C.DE.
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