GASF.DE vs. ICGB.DE
GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, GASF.DE returned 3.52%/yr vs 3.74%/yr for ICGB.DE. Their correlation of 0.87 suggests significant overlap in exposure. GASF.DE charges 0.24%/yr vs 0.35%/yr for ICGB.DE.
Performance
GASF.DE vs. ICGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, GASF.DE achieves a 7.95% return, which is significantly lower than ICGB.DE's 8.51% return.
GASF.DE
- 1D
- 0.06%
- 1M
- 1.40%
- 6M
- 6.61%
- YTD
- 7.95%
- 1Y
- 8.98%
- 3Y*
- 5.09%
- 5Y*
- 3.52%
- 10Y*
- —
ICGB.DE
- 1D
- 0.20%
- 1M
- 1.66%
- 6M
- 7.11%
- YTD
- 8.51%
- 1Y
- 9.27%
- 3Y*
- 5.17%
- 5Y*
- 3.74%
- 10Y*
- —
GASF.DE vs. ICGB.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 | 7.95% | -6.82% | 10.85% | -2.28% | 0.91% | 16.54% | -0.76% | -8.22% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 8.51% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | 1.87% |
Correlation
The correlation between GASF.DE and ICGB.DE is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.87 |
The correlation between GASF.DE and ICGB.DE has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.
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Return for Risk
GASF.DE vs. ICGB.DE — Risk / Return Rank
GASF.DE
ICGB.DE
GASF.DE vs. ICGB.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 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.
| GASF.DE | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.32 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 3.33 | -0.49 |
| Martin ratioReturn relative to average drawdown | 8.54 | 8.75 | -0.21 |
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Drawdowns
GASF.DE vs. ICGB.DE - Drawdown Comparison
The maximum GASF.DE drawdown since its inception was -13.75%, roughly equal to the maximum ICGB.DE drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for GASF.DE and ICGB.DE.
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Drawdown Indicators
| GASF.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.75% | -13.36% | -0.39% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -2.77% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -11.00% | -11.17% | +0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -13.75% | -13.36% | -0.39% |
Current DrawdownCurrent decline from peak | -1.53% | -1.22% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -6.06% | -6.40% | +0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.06% | +0.06% |
Volatility
GASF.DE vs. ICGB.DE - Volatility Comparison
Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) has a higher volatility of 1.48% compared to iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) at 1.31%. This indicates that GASF.DE's price experiences larger fluctuations and is considered to be riskier 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
| GASF.DE | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.31% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 3.60% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.35% | 5.40% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 6.63% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.71% | 7.90% | -0.19% |
GASF.DE vs. ICGB.DE - Expense Ratio Comparison
GASF.DE has a 0.24% expense ratio, which is lower than ICGB.DE's 0.35% expense ratio.
Dividends
GASF.DE vs. ICGB.DE - Dividend Comparison
GASF.DE's dividend yield for the trailing twelve months is around 1.98%, more than ICGB.DE's 1.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 1.98% | 2.36% | 2.35% | 2.63% | 2.73% | 2.40% | 1.99% | 0.00% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 1.68% | 1.92% | 2.22% | 2.58% | 2.80% | 2.71% | 2.63% | 0.95% |
Frequently Asked Questions
GASF.DE and ICGB.DE have a correlation of 0.85, 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 0.35% for ICGB.DE.
GASF.DE tracks FTSE Goldman Sachs China Government Bond Index, while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.24% for GASF.DE and 0.35% for ICGB.DE.
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