GASF.DE vs. JPBM.DE
GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) and JPBM.DE (JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist)) are both Emerging Markets Bonds funds - GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index while JPBM.DE tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, GASF.DE returned 3.49%/yr vs 1.94%/yr for JPBM.DE. At a 0.40 correlation, their price movements are largely independent. GASF.DE charges 0.24%/yr vs 0.39%/yr for JPBM.DE.
Performance
GASF.DE vs. JPBM.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 JPBM.DE's 4.41% 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*
- —
JPBM.DE
- 1D
- 0.25%
- 1M
- 0.76%
- 6M
- 3.15%
- YTD
- 4.41%
- 1Y
- 10.73%
- 3Y*
- 6.45%
- 5Y*
- 1.94%
- 10Y*
- —
GASF.DE vs. JPBM.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% |
JPBM.DE JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) | 4.41% | 0.87% | 7.74% | 5.71% | -10.77% | 5.50% | -4.06% | 2.34% |
Correlation
The correlation between GASF.DE and JPBM.DE is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.40 |
The correlation between GASF.DE and JPBM.DE shifts across timeframes, from 0.40 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GASF.DE vs. JPBM.DE — Risk / Return Rank
GASF.DE
JPBM.DE
GASF.DE vs. JPBM.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 JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) (JPBM.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 | JPBM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.35 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 3.48 | -0.95 |
| Martin ratioReturn relative to average drawdown | 7.67 | 9.94 | -2.27 |
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Drawdowns
GASF.DE vs. JPBM.DE - Drawdown Comparison
The maximum GASF.DE drawdown since its inception was -13.75%, smaller than the maximum JPBM.DE drawdown of -25.94%. Use the drawdown chart below to compare losses from any high point for GASF.DE and JPBM.DE.
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Drawdown Indicators
| GASF.DE | JPBM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.75% | -25.94% | +12.19% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -3.07% | -0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -11.00% | -12.49% | +1.49% |
Max Drawdown (5Y)Largest decline over 5 years | -13.75% | -14.10% | +0.35% |
Current DrawdownCurrent decline from peak | -1.66% | -1.43% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -6.05% | -9.22% | +3.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.08% | +0.04% |
Volatility
GASF.DE vs. JPBM.DE - Volatility Comparison
Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) and JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) (JPBM.DE) have volatilities of 1.25% and 1.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GASF.DE | JPBM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 1.30% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.44% | 3.99% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.31% | 5.81% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 8.48% | -1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.71% | 14.84% | -7.13% |
GASF.DE vs. JPBM.DE - Expense Ratio Comparison
GASF.DE has a 0.24% expense ratio, which is lower than JPBM.DE's 0.39% expense ratio.
Dividends
GASF.DE vs. JPBM.DE - Dividend Comparison
GASF.DE's dividend yield for the trailing twelve months is around 1.99%, less than JPBM.DE's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
JPBM.DE JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) | 5.80% | 6.24% | 5.67% | 5.42% | 5.58% | 3.96% | 4.40% | 4.40% | 4.04% |
Frequently Asked Questions
GASF.DE and JPBM.DE have a correlation of 0.55, 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 0.39% for JPBM.DE.
GASF.DE tracks FTSE Goldman Sachs China Government Bond Index, while JPBM.DE tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: Goldman Sachs and JPMorgan. Their fees differ too: 0.24% for GASF.DE and 0.39% for JPBM.DE.
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