GASF.DE vs. UEFS.DE
GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) and UEFS.DE (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist) are both Emerging Markets Bonds funds - GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index while UEFS.DE tracks the Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped. Both are passively managed. Over the past 5 years, GASF.DE returned 3.52%/yr vs 2.96%/yr for UEFS.DE. At a 0.37 correlation, their price movements are largely independent. GASF.DE charges 0.24%/yr vs 0.25%/yr for UEFS.DE.
Performance
GASF.DE vs. UEFS.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 higher than UEFS.DE's 5.74% 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*
- —
UEFS.DE
- 1D
- 0.12%
- 1M
- 0.96%
- 6M
- 4.73%
- YTD
- 5.74%
- 1Y
- 13.72%
- 3Y*
- 9.67%
- 5Y*
- 2.96%
- 10Y*
- 3.04%
GASF.DE vs. UEFS.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% |
UEFS.DE UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist | 5.74% | 2.26% | 13.85% | 8.27% | -14.71% | 5.65% | -4.63% | 1.21% |
Correlation
The correlation between GASF.DE and UEFS.DE is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.37 |
The correlation between GASF.DE and UEFS.DE shifts across timeframes, from 0.37 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GASF.DE vs. UEFS.DE — Risk / Return Rank
GASF.DE
UEFS.DE
GASF.DE vs. UEFS.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 UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist (UEFS.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 | UEFS.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.43 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 4.67 | -1.83 |
| Martin ratioReturn relative to average drawdown | 8.54 | 14.28 | -5.75 |
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Drawdowns
GASF.DE vs. UEFS.DE - Drawdown Comparison
The maximum GASF.DE drawdown since its inception was -13.75%, smaller than the maximum UEFS.DE drawdown of -24.33%. Use the drawdown chart below to compare losses from any high point for GASF.DE and UEFS.DE.
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Drawdown Indicators
| GASF.DE | UEFS.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.75% | -24.33% | +10.58% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -2.92% | -0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -11.00% | -13.71% | +2.71% |
Max Drawdown (5Y)Largest decline over 5 years | -13.75% | -17.81% | +4.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.33% | — |
Current DrawdownCurrent decline from peak | -1.53% | -0.94% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -6.06% | -8.98% | +2.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 0.96% | +0.16% |
Volatility
GASF.DE vs. UEFS.DE - Volatility Comparison
The current volatility for Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) is 1.48%, while UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist (UEFS.DE) has a volatility of 1.56%. This indicates that GASF.DE experiences smaller price fluctuations and is considered to be less risky than UEFS.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 | UEFS.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.56% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 3.81% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.35% | 6.19% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 8.73% | -2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.71% | 12.92% | -5.21% |
GASF.DE vs. UEFS.DE - Expense Ratio Comparison
GASF.DE has a 0.24% expense ratio, which is lower than UEFS.DE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GASF.DE vs. UEFS.DE - Dividend Comparison
GASF.DE's dividend yield for the trailing twelve months is around 1.98%, less than UEFS.DE's 6.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
UEFS.DE UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist | 6.39% | 7.97% | 6.14% | 6.46% | 6.08% | 4.22% | 5.09% | 4.60% | 4.53% | 4.90% | 2.30% |
Frequently Asked Questions
GASF.DE and UEFS.DE have a correlation of 0.54, 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 0.25% for UEFS.DE.
GASF.DE tracks FTSE Goldman Sachs China Government Bond Index, while UEFS.DE tracks Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped. They also come from different issuers: Goldman Sachs and UBS. Their fees differ too: 0.24% for GASF.DE and 0.25% for UEFS.DE.
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