GASF.DE vs. XQUA.DE

Last updated Jul 18, 2026

GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) and XQUA.DE (Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D) are both Emerging Markets Bonds funds - GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index while XQUA.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 0.12%/yr for XQUA.DE. At a 0.44 correlation, their price movements are largely independent. GASF.DE charges 0.24%/yr vs 0.45%/yr for XQUA.DE.

Performance

GASF.DE vs. XQUA.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) and Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D (XQUA.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GASF.DE achieves a 7.80% return, which is significantly higher than XQUA.DE's 3.11% 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*: —

XQUA.DE

• 1D: 0.11%
• 1M: 0.33%
• 6M: 1.88%
• YTD: 3.11%
• 1Y: 7.50%
• 3Y*: 3.82%
• 5Y*: 0.12%
• 10Y*: 1.36%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GASF.DE vs. XQUA.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%
XQUA.DE Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D	3.11%	-1.36%	5.24%	3.95%	-12.55%	6.78%	-2.76%	1.96%

Correlation

The correlation between GASF.DE and XQUA.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	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019	0.44

The correlation between GASF.DE and XQUA.DE shifts across timeframes, from 0.41 (3 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GASF.DE vs. XQUA.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GASF.DE

GASF.DE Risk / Return Rank: 66
GASF.DE Sharpe Ratio Rank: 67
GASF.DE Sortino Ratio Rank: 70
GASF.DE Omega Ratio Rank: 68
GASF.DE Calmar Ratio Rank: 68
GASF.DE Martin Ratio Rank: 59

XQUA.DE

XQUA.DE Risk / Return Rank: 46
XQUA.DE Sharpe Ratio Rank: 47
XQUA.DE Sortino Ratio Rank: 47
XQUA.DE Omega Ratio Rank: 47
XQUA.DE Calmar Ratio Rank: 47
XQUA.DE Martin Ratio Rank: 44

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GASF.DE vs. XQUA.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 Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D (XQUA.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	XQUA.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.25	+0.38
Sortino ratio: Return per unit of downside risk	2.40	1.82	+0.58
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.07
Calmar ratio: Return relative to maximum drawdown	2.53	1.84	+0.70
Martin ratio: Return relative to average drawdown	7.67	5.50	+2.17

GASF.DE vs. XQUA.DE - Sharpe Ratio Comparison

The current GASF.DE Sharpe Ratio is 1.64, which is higher than the XQUA.DE Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of GASF.DE and XQUA.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GASF.DE vs. XQUA.DE - Drawdown Comparison

The maximum GASF.DE drawdown since its inception was -13.75%, smaller than the maximum XQUA.DE drawdown of -20.21%. Use the drawdown chart below to compare losses from any high point for GASF.DE and XQUA.DE.

Drawdown Indicators

	GASF.DE	XQUA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-13.75%	-20.21%	+6.46%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-4.06%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-11.00%	-11.47%	+0.47%
Max Drawdown (5Y) Largest decline over 5 years	-13.75%	-16.16%	+2.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.21%	—
Current Drawdown Current decline from peak	-1.66%	-5.07%	+3.41%
Average Drawdown Average peak-to-trough decline	-6.05%	-8.26%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.36%	-0.24%

Volatility

GASF.DE vs. XQUA.DE - Volatility Comparison

The current volatility for Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) is 1.25%, while Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D (XQUA.DE) has a volatility of 1.32%. This indicates that GASF.DE experiences smaller price fluctuations and is considered to be less risky than XQUA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GASF.DE	XQUA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.32%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	3.44%	3.77%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	5.31%	6.10%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.68%	8.33%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.71%	8.81%	-1.10%

GASF.DE vs. XQUA.DE - Expense Ratio Comparison

GASF.DE has a 0.24% expense ratio, which is lower than XQUA.DE's 0.45% expense ratio.

Dividends

GASF.DE vs. XQUA.DE - Dividend Comparison

GASF.DE's dividend yield for the trailing twelve months is around 1.99%, less than XQUA.DE's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
XQUA.DE Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D	4.52%	4.80%	4.40%	4.34%	7.07%	3.83%	4.92%	4.19%	3.08%	3.74%

Frequently Asked Questions

Can I hold both GASF.DE and XQUA.DE in my portfolio?

GASF.DE and XQUA.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.

Which ETF is better, GASF.DE or XQUA.DE?

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.

Which ETF is cheaper, GASF.DE or XQUA.DE?

GASF.DE is cheaper with a 0.24% expense ratio, compared with 0.45% for XQUA.DE.

What is the main difference between GASF.DE and XQUA.DE?

GASF.DE tracks FTSE Goldman Sachs China Government Bond Index, while XQUA.DE tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: Goldman Sachs and Xtrackers. Their fees differ too: 0.24% for GASF.DE and 0.45% for XQUA.DE.