GOVD.L vs. CYGB.L
GOVD.L (Lyxor Core Global Government Bond (DR) UCITS ETF - Dist) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - GOVD.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, while CYGB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, GOVD.L returned -2.96%/yr vs 5.42%/yr for CYGB.L. At a 0.07 correlation, their price movements are largely independent. GOVD.L charges 0.09%/yr vs 0.40%/yr for CYGB.L.
Performance
GOVD.L vs. CYGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, GOVD.L achieves a -1.87% return, which is significantly lower than CYGB.L's 3.44% return.
GOVD.L
- 1D
- 0.35%
- 1M
- -1.70%
- 6M
- -1.87%
- YTD
- -1.87%
- 1Y
- -0.59%
- 3Y*
- 0.01%
- 5Y*
- -2.96%
- 10Y*
- —
CYGB.L
- 1D
- -0.17%
- 1M
- 0.46%
- 6M
- 3.08%
- YTD
- 3.44%
- 1Y
- 3.67%
- 3Y*
- 6.63%
- 5Y*
- 5.42%
- 10Y*
- —
GOVD.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOVD.L Lyxor Core Global Government Bond (DR) UCITS ETF - Dist | -1.87% | -0.20% | -1.78% | -1.14% | -8.48% | -0.04% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.44% | 2.20% | 11.38% | 7.14% | 2.11% | 2.84% |
Correlation
The correlation between GOVD.L and CYGB.L is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.07 |
The correlation between GOVD.L and CYGB.L shifts across timeframes, from -0.04 (1 year) to 0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GOVD.L vs. CYGB.L — Risk / Return Rank
GOVD.L
CYGB.L
GOVD.L vs. CYGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.L) and iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L). 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.
| GOVD.L | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.28 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 5.28 | -5.30 |
| Martin ratioReturn relative to average drawdown | -0.03 | 12.15 | -12.18 |
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Drawdowns
GOVD.L vs. CYGB.L - Drawdown Comparison
The maximum GOVD.L drawdown since its inception was -38.07%, which is greater than CYGB.L's maximum drawdown of -1.56%. Use the drawdown chart below to compare losses from any high point for GOVD.L and CYGB.L.
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Drawdown Indicators
| GOVD.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.07% | -1.56% | -36.51% |
Max Drawdown (1Y)Largest decline over 1 year | -27.55% | -0.69% | -26.86% |
Max Drawdown (3Y)Largest decline over 3 years | -27.55% | -1.56% | -25.99% |
Max Drawdown (5Y)Largest decline over 5 years | -27.55% | -1.56% | -25.99% |
Current DrawdownCurrent decline from peak | -36.93% | -0.17% | -36.76% |
Average DrawdownAverage peak-to-trough decline | -32.01% | -0.24% | -31.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.11% | 0.29% | +22.82% |
Volatility
GOVD.L vs. CYGB.L - Volatility Comparison
Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.L) has a higher volatility of 28.36% compared to iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) at 0.59%. This indicates that GOVD.L's price experiences larger fluctuations and is considered to be riskier than CYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVD.L | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.36% | 0.59% | +27.77% |
Volatility (6M)Calculated over the trailing 6-month period | 120.69% | 2.24% | +118.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 149.55% | 2.72% | +146.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 2.38% | +65.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.78% | 2.33% | +59.45% |
GOVD.L vs. CYGB.L - Expense Ratio Comparison
GOVD.L has a 0.09% expense ratio, which is lower than CYGB.L's 0.40% expense ratio.
Dividends
GOVD.L vs. CYGB.L - Dividend Comparison
GOVD.L's dividend yield for the trailing twelve months is around 2.73%, more than CYGB.L's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% | 0.00% |
GOVD.L Lyxor Core Global Government Bond (DR) UCITS ETF - Dist | 2.73% | 2.68% | 2.45% | 1.64% | 1.28% | 1.23% | 0.48% |
Frequently Asked Questions
GOVD.L and CYGB.L have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GOVD.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GOVD.L is cheaper with a 0.09% expense ratio, compared with 0.40% for CYGB.L.
GOVD.L is categorized as Global Bonds, while CYGB.L is Emerging Markets Bonds. GOVD.L tracks Bloomberg Global Aggregate TR USD, while CYGB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.09% for GOVD.L and 0.40% for CYGB.L.
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