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GOVP.L vs. CNYB.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GOVP.L vs. CNYB.L

Last updated Jul 16, 2026
Documentation

GOVP.L (iShares $ Treasury Bond UCITS ETF) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both exchange-traded funds - GOVP.L is a Government Bonds fund tracking the iShares $ Treasury Bond UCITS ETF, while CNYB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, GOVP.L returned -1.21%/yr vs 3.58%/yr for CNYB.L. At a correlation of -0.08, they often move in opposite directions. GOVP.L charges 0.10%/yr vs 0.35%/yr for CNYB.L.

Performance

GOVP.L vs. CNYB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares $ Treasury Bond UCITS ETF (GOVP.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GOVP.L achieves a -0.39% return, which is significantly lower than CNYB.L's 5.08% return.

GOVP.L

1D
-0.22%
1M
-0.45%
6M
-0.39%
YTD
-0.39%
1Y
3.25%
3Y*
2.60%
5Y*
-1.21%
10Y*
—

CNYB.L

1D
0.23%
1M
-0.13%
6M
4.82%
YTD
5.08%
1Y
7.11%
3Y*
4.85%
5Y*
3.58%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GOVP.L vs. CNYB.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
GOVP.L
iShares $ Treasury Bond UCITS ETF		-0.39%6.04%0.48%2.90%-13.18%-2.61%7.02%-0.20%
CNYB.L
iShares China CNY Bond UCITS ETF USD (Dist)		5.08%-2.20%6.65%-4.09%6.21%9.69%-19.80%3.00%

Correlation

The correlation between GOVP.L and CNYB.L is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.14

Correlation (3Y)
Calculated over the trailing 3-year period

-0.15

Correlation (5Y)
Calculated over the trailing 5-year period

-0.12

Correlation (All Time)
Calculated using the full available price history since Sep 12, 2019

-0.08

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iShares $ Treasury Bond UCITS ETF

iShares China CNY Bond UCITS ETF USD (Dist)

Return for Risk

GOVP.L vs. CNYB.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GOVP.L
GOVP.L Risk / Return Rank: 2727
Overall Rank
GOVP.L Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
GOVP.L Sortino Ratio Rank: 2727
Sortino Ratio Rank
GOVP.L Omega Ratio Rank: 2828
Omega Ratio Rank
GOVP.L Calmar Ratio Rank: 2727
Calmar Ratio Rank
GOVP.L Martin Ratio Rank: 2626
Martin Ratio Rank
CNYB.L
CNYB.L Risk / Return Rank: 4444
Overall Rank
CNYB.L Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
CNYB.L Sortino Ratio Rank: 3838
Sortino Ratio Rank
CNYB.L Omega Ratio Rank: 3636
Omega Ratio Rank
CNYB.L Calmar Ratio Rank: 6464
Calmar Ratio Rank
CNYB.L Martin Ratio Rank: 4646
Martin Ratio Rank
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.

GOVP.L vs. CNYB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond UCITS ETF (GOVP.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.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.

GOVP.LCNYB.LDifference
Sharpe ratioReturn per unit of total volatility
0.85
1.13

-0.28

Sortino ratioReturn per unit of downside risk
1.28
1.67

-0.39

Omega ratioGain probability vs. loss probability

1.16

1.21

-0.05

Calmar ratioReturn relative to maximum drawdown

1.09

2.57

-1.48

Martin ratioReturn relative to average drawdown

2.81

6.13

-3.32

GOVP.L vs. CNYB.L - Sharpe Ratio Comparison

The current GOVP.L Sharpe Ratio is 0.85, which is comparable to the CNYB.L Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of GOVP.L and CNYB.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GOVP.L vs. CNYB.L - Drawdown Comparison

The maximum GOVP.L drawdown since its inception was -20.62%, smaller than the maximum CNYB.L drawdown of -25.82%. Use the drawdown chart below to compare losses from any high point for GOVP.L and CNYB.L.

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Drawdown Indicators

GOVP.LCNYB.LDifference

Max Drawdown

Largest peak-to-trough decline

-20.62%

-25.82%

+5.20%

Max Drawdown (1Y)

Largest decline over 1 year

-2.96%

-2.75%

-0.21%

Max Drawdown (3Y)

Largest decline over 3 years

-5.29%

-9.03%

+3.74%

Max Drawdown (5Y)

Largest decline over 5 years

-18.06%

-15.44%

-2.62%

Current Drawdown

Current decline from peak

-9.71%

-7.25%

-2.46%

Average Drawdown

Average peak-to-trough decline

-9.87%

-12.53%

+2.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.15%

1.16%

-0.01%

Volatility

GOVP.L vs. CNYB.L - Volatility Comparison

The current volatility for iShares $ Treasury Bond UCITS ETF (GOVP.L) is 1.14%, while iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) has a volatility of 1.68%. This indicates that GOVP.L experiences smaller price fluctuations and is considered to be less risky than CNYB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GOVP.LCNYB.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.14%

1.68%

-0.54%

Volatility (6M)

Calculated over the trailing 6-month period

2.79%

4.69%

-1.90%

Volatility (1Y)

Calculated over the trailing 1-year period

3.80%

6.29%

-2.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.76%

7.66%

-1.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.53%

11.48%

-5.95%

GOVP.L vs. CNYB.L - Expense Ratio Comparison

GOVP.L has a 0.10% expense ratio, which is lower than CNYB.L's 0.35% expense ratio.

Dividends

GOVP.L vs. CNYB.L - Dividend Comparison

GOVP.L's dividend yield for the trailing twelve months is around 3.97%, more than CNYB.L's 1.72% yield.

PositionTTM2025202420232022202120202019
CNYB.L
iShares China CNY Bond UCITS ETF USD (Dist)		1.72%1.89%2.24%2.55%2.72%2.74%2.65%0.72%
GOVP.L
iShares $ Treasury Bond UCITS ETF		3.97%3.96%3.89%3.08%1.49%0.85%1.32%0.00%

Frequently Asked Questions

GOVP.L and CNYB.L have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, GOVP.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

GOVP.L is cheaper with a 0.10% expense ratio, compared with 0.35% for CNYB.L.

GOVP.L is categorized as Government Bonds, while CNYB.L is Emerging Markets Bonds. GOVP.L tracks iShares $ Treasury Bond UCITS ETF, while CNYB.L tracks Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.10% for GOVP.L and 0.35% for CNYB.L.

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