IBGX.L vs. DRGG.L

Last updated Jul 16, 2026

IBGX.L (iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist)) and DRGG.L (L&G China CNY Bond UCITS ETF USD (Dist)) are both Government Bonds funds - IBGX.L tracks the iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) while DRGG.L tracks the J.P. Morgan China Custom Liquid ESG Capped Index. Both are passively managed. Over the past 5 years, IBGX.L returned -0.65%/yr vs 2.65%/yr for DRGG.L. At a 0.36 correlation, their price movements are largely independent. IBGX.L charges 0.20%/yr vs 0.30%/yr for DRGG.L.

Performance

IBGX.L vs. DRGG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.L) and L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IBGX.L is traded in GBP, while DRGG.L is traded in GBp. To make them comparable, the DRGG.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, IBGX.L achieves a -3.21% return, which is significantly lower than DRGG.L's 3.22% return.

IBGX.L

• 1D: -0.10%
• 1M: -2.31%
• 6M: -2.73%
• YTD: -3.21%
• 1Y: -1.79%
• 3Y*: 2.39%
• 5Y*: -0.65%
• 10Y*: 0.28%

DRGG.L

• 1D: -0.64%
• 1M: -0.78%
• 6M: 2.97%
• YTD: 3.22%
• 1Y: 6.08%
• 3Y*: 3.64%
• 5Y*: 2.65%
• 10Y*: —

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

IBGX.L vs. DRGG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IBGX.L iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist)	-3.21%	7.79%	-2.42%	3.20%	-5.19%	-7.77%	-0.23%
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist)	3.22%	-1.73%	4.79%	-5.00%	5.94%	8.52%	-25.93%

Correlation

The correlation between IBGX.L and DRGG.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.36

The correlation between IBGX.L and DRGG.L shifts across timeframes, from 0.26 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBGX.L vs. DRGG.L — Risk / Return Rank

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

IBGX.L

IBGX.L Risk / Return Rank: 5
IBGX.L Sharpe Ratio Rank: 5
IBGX.L Sortino Ratio Rank: 5
IBGX.L Omega Ratio Rank: 5
IBGX.L Calmar Ratio Rank: 5
IBGX.L Martin Ratio Rank: 4

DRGG.L

DRGG.L Risk / Return Rank: 37
DRGG.L Sharpe Ratio Rank: 34
DRGG.L Sortino Ratio Rank: 36
DRGG.L Omega Ratio Rank: 33
DRGG.L Calmar Ratio Rank: 42
DRGG.L Martin Ratio Rank: 42

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.

IBGX.L vs. DRGG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.L) and L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.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.

	IBGX.L	DRGG.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	1.04	-1.50
Sortino ratio: Return per unit of downside risk	-0.63	1.59	-2.22
Omega ratio: Gain probability vs. loss probability	0.93	1.19	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.43	1.78	-2.21
Martin ratio: Return relative to average drawdown	-1.07	5.39	-6.46

IBGX.L vs. DRGG.L - Sharpe Ratio Comparison

The current IBGX.L Sharpe Ratio is -0.47, which is lower than the DRGG.L Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of IBGX.L and DRGG.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.

Drawdowns

IBGX.L vs. DRGG.L - Drawdown Comparison

The maximum IBGX.L drawdown since its inception was -25.93%, smaller than the maximum DRGG.L drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for IBGX.L and DRGG.L.

Drawdown Indicators

	IBGX.L	DRGG.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.93%	-27.90%	+1.97%
Max Drawdown (1Y) Largest decline over 1 year	-4.83%	-3.40%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-4.83%	-9.04%	+4.21%
Max Drawdown (5Y) Largest decline over 5 years	-12.06%	-15.77%	+3.71%
Max Drawdown (10Y) Largest decline over 10 years	-18.07%	—	—
Current Drawdown Current decline from peak	-10.77%	-14.39%	+3.62%
Average Drawdown Average peak-to-trough decline	-8.61%	-18.79%	+10.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.13%	+0.83%

Volatility

IBGX.L vs. DRGG.L - Volatility Comparison

The current volatility for iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.L) is 1.17%, while L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) has a volatility of 1.44%. This indicates that IBGX.L experiences smaller price fluctuations and is considered to be less risky than DRGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBGX.L	DRGG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	1.44%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	3.48%	4.47%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	4.50%	5.85%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.83%	7.33%	-1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.94%	12.96%	-6.02%

IBGX.L vs. DRGG.L - Expense Ratio Comparison

IBGX.L has a 0.20% expense ratio, which is lower than DRGG.L's 0.30% expense ratio.

Dividends

IBGX.L vs. DRGG.L - Dividend Comparison

IBGX.L's dividend yield for the trailing twelve months is around 2.52%, more than DRGG.L's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist)	0.87%	2.04%	2.27%	2.48%	2.61%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IBGX.L iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist)	2.52%	2.47%	2.65%	0.80%	0.00%	0.00%	0.00%	0.00%	0.12%	0.08%	0.12%	0.60%

Frequently Asked Questions

Can I hold both IBGX.L and DRGG.L in my portfolio?

IBGX.L and DRGG.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBGX.L or DRGG.L?

On fees, IBGX.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBGX.L or DRGG.L?

IBGX.L is cheaper with a 0.20% expense ratio, compared with 0.30% for DRGG.L.

What is the main difference between IBGX.L and DRGG.L?

IBGX.L tracks iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist), while DRGG.L tracks J.P. Morgan China Custom Liquid ESG Capped Index. They also come from different issuers: iShares and L&G. Their fees differ too: 0.20% for IBGX.L and 0.30% for DRGG.L.