IBTL.L vs. DRGG.L
IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) and DRGG.L (L&G China CNY Bond UCITS ETF USD (Dist)) are both Government Bonds funds - IBTL.L tracks the ICE U.S. Treasury 20+ Year Bond Index while DRGG.L tracks the J.P. Morgan China Custom Liquid ESG Capped Index. Both are passively managed. Over the past 5 years, IBTL.L returned -6.87%/yr vs 2.62%/yr for DRGG.L. At a 0.32 correlation, their price movements are largely independent. IBTL.L charges 0.07%/yr vs 0.30%/yr for DRGG.L.
Performance
IBTL.L vs. DRGG.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBTL.L achieves a -1.44% return, which is significantly lower than DRGG.L's 3.07% return.
IBTL.L
- 1D
- 0.89%
- 1M
- -2.15%
- 6M
- -2.03%
- YTD
- -1.44%
- 1Y
- 3.65%
- 3Y*
- -2.76%
- 5Y*
- -6.87%
- 10Y*
- -2.29%
DRGG.L
- 1D
- 0.25%
- 1M
- -1.39%
- 6M
- 3.02%
- YTD
- 3.07%
- 1Y
- 5.96%
- 3Y*
- 3.65%
- 5Y*
- 2.62%
- 10Y*
- —
IBTL.L vs. DRGG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -1.44% | -2.80% | -5.51% | -3.61% | -22.17% | -3.32% | -0.67% |
DRGG.L L&G China CNY Bond UCITS ETF USD (Dist) | 3.07% | -1.73% | 4.79% | -5.00% | 5.94% | 8.52% | -25.93% |
Correlation
The correlation between IBTL.L and DRGG.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.32 |
The correlation between IBTL.L and DRGG.L shifts across timeframes, from 0.24 (3 years) to 0.39 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IBTL.L vs. DRGG.L — Risk / Return Rank
IBTL.L
DRGG.L
IBTL.L vs. DRGG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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.
| IBTL.L | DRGG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.19 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 1.74 | -1.30 |
| Martin ratioReturn relative to average drawdown | 0.88 | 5.19 | -4.31 |
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Drawdowns
IBTL.L vs. DRGG.L - Drawdown Comparison
The maximum IBTL.L drawdown since its inception was -48.85%, which is greater than DRGG.L's maximum drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for IBTL.L and DRGG.L.
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Drawdown Indicators
| IBTL.L | DRGG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.85% | -27.90% | -20.95% |
Max Drawdown (1Y)Largest decline over 1 year | -8.26% | -3.40% | -4.86% |
Max Drawdown (3Y)Largest decline over 3 years | -16.88% | -9.04% | -7.84% |
Max Drawdown (5Y)Largest decline over 5 years | -39.34% | -15.77% | -23.57% |
Max Drawdown (10Y)Largest decline over 10 years | -48.85% | — | — |
Current DrawdownCurrent decline from peak | -45.69% | -14.51% | -31.18% |
Average DrawdownAverage peak-to-trough decline | -22.88% | -18.79% | -4.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 1.14% | +3.00% |
Volatility
IBTL.L vs. DRGG.L - Volatility Comparison
iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) has a higher volatility of 2.78% compared to L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) at 1.03%. This indicates that IBTL.L's price experiences larger fluctuations and is considered to be riskier than DRGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTL.L | DRGG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 1.03% | +1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 6.74% | 4.49% | +2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.71% | 5.85% | +3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.36% | 7.33% | +8.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.65% | 12.95% | +2.70% |
IBTL.L vs. DRGG.L - Expense Ratio Comparison
IBTL.L has a 0.07% expense ratio, which is lower than DRGG.L's 0.30% expense ratio.
Dividends
IBTL.L vs. DRGG.L - Dividend Comparison
IBTL.L's dividend yield for the trailing twelve months is around 4.79%, more than DRGG.L's 0.01% 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) | 0.01% | 2.04% | 2.27% | 2.48% | 2.61% | 1.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.79% | 4.31% | 4.58% | 3.79% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.68% | 2.45% | 2.09% |
Frequently Asked Questions
IBTL.L and DRGG.L have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.30% for DRGG.L.
IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index, 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: 0.07% for IBTL.L and 0.30% for DRGG.L.
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