IBTS.L vs. DRGG.L
IBTS.L (iShares $ Treasury Bond 1-3yr UCITS ETF) and DRGG.L (L&G China CNY Bond UCITS ETF USD (Dist)) are both Government Bonds funds - IBTS.L tracks the ICE U.S. Treasury 1-3 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, IBTS.L returned 2.45%/yr vs 2.62%/yr for DRGG.L. A 0.80 correlation means they provide meaningful diversification when combined. IBTS.L charges 0.07%/yr vs 0.30%/yr for DRGG.L.
Performance
IBTS.L vs. DRGG.L - Performance Comparison
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Different Trading Currencies
IBTS.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, IBTS.L achieves a 0.82% return, which is significantly lower than DRGG.L's 3.07% return.
IBTS.L
- 1D
- 0.28%
- 1M
- -0.22%
- 6M
- 0.40%
- YTD
- 0.82%
- 1Y
- 3.02%
- 3Y*
- 3.29%
- 5Y*
- 2.45%
- 10Y*
- 1.53%
DRGG.L
- 1D
- 0.25%
- 1M
- -1.39%
- 6M
- 3.02%
- YTD
- 3.07%
- 1Y
- 5.96%
- 3Y*
- 3.65%
- 5Y*
- 2.62%
- 10Y*
- —
IBTS.L vs. DRGG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 0.82% | -1.91% | 5.79% | -1.41% | 7.61% | 0.64% | -1.11% |
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 IBTS.L and DRGG.L is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.80 |
The correlation between IBTS.L and DRGG.L has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.
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Return for Risk
IBTS.L vs. DRGG.L — Risk / Return Rank
IBTS.L
DRGG.L
IBTS.L vs. DRGG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.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.
| IBTS.L | DRGG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.19 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 1.74 | -1.07 |
| Martin ratioReturn relative to average drawdown | 1.67 | 5.19 | -3.52 |
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Drawdowns
IBTS.L vs. DRGG.L - Drawdown Comparison
The maximum IBTS.L drawdown since its inception was -23.85%, smaller than the maximum DRGG.L drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for IBTS.L and DRGG.L.
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Drawdown Indicators
| IBTS.L | DRGG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.85% | -27.90% | +4.05% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -3.40% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -8.89% | -9.04% | +0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | -15.77% | -0.52% |
Max Drawdown (10Y)Largest decline over 10 years | -19.02% | — | — |
Current DrawdownCurrent decline from peak | -7.36% | -14.51% | +7.15% |
Average DrawdownAverage peak-to-trough decline | -11.15% | -18.79% | +7.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.14% | +0.67% |
Volatility
IBTS.L vs. DRGG.L - Volatility Comparison
iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) has a higher volatility of 1.25% compared to L&G China CNY Bond UCITS ETF USD (Dist) (DRGG.L) at 1.03%. This indicates that IBTS.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
| IBTS.L | DRGG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 1.03% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.49% | 4.49% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.05% | 5.85% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.08% | 7.33% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.59% | 12.95% | -4.36% |
IBTS.L vs. DRGG.L - Expense Ratio Comparison
IBTS.L has a 0.07% expense ratio, which is lower than DRGG.L's 0.30% expense ratio.
Dividends
IBTS.L vs. DRGG.L - Dividend Comparison
IBTS.L's dividend yield for the trailing twelve months is around 3.99%, 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% |
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 3.99% | 4.22% | 4.12% | 3.08% | 0.75% | 0.61% | 1.84% | 2.39% | 1.49% | 1.01% | 0.67% | 0.49% |
Frequently Asked Questions
IBTS.L and DRGG.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTS.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTS.L is cheaper with a 0.07% expense ratio, compared with 0.30% for DRGG.L.
IBTS.L tracks ICE U.S. Treasury 1-3 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 IBTS.L and 0.30% for DRGG.L.
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