ICGB.DE vs. ASRD.DE
ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) and ASRD.DE (BNP Paribas Easy JPM ESG EMBI Global Diversified Composite UCITS ETF EUR Hedged) are both Emerging Markets Bonds funds - ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index while ASRD.DE tracks the JP Morgan ESG EMBI Global Diversified (EUR Hedged). Both are passively managed. Over the past 5 years, ICGB.DE returned 3.84%/yr vs -0.46%/yr for ASRD.DE. At a correlation of -0.15, they often move in opposite directions. ICGB.DE charges 0.35%/yr vs 0.25%/yr for ASRD.DE.
Performance
ICGB.DE vs. ASRD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ICGB.DE achieves a 7.85% return, which is significantly higher than ASRD.DE's 0.96% return.
ICGB.DE
- 1D
- -0.20%
- 1M
- 1.25%
- 6M
- 7.38%
- YTD
- 7.85%
- 1Y
- 9.80%
- 3Y*
- 4.28%
- 5Y*
- 3.84%
- 10Y*
- —
ASRD.DE
- 1D
- 0.00%
- 1M
- 0.74%
- 6M
- 1.40%
- YTD
- 0.96%
- 1Y
- 6.57%
- 3Y*
- 6.50%
- 5Y*
- -0.46%
- 10Y*
- —
ICGB.DE vs. ASRD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 7.85% | -7.16% | 11.36% | -2.27% | 1.10% | 14.16% |
ASRD.DE BNP Paribas Easy JPM ESG EMBI Global Diversified Composite UCITS ETF EUR Hedged | 0.96% | 11.16% | 3.52% | 6.69% | -19.97% | -1.25% |
Correlation
The correlation between ICGB.DE and ASRD.DE is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021 | -0.15 |
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Return for Risk
ICGB.DE vs. ASRD.DE — Risk / Return Rank
ICGB.DE
ASRD.DE
ICGB.DE vs. ASRD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) and BNP Paribas Easy JPM ESG EMBI Global Diversified Composite UCITS ETF EUR Hedged (ASRD.DE). 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.
| ICGB.DE | ASRD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.21 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 1.37 | +2.15 |
| Martin ratioReturn relative to average drawdown | 9.25 | 4.97 | +4.28 |
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Drawdowns
ICGB.DE vs. ASRD.DE - Drawdown Comparison
The maximum ICGB.DE drawdown since its inception was -13.36%, smaller than the maximum ASRD.DE drawdown of -29.54%. Use the drawdown chart below to compare losses from any high point for ICGB.DE and ASRD.DE.
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Drawdown Indicators
| ICGB.DE | ASRD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -29.54% | +16.18% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -4.77% | +2.00% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -8.03% | -3.14% |
Max Drawdown (5Y)Largest decline over 5 years | -13.36% | -29.54% | +16.18% |
Current DrawdownCurrent decline from peak | -1.82% | -3.81% | +1.99% |
Average DrawdownAverage peak-to-trough decline | -6.42% | -12.84% | +6.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 1.31% | -0.25% |
Volatility
ICGB.DE vs. ASRD.DE - Volatility Comparison
iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) has a higher volatility of 1.34% compared to BNP Paribas Easy JPM ESG EMBI Global Diversified Composite UCITS ETF EUR Hedged (ASRD.DE) at 1.20%. This indicates that ICGB.DE's price experiences larger fluctuations and is considered to be riskier than ASRD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICGB.DE | ASRD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.20% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.71% | 4.97% | -1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 5.95% | -0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.64% | 9.04% | -2.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.91% | 8.85% | -0.94% |
ICGB.DE vs. ASRD.DE - Expense Ratio Comparison
ICGB.DE has a 0.35% expense ratio, which is higher than ASRD.DE's 0.25% expense ratio.
Dividends
ICGB.DE vs. ASRD.DE - Dividend Comparison
ICGB.DE's dividend yield for the trailing twelve months is around 1.69%, while ASRD.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ASRD.DE BNP Paribas Easy JPM ESG EMBI Global Diversified Composite UCITS ETF EUR Hedged | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 1.69% | 1.92% | 2.22% | 2.58% | 2.80% | 2.71% | 2.63% | 0.95% |
Frequently Asked Questions
ICGB.DE and ASRD.DE have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ASRD.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ASRD.DE is cheaper with a 0.25% expense ratio, compared with 0.35% for ICGB.DE.
ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index, while ASRD.DE tracks JP Morgan ESG EMBI Global Diversified (EUR Hedged). They also come from different issuers: iShares and BNP Paribas. Their fees differ too: 0.35% for ICGB.DE and 0.25% for ASRD.DE.
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