ICGB.DE vs. EUNL.DE
ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) and EUNL.DE (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - ICGB.DE is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index, while EUNL.DE is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 5 years, ICGB.DE returned 3.84%/yr vs 12.27%/yr for EUNL.DE. At a 0.16 correlation, their price movements are largely independent. ICGB.DE charges 0.35%/yr vs 0.20%/yr for EUNL.DE.
Performance
ICGB.DE vs. EUNL.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 lower than EUNL.DE's 12.51% 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*
- —
EUNL.DE
- 1D
- 0.37%
- 1M
- 1.51%
- 6M
- 12.63%
- YTD
- 12.51%
- 1Y
- 24.23%
- 3Y*
- 17.52%
- 5Y*
- 12.27%
- 10Y*
- 13.01%
ICGB.DE vs. EUNL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 7.85% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -10.15% |
EUNL.DE iShares Core MSCI World UCITS ETF USD (Acc) | 12.51% | 7.91% | 25.93% | 20.12% | -13.59% | 32.72% | 5.48% | 7.73% |
Correlation
The correlation between ICGB.DE and EUNL.DE is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.16 |
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Return for Risk
ICGB.DE vs. EUNL.DE — Risk / Return Rank
ICGB.DE
EUNL.DE
ICGB.DE vs. EUNL.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 iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.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 | EUNL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.39 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 3.88 | -0.36 |
| Martin ratioReturn relative to average drawdown | 9.25 | 15.65 | -6.40 |
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Drawdowns
ICGB.DE vs. EUNL.DE - Drawdown Comparison
The maximum ICGB.DE drawdown since its inception was -13.36%, smaller than the maximum EUNL.DE drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for ICGB.DE and EUNL.DE.
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Drawdown Indicators
| ICGB.DE | EUNL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -33.63% | +20.27% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -6.22% | +3.45% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -21.73% | +10.56% |
Max Drawdown (5Y)Largest decline over 5 years | -13.36% | -21.73% | +8.37% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.63% | — |
Current DrawdownCurrent decline from peak | -1.82% | -0.10% | -1.72% |
Average DrawdownAverage peak-to-trough decline | -6.42% | -4.21% | -2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 1.54% | -0.48% |
Volatility
ICGB.DE vs. EUNL.DE - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) is 1.34%, while iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.DE) has a volatility of 3.21%. This indicates that ICGB.DE experiences smaller price fluctuations and is considered to be less risky than EUNL.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 | EUNL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 3.21% | -1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 3.71% | 7.97% | -4.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 11.33% | -5.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.64% | 14.19% | -7.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.91% | 15.11% | -7.20% |
ICGB.DE vs. EUNL.DE - Expense Ratio Comparison
ICGB.DE has a 0.35% expense ratio, which is higher than EUNL.DE's 0.20% expense ratio.
Dividends
ICGB.DE vs. EUNL.DE - Dividend Comparison
ICGB.DE's dividend yield for the trailing twelve months is around 1.69%, while EUNL.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EUNL.DE iShares Core MSCI World UCITS ETF USD (Acc) | 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 EUNL.DE 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, EUNL.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNL.DE is cheaper with a 0.20% expense ratio, compared with 0.35% for ICGB.DE.
ICGB.DE is categorized as Emerging Markets Bonds, while EUNL.DE is Global Equities. ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index, while EUNL.DE tracks MSCI World Index. Their fees differ too: 0.35% for ICGB.DE and 0.20% for EUNL.DE.
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