ICGB.DE vs. IS02.DE
ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) and IS02.DE (iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc)) are both Emerging Markets Bonds funds from iShares - ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index while IS02.DE tracks the JP Morgan EMBI Global Core. Both are passively managed. Over the past 5 years, ICGB.DE returned 3.84%/yr vs 2.67%/yr for IS02.DE. At a 0.42 correlation, their price movements are largely independent. ICGB.DE charges 0.35%/yr vs 0.45%/yr for IS02.DE.
Performance
ICGB.DE vs. IS02.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 IS02.DE's 5.08% 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*
- —
IS02.DE
- 1D
- 0.00%
- 1M
- 2.16%
- 6M
- 5.03%
- YTD
- 5.08%
- 1Y
- 12.38%
- 3Y*
- 7.43%
- 5Y*
- 2.67%
- 10Y*
- —
ICGB.DE vs. IS02.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 7.85% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 3.19% |
IS02.DE iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) | 5.08% | 1.10% | 11.83% | 6.71% | -13.12% | 5.72% | -0.46% |
Correlation
The correlation between ICGB.DE and IS02.DE is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2020 | 0.42 |
The correlation between ICGB.DE and IS02.DE shifts across timeframes, from 0.40 (5 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ICGB.DE vs. IS02.DE — Risk / Return Rank
ICGB.DE
IS02.DE
ICGB.DE vs. IS02.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 J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) (IS02.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 | IS02.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.39 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 4.14 | -0.62 |
| Martin ratioReturn relative to average drawdown | 9.25 | 12.25 | -3.00 |
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Drawdowns
ICGB.DE vs. IS02.DE - Drawdown Comparison
The maximum ICGB.DE drawdown since its inception was -13.36%, smaller than the maximum IS02.DE drawdown of -16.21%. Use the drawdown chart below to compare losses from any high point for ICGB.DE and IS02.DE.
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Drawdown Indicators
| ICGB.DE | IS02.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -16.21% | +2.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -3.00% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -12.85% | +1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -13.36% | -16.21% | +2.85% |
Current DrawdownCurrent decline from peak | -1.82% | -0.84% | -0.98% |
Average DrawdownAverage peak-to-trough decline | -6.42% | -5.85% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 1.01% | +0.05% |
Volatility
ICGB.DE vs. IS02.DE - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) is 1.34%, while iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) (IS02.DE) has a volatility of 1.66%. This indicates that ICGB.DE experiences smaller price fluctuations and is considered to be less risky than IS02.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 | IS02.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.66% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 3.71% | 4.18% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 6.14% | -0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.64% | 8.54% | -1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.91% | 8.37% | -0.46% |
ICGB.DE vs. IS02.DE - Expense Ratio Comparison
ICGB.DE has a 0.35% expense ratio, which is lower than IS02.DE's 0.45% expense ratio.
Dividends
ICGB.DE vs. IS02.DE - Dividend Comparison
ICGB.DE's dividend yield for the trailing twelve months is around 1.69%, while IS02.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
IS02.DE iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICGB.DE and IS02.DE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICGB.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICGB.DE is cheaper with a 0.35% expense ratio, compared with 0.45% for IS02.DE.
ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index, while IS02.DE tracks JP Morgan EMBI Global Core. Their fees differ too: 0.35% for ICGB.DE and 0.45% for IS02.DE.
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