ICGB.DE vs. SPFA.DE
ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) and SPFA.DE (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) are both Emerging Markets Bonds funds - ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index while SPFA.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond. Both are passively managed. Over the past 5 years, ICGB.DE returned 3.70%/yr vs 1.72%/yr for SPFA.DE. At a 0.41 correlation, their price movements are largely independent. ICGB.DE charges 0.35%/yr vs 0.55%/yr for SPFA.DE.
Performance
ICGB.DE vs. SPFA.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ICGB.DE achieves a 8.29% return, which is significantly higher than SPFA.DE's 2.31% return.
ICGB.DE
- 1D
- 0.00%
- 1M
- 1.24%
- 6M
- 6.21%
- YTD
- 8.29%
- 1Y
- 8.81%
- 3Y*
- 5.26%
- 5Y*
- 3.70%
- 10Y*
- —
SPFA.DE
- 1D
- -0.29%
- 1M
- 0.20%
- 6M
- 0.89%
- YTD
- 2.31%
- 1Y
- 5.20%
- 3Y*
- 3.54%
- 5Y*
- 1.72%
- 10Y*
- —
ICGB.DE vs. SPFA.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 8.29% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -10.15% |
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 2.31% | 2.44% | 3.19% | 5.65% | -4.47% | -1.03% | -5.67% | 2.29% |
Correlation
The correlation between ICGB.DE and SPFA.DE is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.41 |
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Return for Risk
ICGB.DE vs. SPFA.DE — Risk / Return Rank
ICGB.DE
SPFA.DE
ICGB.DE vs. SPFA.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 SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.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 | SPFA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.18 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 1.31 | +1.85 |
| Martin ratioReturn relative to average drawdown | 8.39 | 4.06 | +4.34 |
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Drawdowns
ICGB.DE vs. SPFA.DE - Drawdown Comparison
The maximum ICGB.DE drawdown since its inception was -13.36%, smaller than the maximum SPFA.DE drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for ICGB.DE and SPFA.DE.
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Drawdown Indicators
| ICGB.DE | SPFA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -18.03% | +4.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -3.95% | +1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -7.66% | -3.51% |
Max Drawdown (5Y)Largest decline over 5 years | -13.36% | -8.51% | -4.85% |
Current DrawdownCurrent decline from peak | -1.42% | -1.42% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -8.78% | +2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 1.28% | -0.24% |
Volatility
ICGB.DE vs. SPFA.DE - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) is 1.06%, while SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) has a volatility of 1.29%. This indicates that ICGB.DE experiences smaller price fluctuations and is considered to be less risky than SPFA.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 | SPFA.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.29% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 3.58% | 4.56% | -0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.32% | 5.34% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 6.25% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 8.86% | -0.97% |
ICGB.DE vs. SPFA.DE - Expense Ratio Comparison
ICGB.DE has a 0.35% expense ratio, which is lower than SPFA.DE's 0.55% expense ratio.
Dividends
ICGB.DE vs. SPFA.DE - Dividend Comparison
ICGB.DE's dividend yield for the trailing twelve months is around 1.68%, while SPFA.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) | 1.68% | 1.92% | 2.22% | 2.58% | 2.80% | 2.71% | 2.63% | 0.95% |
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICGB.DE and SPFA.DE have a correlation of 0.32, 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 0.55% for SPFA.DE.
ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index, while SPFA.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond. They also come from different issuers: iShares and State Street. Their fees differ too: 0.35% for ICGB.DE and 0.55% for SPFA.DE.
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