ICGB.DE vs. SPFD.DE
ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) and SPFD.DE (State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc)) are both Emerging Markets Bonds funds - ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index while SPFD.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged). Both are passively managed. Over the past 5 years, ICGB.DE returned 3.70%/yr vs -1.32%/yr for SPFD.DE. At a correlation of -0.29, they often move in opposite directions. ICGB.DE charges 0.35%/yr vs 0.60%/yr for SPFD.DE.
Performance
ICGB.DE vs. SPFD.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 SPFD.DE's -1.67% 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*
- —
SPFD.DE
- 1D
- -0.29%
- 1M
- -1.28%
- 6M
- -1.60%
- YTD
- -1.67%
- 1Y
- 1.39%
- 3Y*
- 1.86%
- 5Y*
- -1.32%
- 10Y*
- —
ICGB.DE vs. SPFD.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% | -0.17% |
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | -1.67% | 12.44% | -4.38% | 6.62% | -12.76% | -9.84% | 1.86% | 2.40% |
Correlation
The correlation between ICGB.DE and SPFD.DE is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2019 | -0.29 |
The correlation between ICGB.DE and SPFD.DE shifts across timeframes, from -0.46 (1 year) to -0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ICGB.DE vs. SPFD.DE — Risk / Return Rank
ICGB.DE
SPFD.DE
ICGB.DE vs. SPFD.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 State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.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 | SPFD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.04 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 0.21 | +2.96 |
| Martin ratioReturn relative to average drawdown | 8.39 | 0.52 | +7.87 |
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Drawdowns
ICGB.DE vs. SPFD.DE - Drawdown Comparison
The maximum ICGB.DE drawdown since its inception was -13.36%, smaller than the maximum SPFD.DE drawdown of -28.89%. Use the drawdown chart below to compare losses from any high point for ICGB.DE and SPFD.DE.
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Drawdown Indicators
| ICGB.DE | SPFD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -28.89% | +15.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -6.69% | +3.92% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -8.98% | -2.19% |
Max Drawdown (5Y)Largest decline over 5 years | -13.36% | -25.45% | +12.09% |
Current DrawdownCurrent decline from peak | -1.42% | -11.63% | +10.21% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -13.40% | +7.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 2.66% | -1.62% |
Volatility
ICGB.DE vs. SPFD.DE - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) is 1.06%, while State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE) has a volatility of 1.65%. This indicates that ICGB.DE experiences smaller price fluctuations and is considered to be less risky than SPFD.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 | SPFD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.65% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.58% | 6.80% | -3.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.32% | 7.47% | -2.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 7.99% | -1.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 8.38% | -0.49% |
ICGB.DE vs. SPFD.DE - Expense Ratio Comparison
ICGB.DE has a 0.35% expense ratio, which is lower than SPFD.DE's 0.60% expense ratio.
Dividends
ICGB.DE vs. SPFD.DE - Dividend Comparison
ICGB.DE's dividend yield for the trailing twelve months is around 1.68%, while SPFD.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% |
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICGB.DE and SPFD.DE have a correlation of -0.46, 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 0.60% for SPFD.DE.
ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index, while SPFD.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged). They also come from different issuers: iShares and State Street. Their fees differ too: 0.35% for ICGB.DE and 0.60% for SPFD.DE.
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