ICGB.DE vs. UEFE.DE
ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) and UEFE.DE (UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis) are both Emerging Markets Bonds funds - ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index while UEFE.DE tracks the JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond. Both are passively managed. Over the past 5 years, ICGB.DE returned 3.70%/yr vs 3.28%/yr for UEFE.DE. At a 0.37 correlation, their price movements are largely independent. ICGB.DE charges 0.35%/yr vs 0.40%/yr for UEFE.DE.
Performance
ICGB.DE vs. UEFE.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 UEFE.DE's 4.68% 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*
- —
UEFE.DE
- 1D
- -0.26%
- 1M
- 0.17%
- 6M
- 2.36%
- YTD
- 4.68%
- 1Y
- 10.66%
- 3Y*
- 6.54%
- 5Y*
- 3.28%
- 10Y*
- —
ICGB.DE vs. UEFE.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% |
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 4.68% | 6.42% | 4.70% | 10.83% | -7.97% | -1.52% | -6.87% | 1.71% |
Correlation
The correlation between ICGB.DE and UEFE.DE is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
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 | 0.37 |
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Return for Risk
ICGB.DE vs. UEFE.DE — Risk / Return Rank
ICGB.DE
UEFE.DE
ICGB.DE vs. UEFE.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 UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.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 | UEFE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.37 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 2.72 | +0.44 |
| Martin ratioReturn relative to average drawdown | 8.39 | 9.53 | -1.14 |
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Drawdowns
ICGB.DE vs. UEFE.DE - Drawdown Comparison
The maximum ICGB.DE drawdown since its inception was -13.36%, smaller than the maximum UEFE.DE drawdown of -23.70%. Use the drawdown chart below to compare losses from any high point for ICGB.DE and UEFE.DE.
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Drawdown Indicators
| ICGB.DE | UEFE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -23.70% | +10.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -3.90% | +1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -7.95% | -3.22% |
Max Drawdown (5Y)Largest decline over 5 years | -13.36% | -12.90% | -0.46% |
Current DrawdownCurrent decline from peak | -1.42% | -0.68% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -8.52% | +2.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 1.12% | -0.08% |
Volatility
ICGB.DE vs. UEFE.DE - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) is 1.06%, while UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE) has a volatility of 1.16%. This indicates that ICGB.DE experiences smaller price fluctuations and is considered to be less risky than UEFE.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 | UEFE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.16% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.58% | 4.71% | -1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.32% | 5.48% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 8.08% | -1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 12.98% | -5.09% |
ICGB.DE vs. UEFE.DE - Expense Ratio Comparison
ICGB.DE has a 0.35% expense ratio, which is lower than UEFE.DE's 0.40% expense ratio.
Dividends
ICGB.DE vs. UEFE.DE - Dividend Comparison
ICGB.DE's dividend yield for the trailing twelve months is around 1.68%, less than UEFE.DE's 5.37% yield.
| 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% |
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 5.37% | 5.84% | 4.97% | 4.52% | 4.68% | 4.87% | 5.10% | 4.88% |
Frequently Asked Questions
ICGB.DE and UEFE.DE have a correlation of 0.40, 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 0.40% for UEFE.DE.
ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index, while UEFE.DE tracks JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond. They also come from different issuers: iShares and UBS. Their fees differ too: 0.35% for ICGB.DE and 0.40% for UEFE.DE.
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