ICGB.DE vs. XQUA.DE
ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) and XQUA.DE (Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D) are both Emerging Markets Bonds funds - ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index while XQUA.DE tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, ICGB.DE returned 3.74%/yr vs 0.12%/yr for XQUA.DE. At a 0.44 correlation, their price movements are largely independent. ICGB.DE charges 0.35%/yr vs 0.45%/yr for XQUA.DE.
Performance
ICGB.DE vs. XQUA.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ICGB.DE achieves a 8.51% return, which is significantly higher than XQUA.DE's 3.11% return.
ICGB.DE
- 1D
- 0.20%
- 1M
- 1.66%
- 6M
- 7.11%
- YTD
- 8.51%
- 1Y
- 9.27%
- 3Y*
- 5.17%
- 5Y*
- 3.74%
- 10Y*
- —
XQUA.DE
- 1D
- -0.22%
- 1M
- 0.44%
- 6M
- 2.55%
- YTD
- 3.11%
- 1Y
- 7.86%
- 3Y*
- 3.90%
- 5Y*
- 0.12%
- 10Y*
- 1.36%
ICGB.DE vs. XQUA.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 8.51% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -10.15% |
XQUA.DE Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D | 3.11% | -1.36% | 5.24% | 3.95% | -12.55% | 6.78% | -2.76% | 2.89% |
Correlation
The correlation between ICGB.DE and XQUA.DE is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.44 |
The correlation between ICGB.DE and XQUA.DE shifts across timeframes, from 0.41 (3 years) to 0.57 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ICGB.DE vs. XQUA.DE — Risk / Return Rank
ICGB.DE
XQUA.DE
ICGB.DE vs. XQUA.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 Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D (XQUA.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 | XQUA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.24 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 1.93 | +1.40 |
| Martin ratioReturn relative to average drawdown | 8.75 | 5.79 | +2.96 |
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Drawdowns
ICGB.DE vs. XQUA.DE - Drawdown Comparison
The maximum ICGB.DE drawdown since its inception was -13.36%, smaller than the maximum XQUA.DE drawdown of -20.21%. Use the drawdown chart below to compare losses from any high point for ICGB.DE and XQUA.DE.
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Drawdown Indicators
| ICGB.DE | XQUA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -20.21% | +6.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -4.06% | +1.29% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -11.47% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -13.36% | -16.16% | +2.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.21% | — |
Current DrawdownCurrent decline from peak | -1.22% | -5.07% | +3.85% |
Average DrawdownAverage peak-to-trough decline | -6.40% | -8.27% | +1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 1.35% | -0.29% |
Volatility
ICGB.DE vs. XQUA.DE - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) is 1.31%, while Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D (XQUA.DE) has a volatility of 1.59%. This indicates that ICGB.DE experiences smaller price fluctuations and is considered to be less risky than XQUA.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 | XQUA.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 1.59% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 3.60% | 3.87% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.40% | 6.22% | -0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 8.33% | -1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.90% | 8.81% | -0.91% |
ICGB.DE vs. XQUA.DE - Expense Ratio Comparison
ICGB.DE has a 0.35% expense ratio, which is lower than XQUA.DE's 0.45% expense ratio.
Dividends
ICGB.DE vs. XQUA.DE - Dividend Comparison
ICGB.DE's dividend yield for the trailing twelve months is around 1.68%, less than XQUA.DE's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
XQUA.DE Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF 1D | 4.52% | 4.80% | 4.40% | 4.34% | 7.07% | 3.83% | 4.92% | 4.19% | 3.08% | 3.74% |
Frequently Asked Questions
ICGB.DE and XQUA.DE have a correlation of 0.57, 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 XQUA.DE.
ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index, while XQUA.DE tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.35% for ICGB.DE and 0.45% for XQUA.DE.
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