ICGB.DE vs. XQUD.DE
ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) and XQUD.DE (Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF) are both Emerging Markets Bonds funds - ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index while XQUD.DE tracks the iBoxx® MSCI ESG USD Emerging Markets Sovereigns Quality Weighted. Both are passively managed. Over the past 3 years, ICGB.DE returned 5.26%/yr vs 3.78%/yr for XQUD.DE. At a 0.41 correlation, their price movements are largely independent. ICGB.DE charges 0.35%/yr vs 0.45%/yr for XQUD.DE.
Performance
ICGB.DE vs. XQUD.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 XQUD.DE's 2.96% 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*
- —
XQUD.DE
- 1D
- 0.00%
- 1M
- 0.25%
- 6M
- 1.78%
- YTD
- 2.96%
- 1Y
- 7.40%
- 3Y*
- 3.78%
- 5Y*
- —
- 10Y*
- —
ICGB.DE vs. XQUD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 8.29% | -7.16% | 11.36% | -2.27% | -1.93% |
XQUD.DE Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF | 2.96% | -1.36% | 5.23% | 3.70% | -0.19% |
Correlation
The correlation between ICGB.DE and XQUD.DE is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2022 | 0.41 |
Over the past year, ICGB.DE and XQUD.DE have become more correlated (0.61) than their long-term average of 0.41, meaning their price movements have been converging.
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Return for Risk
ICGB.DE vs. XQUD.DE — Risk / Return Rank
ICGB.DE
XQUD.DE
ICGB.DE vs. XQUD.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 (XQUD.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 | XQUD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.25 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 1.94 | +1.23 |
| Martin ratioReturn relative to average drawdown | 8.39 | 5.79 | +2.60 |
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Drawdowns
ICGB.DE vs. XQUD.DE - Drawdown Comparison
The maximum ICGB.DE drawdown since its inception was -13.36%, which is greater than XQUD.DE's maximum drawdown of -12.01%. Use the drawdown chart below to compare losses from any high point for ICGB.DE and XQUD.DE.
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Drawdown Indicators
| ICGB.DE | XQUD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -12.01% | -1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -3.84% | +1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -11.40% | +0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -13.36% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -2.05% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -5.42% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 1.28% | -0.24% |
Volatility
ICGB.DE vs. XQUD.DE - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) is 1.06%, while Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF (XQUD.DE) has a volatility of 1.14%. This indicates that ICGB.DE experiences smaller price fluctuations and is considered to be less risky than XQUD.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 | XQUD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.14% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.58% | 3.77% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.32% | 5.73% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 7.94% | -1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 7.94% | -0.05% |
ICGB.DE vs. XQUD.DE - Expense Ratio Comparison
ICGB.DE has a 0.35% expense ratio, which is lower than XQUD.DE's 0.45% expense ratio.
Dividends
ICGB.DE vs. XQUD.DE - Dividend Comparison
ICGB.DE's dividend yield for the trailing twelve months is around 1.68%, while XQUD.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% |
XQUD.DE Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICGB.DE and XQUD.DE have a correlation of 0.61, 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 XQUD.DE.
ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index, while XQUD.DE tracks iBoxx® MSCI ESG USD Emerging Markets Sovereigns Quality Weighted. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.35% for ICGB.DE and 0.45% for XQUD.DE.
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