ICGB.DE vs. XUEB.DE
ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) and XUEB.DE (Xtrackers II USD Emerging Markets Bond UCITS ETF 2C) are both Emerging Markets Bonds funds - ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index while XUEB.DE tracks the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 5 years, ICGB.DE returned 3.84%/yr vs 2.62%/yr for XUEB.DE. At a 0.37 correlation, their price movements are largely independent. ICGB.DE charges 0.35%/yr vs 0.25%/yr for XUEB.DE.
Performance
ICGB.DE vs. XUEB.DE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ICGB.DE achieves a 7.85% return, which is significantly higher than XUEB.DE's 5.71% return.
ICGB.DE
- 1D
- -0.20%
- 1M
- 1.25%
- 6M
- 7.38%
- YTD
- 7.85%
- 1Y
- 9.80%
- 3Y*
- 4.28%
- 5Y*
- 3.84%
- 10Y*
- —
XUEB.DE
- 1D
- 0.00%
- 1M
- 1.87%
- 6M
- 5.81%
- YTD
- 5.71%
- 1Y
- 13.58%
- 3Y*
- 7.83%
- 5Y*
- 2.62%
- 10Y*
- —
ICGB.DE vs. XUEB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 7.85% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | -0.59% |
XUEB.DE Xtrackers II USD Emerging Markets Bond UCITS ETF 2C | 5.71% | 1.23% | 11.99% | 7.34% | -14.37% | 5.65% | -10.39% |
Correlation
The correlation between ICGB.DE and XUEB.DE is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2020 | 0.37 |
Over the past year, ICGB.DE and XUEB.DE have become more correlated (0.59) than their long-term average of 0.37, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ICGB.DE vs. XUEB.DE — Risk / Return Rank
ICGB.DE
XUEB.DE
ICGB.DE vs. XUEB.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 II USD Emerging Markets Bond UCITS ETF 2C (XUEB.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 | XUEB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.35 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 0.95 | +2.57 |
| Martin ratioReturn relative to average drawdown | 9.25 | 1.37 | +7.88 |
Loading charts...
Drawdowns
ICGB.DE vs. XUEB.DE - Drawdown Comparison
The maximum ICGB.DE drawdown since its inception was -13.36%, smaller than the maximum XUEB.DE drawdown of -21.07%. Use the drawdown chart below to compare losses from any high point for ICGB.DE and XUEB.DE.
Loading charts...
Drawdown Indicators
| ICGB.DE | XUEB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -21.07% | +7.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -14.33% | +11.56% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -14.33% | +3.16% |
Max Drawdown (5Y)Largest decline over 5 years | -13.36% | -17.41% | +4.05% |
Current DrawdownCurrent decline from peak | -1.82% | -8.37% | +6.55% |
Average DrawdownAverage peak-to-trough decline | -6.42% | -11.22% | +4.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 9.92% | -8.86% |
Volatility
ICGB.DE vs. XUEB.DE - Volatility Comparison
The current volatility for iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) is 1.34%, while Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.DE) has a volatility of 1.44%. This indicates that ICGB.DE experiences smaller price fluctuations and is considered to be less risky than XUEB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ICGB.DE | XUEB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.44% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.71% | 4.05% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 21.62% | -16.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.64% | 12.71% | -6.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.91% | 12.83% | -4.92% |
ICGB.DE vs. XUEB.DE - Expense Ratio Comparison
ICGB.DE has a 0.35% expense ratio, which is higher than XUEB.DE's 0.25% expense ratio.
Dividends
ICGB.DE vs. XUEB.DE - Dividend Comparison
ICGB.DE's dividend yield for the trailing twelve months is around 1.69%, while XUEB.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) | 1.69% | 1.92% | 2.22% | 2.58% | 2.80% | 2.71% | 2.63% | 0.95% |
XUEB.DE Xtrackers II USD Emerging Markets Bond UCITS ETF 2C | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICGB.DE and XUEB.DE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUEB.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUEB.DE is cheaper with a 0.25% expense ratio, compared with 0.35% for ICGB.DE.
ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index, while XUEB.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 0.25% for XUEB.DE.
Find the right allocation for ICGB.DE and XUEB.DE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer