ICGB.DE vs. XUEM.DE
ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) and XUEM.DE (Xtrackers USD Emerging Markets Bond UCITS ETF 2D) are both Emerging Markets Bonds funds - ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index while XUEM.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 2.65%/yr for XUEM.DE. At a 0.42 correlation, their price movements are largely independent. ICGB.DE charges 0.35%/yr vs 0.25%/yr for XUEM.DE.
Performance
ICGB.DE vs. XUEM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ICGB.DE achieves a 7.85% return, which is significantly higher than XUEM.DE's 5.97% 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*
- —
XUEM.DE
- 1D
- 0.19%
- 1M
- 2.12%
- 6M
- 6.07%
- YTD
- 5.97%
- 1Y
- 13.91%
- 3Y*
- 7.90%
- 5Y*
- 2.65%
- 10Y*
- —
ICGB.DE vs. XUEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 7.85% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -10.15% |
XUEM.DE Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 5.97% | 1.05% | 12.16% | 7.17% | -14.21% | 5.47% | -6.15% | 1.49% |
Correlation
The correlation between ICGB.DE and XUEM.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 | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.42 |
The correlation between ICGB.DE and XUEM.DE shifts across timeframes, from 0.41 (5 years) to 0.61 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ICGB.DE vs. XUEM.DE — Risk / Return Rank
ICGB.DE
XUEM.DE
ICGB.DE vs. XUEM.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 USD Emerging Markets Bond UCITS ETF 2D (XUEM.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 | XUEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.44 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 5.15 | -1.63 |
| Martin ratioReturn relative to average drawdown | 9.25 | 15.44 | -6.19 |
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Drawdowns
ICGB.DE vs. XUEM.DE - Drawdown Comparison
The maximum ICGB.DE drawdown since its inception was -13.36%, smaller than the maximum XUEM.DE drawdown of -26.81%. Use the drawdown chart below to compare losses from any high point for ICGB.DE and XUEM.DE.
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Drawdown Indicators
| ICGB.DE | XUEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.36% | -26.81% | +13.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -2.69% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -11.17% | -13.41% | +2.24% |
Max Drawdown (5Y)Largest decline over 5 years | -13.36% | -17.53% | +4.17% |
Current DrawdownCurrent decline from peak | -1.82% | -0.56% | -1.26% |
Average DrawdownAverage peak-to-trough decline | -6.42% | -10.07% | +3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.90% | +0.16% |
Volatility
ICGB.DE vs. XUEM.DE - Volatility Comparison
iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) and Xtrackers USD Emerging Markets Bond UCITS ETF 2D (XUEM.DE) have volatilities of 1.34% and 1.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICGB.DE | XUEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.39% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.71% | 3.90% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 6.12% | -0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.64% | 8.73% | -2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.91% | 11.76% | -3.85% |
ICGB.DE vs. XUEM.DE - Expense Ratio Comparison
ICGB.DE has a 0.35% expense ratio, which is higher than XUEM.DE's 0.25% expense ratio.
Dividends
ICGB.DE vs. XUEM.DE - Dividend Comparison
ICGB.DE's dividend yield for the trailing twelve months is around 1.69%, less than XUEM.DE's 5.09% yield.
| 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% |
XUEM.DE Xtrackers USD Emerging Markets Bond UCITS ETF 2D | 5.09% | 5.56% | 6.56% | 5.40% | 5.95% | 8.12% | 4.58% | 0.61% |
Frequently Asked Questions
ICGB.DE and XUEM.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, XUEM.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUEM.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 XUEM.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 XUEM.DE.
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