IEMB.L vs. DRGN.L
IEMB.L (iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. Over the past 5 years, IEMB.L returned 1.91%/yr vs 2.26%/yr for DRGN.L. At a 0.33 correlation, their price movements are largely independent. IEMB.L charges 0.45%/yr vs 0.30%/yr for DRGN.L.
Performance
IEMB.L vs. DRGN.L - Performance Comparison
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Returns By Period
In the year-to-date period, IEMB.L achieves a 1.62% return, which is significantly lower than DRGN.L's 4.62% return.
IEMB.L
- 1D
- 0.41%
- 1M
- 1.01%
- YTD
- 1.62%
- 6M
- 2.22%
- 1Y
- 11.20%
- 3Y*
- 9.72%
- 5Y*
- 1.91%
- 10Y*
- 3.32%
DRGN.L
- 1D
- -0.08%
- 1M
- 1.37%
- YTD
- 4.62%
- 6M
- 6.29%
- 1Y
- 8.23%
- 3Y*
- 4.99%
- 5Y*
- 2.26%
- 10Y*
- —
IEMB.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IEMB.L iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) | 1.62% | 13.71% | 5.70% | 10.54% | -18.35% | -2.28% | 1.68% |
DRGN.L L&G China CNY Bond UCITS ETF | 4.62% | 5.43% | 3.15% | 0.46% | -5.32% | 7.15% | 0.87% |
Correlation
The correlation between IEMB.L and DRGN.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.33 |
The correlation between IEMB.L and DRGN.L shifts across timeframes, from 0.28 (3 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IEMB.L vs. DRGN.L — Risk / Return Rank
IEMB.L
DRGN.L
IEMB.L vs. DRGN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) (IEMB.L) and L&G China CNY Bond UCITS ETF (DRGN.L). 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.
| IEMB.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.56 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 5.58 | -3.00 |
| Martin ratioReturn relative to average drawdown | 10.73 | 22.51 | -11.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IEMB.L | DRGN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 2.45 | -0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.49 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.64 | -0.14 |
Drawdowns
IEMB.L vs. DRGN.L - Drawdown Comparison
The maximum IEMB.L drawdown since its inception was -32.08%, which is greater than DRGN.L's maximum drawdown of -11.71%. Use the drawdown chart below to compare losses from any high point for IEMB.L and DRGN.L.
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Drawdown Indicators
| IEMB.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.08% | -11.71% | -20.37% |
Max Drawdown (1Y)Largest decline over 1 year | -4.32% | -1.47% | -2.85% |
Max Drawdown (3Y)Largest decline over 3 years | -7.54% | -3.49% | -4.05% |
Max Drawdown (5Y)Largest decline over 5 years | -28.62% | -11.71% | -16.91% |
Max Drawdown (10Y)Largest decline over 10 years | -28.62% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -0.30% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -5.02% | -3.61% | -1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.36% | +0.68% |
Volatility
IEMB.L vs. DRGN.L - Volatility Comparison
iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) (IEMB.L) has a higher volatility of 2.57% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 1.21%. This indicates that IEMB.L's price experiences larger fluctuations and is considered to be riskier than DRGN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEMB.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 1.21% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 4.93% | 3.00% | +1.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.95% | 3.36% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.87% | 4.58% | +4.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.25% | 4.53% | +4.72% |
IEMB.L vs. DRGN.L - Expense Ratio Comparison
IEMB.L has a 0.45% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
IEMB.L vs. DRGN.L - Dividend Comparison
IEMB.L's dividend yield for the trailing twelve months is around 5.83%, more than DRGN.L's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 1.63% | 1.94% | 2.31% | 2.45% | 2.76% | 1.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEMB.L iShares J.P. Morgan USD EM Bond UCITS ETF USD (Dist) | 5.83% | 5.85% | 5.80% | 5.65% | 5.55% | 3.95% | 3.86% | 4.73% | 4.82% | 4.79% | 5.57% | 4.78% |
Frequently Asked Questions
IEMB.L and DRGN.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DRGN.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DRGN.L is cheaper with a 0.30% expense ratio, compared with 0.45% for IEMB.L.
They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.45% for IEMB.L and 0.30% for DRGN.L.
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