IGEA.L vs. DRGN.L
IGEA.L (iShares Emerging Asia Local Govt Bond UCITS ETF USD (Dist)) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. IGEA.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, IGEA.L returned -0.40%/yr vs 2.21%/yr for DRGN.L. A 0.56 correlation means they provide meaningful diversification when combined. IGEA.L charges 0.50%/yr vs 0.30%/yr for DRGN.L.
Performance
IGEA.L vs. DRGN.L - Performance Comparison
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Returns By Period
In the year-to-date period, IGEA.L achieves a -5.77% return, which is significantly lower than DRGN.L's 3.81% return.
IGEA.L
- 1D
- 0.26%
- 1M
- 0.09%
- 6M
- -3.15%
- YTD
- -5.77%
- 1Y
- -6.44%
- 3Y*
- 1.08%
- 5Y*
- -0.40%
- 10Y*
- 1.10%
- ALL TIME*
- 1.07%
DRGN.L
- 1D
- 0.10%
- 1M
- 0.32%
- 6M
- 4.22%
- YTD
- 3.81%
- 1Y
- 7.03%
- 3Y*
- 4.90%
- 5Y*
- 2.21%
- 10Y*
- —
- ALL TIME*
- 2.73%
IGEA.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IGEA.L iShares Emerging Asia Local Govt Bond UCITS ETF USD (Dist) | -5.77% | 5.84% | 1.57% | 4.77% | -7.79% | -4.40% | 1.30% |
DRGN.L L&G China CNY Bond UCITS ETF | 3.81% | 5.48% | 3.14% | 0.48% | -5.41% | 7.20% | 1.10% |
Correlation
The correlation between IGEA.L and DRGN.L is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.56 |
The correlation between IGEA.L and DRGN.L has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.
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Return for Risk
IGEA.L vs. DRGN.L — Risk / Return Rank
IGEA.L
DRGN.L
IGEA.L vs. DRGN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Asia Local Govt Bond UCITS ETF USD (Dist) (IGEA.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.
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.
| IGEA.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.05 | ||
| Sortino ratioReturn per unit of downside risk | -4.20 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.44 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 4.80 | -5.55 |
| Martin ratioReturn relative to average drawdown | -1.40 | 16.30 | -17.70 |
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Drawdowns
IGEA.L vs. DRGN.L - Drawdown Comparison
The maximum IGEA.L drawdown since its inception was -21.51%, which is greater than DRGN.L's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for IGEA.L and DRGN.L.
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Drawdown Indicators
| IGEA.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.51% | -11.78% | -9.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -1.46% | -7.13% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -3.47% | -5.12% |
Max Drawdown (5Y)Largest decline over 5 years | -18.81% | -11.78% | -7.03% |
Max Drawdown (10Y)Largest decline over 10 years | -21.51% | — | — |
Current DrawdownCurrent decline from peak | -7.56% | -0.26% | -7.30% |
Average DrawdownAverage peak-to-trough decline | -5.95% | -3.56% | -2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.61% | 0.43% | +4.18% |
Volatility
IGEA.L vs. DRGN.L - Volatility Comparison
iShares Emerging Asia Local Govt Bond UCITS ETF USD (Dist) (IGEA.L) has a higher volatility of 1.02% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 0.92%. This indicates that IGEA.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
| IGEA.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.92% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 4.82% | 3.06% | +1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.06% | 3.53% | +2.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 4.65% | +1.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.32% | 4.57% | +1.75% |
IGEA.L vs. DRGN.L - Expense Ratio Comparison
IGEA.L has a 0.50% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
IGEA.L vs. DRGN.L - Dividend Comparison
IGEA.L's dividend yield for the trailing twelve months is around 1.77%, more than DRGN.L's 0.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 0.71% | 1.94% | 2.31% | 2.45% | 2.77% | 1.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IGEA.L iShares Emerging Asia Local Govt Bond UCITS ETF USD (Dist) | 1.77% | 3.24% | 3.07% | 2.87% | 2.96% | 2.42% | 2.80% | 2.46% | 2.57% | 2.02% | 3.01% | 1.18% |
Frequently Asked Questions
IGEA.L and DRGN.L have a correlation of 0.52, 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 0.50% for IGEA.L.
They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.50% for IGEA.L and 0.30% for DRGN.L.
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