IS02.DE vs. ICGB.DE
IS02.DE (iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc)) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds from iShares - IS02.DE tracks the JP Morgan EMBI Global Core while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, IS02.DE returned 2.45%/yr vs 3.74%/yr for ICGB.DE. At a 0.42 correlation, their price movements are largely independent. IS02.DE charges 0.45%/yr vs 0.35%/yr for ICGB.DE.
Performance
IS02.DE vs. ICGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IS02.DE achieves a 4.82% return, which is significantly lower than ICGB.DE's 8.51% return.
IS02.DE
- 1D
- 0.00%
- 1M
- 0.67%
- 6M
- 4.05%
- YTD
- 4.82%
- 1Y
- 11.67%
- 3Y*
- 8.13%
- 5Y*
- 2.45%
- 10Y*
- —
ICGB.DE
- 1D
- 0.20%
- 1M
- 1.66%
- 6M
- 7.11%
- YTD
- 8.51%
- 1Y
- 9.27%
- 3Y*
- 5.17%
- 5Y*
- 3.74%
- 10Y*
- —
IS02.DE vs. ICGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IS02.DE iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) | 4.82% | 1.10% | 11.83% | 6.71% | -13.12% | 5.72% | -0.46% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 8.51% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 3.19% |
Correlation
The correlation between IS02.DE and ICGB.DE is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2020 | 0.42 |
The correlation between IS02.DE and ICGB.DE shifts across timeframes, from 0.39 (5 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IS02.DE vs. ICGB.DE — Risk / Return Rank
IS02.DE
ICGB.DE
IS02.DE vs. ICGB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) (IS02.DE) and iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.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.
| IS02.DE | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.32 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.90 | 3.33 | +0.57 |
| Martin ratioReturn relative to average drawdown | 11.45 | 8.75 | +2.70 |
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Drawdowns
IS02.DE vs. ICGB.DE - Drawdown Comparison
The maximum IS02.DE drawdown since its inception was -16.21%, which is greater than ICGB.DE's maximum drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for IS02.DE and ICGB.DE.
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Drawdown Indicators
| IS02.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.21% | -13.36% | -2.85% |
Max Drawdown (1Y)Largest decline over 1 year | -3.00% | -2.77% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -12.85% | -11.17% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -16.21% | -13.36% | -2.85% |
Current DrawdownCurrent decline from peak | -1.09% | -1.22% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -5.82% | -6.40% | +0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.06% | -0.04% |
Volatility
IS02.DE vs. ICGB.DE - Volatility Comparison
iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) (IS02.DE) has a higher volatility of 1.64% compared to iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) at 1.31%. This indicates that IS02.DE's price experiences larger fluctuations and is considered to be riskier than ICGB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IS02.DE | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 1.31% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 4.18% | 3.60% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.10% | 5.40% | +0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.53% | 6.63% | +1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.35% | 7.90% | +0.45% |
IS02.DE vs. ICGB.DE - Expense Ratio Comparison
IS02.DE has a 0.45% expense ratio, which is higher than ICGB.DE's 0.35% expense ratio.
Dividends
IS02.DE vs. ICGB.DE - Dividend Comparison
IS02.DE has not paid dividends to shareholders, while ICGB.DE's dividend yield for the trailing twelve months is around 1.68%.
| 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% |
IS02.DE iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IS02.DE and ICGB.DE have a correlation of 0.55, 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 IS02.DE.
IS02.DE tracks JP Morgan EMBI Global Core, while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.45% for IS02.DE and 0.35% for ICGB.DE.
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