IS3C.DE vs. CGB.DE
IS3C.DE (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) are both Emerging Markets Bonds funds - IS3C.DE tracks the JP Morgan EMBI Global Core (EUR Hedged) while CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. Both are passively managed. Over the past 10 years, IS3C.DE returned 0.58%/yr vs 2.41%/yr for CGB.DE. At a correlation of -0.11, they often move in opposite directions. IS3C.DE charges 0.50%/yr vs 0.20%/yr for CGB.DE.
Performance
IS3C.DE vs. CGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IS3C.DE achieves a 0.51% return, which is significantly lower than CGB.DE's 8.22% return. Over the past 10 years, IS3C.DE has underperformed CGB.DE with an annualized return of 0.58%, while CGB.DE has yielded a comparatively higher 2.41% annualized return.
IS3C.DE
- 1D
- 0.07%
- 1M
- -0.73%
- 6M
- 0.77%
- YTD
- 0.51%
- 1Y
- 7.31%
- 3Y*
- 6.39%
- 5Y*
- -0.53%
- 10Y*
- 0.58%
CGB.DE
- 1D
- -0.05%
- 1M
- 1.36%
- 6M
- 6.23%
- YTD
- 8.22%
- 1Y
- 9.90%
- 3Y*
- 4.82%
- 5Y*
- 3.10%
- 10Y*
- 2.41%
IS3C.DE vs. CGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IS3C.DE iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 0.51% | 11.38% | 3.94% | 7.55% | -20.58% | -3.52% | 3.22% | 12.59% | -8.60% | 7.87% |
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 8.22% | -6.58% | 9.93% | -2.82% | -0.10% | 15.85% | -0.38% | 4.86% | 4.94% | -7.90% |
Correlation
The correlation between IS3C.DE and CGB.DE is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015 | -0.11 |
The correlation between IS3C.DE and CGB.DE shifts across timeframes, from -0.30 (3 years) to -0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IS3C.DE vs. CGB.DE — Risk / Return Rank
IS3C.DE
CGB.DE
IS3C.DE vs. CGB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (IS3C.DE) and Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.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.
| IS3C.DE | CGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 3.48 | -1.96 |
| Martin ratioReturn relative to average drawdown | 5.86 | 10.44 | -4.58 |
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Drawdowns
IS3C.DE vs. CGB.DE - Drawdown Comparison
The maximum IS3C.DE drawdown since its inception was -30.78%, which is greater than CGB.DE's maximum drawdown of -20.06%. Use the drawdown chart below to compare losses from any high point for IS3C.DE and CGB.DE.
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Drawdown Indicators
| IS3C.DE | CGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.78% | -20.06% | -10.72% |
Max Drawdown (1Y)Largest decline over 1 year | -4.77% | -2.83% | -1.94% |
Max Drawdown (3Y)Largest decline over 3 years | -7.99% | -11.08% | +3.09% |
Max Drawdown (5Y)Largest decline over 5 years | -30.46% | -13.94% | -16.52% |
Max Drawdown (10Y)Largest decline over 10 years | -30.78% | -14.64% | -16.14% |
Current DrawdownCurrent decline from peak | -4.26% | -0.74% | -3.52% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -9.25% | +1.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 0.94% | +0.31% |
Volatility
IS3C.DE vs. CGB.DE - Volatility Comparison
The current volatility for iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (IS3C.DE) is 0.98%, while Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) has a volatility of 1.51%. This indicates that IS3C.DE experiences smaller price fluctuations and is considered to be less risky than CGB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IS3C.DE | CGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.51% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 3.98% | +0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.37% | 5.75% | +0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.97% | 6.73% | +2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 11.06% | -1.77% |
IS3C.DE vs. CGB.DE - Expense Ratio Comparison
IS3C.DE has a 0.50% expense ratio, which is higher than CGB.DE's 0.20% expense ratio.
Dividends
IS3C.DE vs. CGB.DE - Dividend Comparison
IS3C.DE's dividend yield for the trailing twelve months is around 5.65%, more than CGB.DE's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 1.99% | 2.40% | 2.37% | 2.97% | 4.40% | 2.17% | 2.15% | 2.56% | 0.72% | 2.64% | 0.38% | 0.00% |
IS3C.DE iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 5.65% | 5.43% | 5.65% | 5.51% | 5.39% | 3.93% | 3.85% | 4.77% | 5.76% | 3.88% | 5.34% | 4.72% |
Frequently Asked Questions
IS3C.DE and CGB.DE have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CGB.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CGB.DE is cheaper with a 0.20% expense ratio, compared with 0.50% for IS3C.DE.
IS3C.DE tracks JP Morgan EMBI Global Core (EUR Hedged), while CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.50% for IS3C.DE and 0.20% for CGB.DE.
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