IS3C.DE vs. GASF.DE
IS3C.DE (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) and GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) are both Emerging Markets Bonds funds - IS3C.DE tracks the JP Morgan EMBI Global Core (EUR Hedged) while GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, IS3C.DE returned -0.53%/yr vs 3.49%/yr for GASF.DE. At a correlation of -0.19, they often move in opposite directions. IS3C.DE charges 0.50%/yr vs 0.24%/yr for GASF.DE.
Performance
IS3C.DE vs. GASF.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 GASF.DE's 7.80% 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%
GASF.DE
- 1D
- 0.00%
- 1M
- 1.11%
- 6M
- 5.78%
- YTD
- 7.80%
- 1Y
- 8.64%
- 3Y*
- 5.05%
- 5Y*
- 3.49%
- 10Y*
- —
IS3C.DE vs. GASF.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 1.90% |
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 7.80% | -6.82% | 10.85% | -2.28% | 0.91% | 16.54% | -0.76% | -8.22% |
Correlation
The correlation between IS3C.DE and GASF.DE is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | -0.19 |
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Return for Risk
IS3C.DE vs. GASF.DE — Risk / Return Rank
IS3C.DE
GASF.DE
IS3C.DE vs. GASF.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 Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.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 | GASF.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 2.53 | -1.01 |
| Martin ratioReturn relative to average drawdown | 5.86 | 7.67 | -1.82 |
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Drawdowns
IS3C.DE vs. GASF.DE - Drawdown Comparison
The maximum IS3C.DE drawdown since its inception was -30.78%, which is greater than GASF.DE's maximum drawdown of -13.75%. Use the drawdown chart below to compare losses from any high point for IS3C.DE and GASF.DE.
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Drawdown Indicators
| IS3C.DE | GASF.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.78% | -13.75% | -17.03% |
Max Drawdown (1Y)Largest decline over 1 year | -4.77% | -3.40% | -1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -7.99% | -11.00% | +3.01% |
Max Drawdown (5Y)Largest decline over 5 years | -30.46% | -13.75% | -16.71% |
Max Drawdown (10Y)Largest decline over 10 years | -30.78% | — | — |
Current DrawdownCurrent decline from peak | -4.26% | -1.66% | -2.60% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -6.05% | -1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 1.12% | +0.13% |
Volatility
IS3C.DE vs. GASF.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 Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) has a volatility of 1.25%. This indicates that IS3C.DE experiences smaller price fluctuations and is considered to be less risky than GASF.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 | GASF.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.25% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 3.44% | +1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.37% | 5.31% | +1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.97% | 6.68% | +2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.29% | 7.71% | +1.58% |
IS3C.DE vs. GASF.DE - Expense Ratio Comparison
IS3C.DE has a 0.50% expense ratio, which is higher than GASF.DE's 0.24% expense ratio.
Dividends
IS3C.DE vs. GASF.DE - Dividend Comparison
IS3C.DE's dividend yield for the trailing twelve months is around 5.65%, more than GASF.DE's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 1.99% | 2.36% | 2.35% | 2.63% | 2.73% | 2.40% | 1.99% | 0.00% | 0.00% | 0.00% | 0.00% | 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 GASF.DE have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GASF.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GASF.DE is cheaper with a 0.24% expense ratio, compared with 0.50% for IS3C.DE.
IS3C.DE tracks JP Morgan EMBI Global Core (EUR Hedged), while GASF.DE tracks FTSE Goldman Sachs China Government Bond Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.50% for IS3C.DE and 0.24% for GASF.DE.
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