ITEB.L vs. CYGB.L
ITEB.L (iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist)) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - ITEB.L is a Government Bonds fund tracking the iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist), while CYGB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 3 years, ITEB.L returned 5.84%/yr vs 6.74%/yr for CYGB.L. At a 0.04 correlation, their price movements are largely independent.
Performance
ITEB.L vs. CYGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, ITEB.L achieves a 0.50% return, which is significantly lower than CYGB.L's 3.55% return.
ITEB.L
- 1D
- -0.18%
- 1M
- -0.57%
- 6M
- -0.22%
- YTD
- 0.50%
- 1Y
- 2.87%
- 3Y*
- 5.84%
- 5Y*
- —
- 10Y*
- —
CYGB.L
- 1D
- 0.10%
- 1M
- 0.74%
- 6M
- 3.19%
- YTD
- 3.55%
- 1Y
- 3.60%
- 3Y*
- 6.74%
- 5Y*
- 5.44%
- 10Y*
- —
ITEB.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ITEB.L iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist) | 0.50% | 5.10% | 6.13% | 10.70% | 0.86% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.55% | 2.20% | 11.38% | 7.14% | 0.25% |
Correlation
The correlation between ITEB.L and CYGB.L is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022 | 0.04 |
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Return for Risk
ITEB.L vs. CYGB.L — Risk / Return Rank
ITEB.L
CYGB.L
ITEB.L vs. CYGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist) (ITEB.L) and iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.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.
| ITEB.L | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.28 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 5.18 | -4.47 |
| Martin ratioReturn relative to average drawdown | 2.22 | 11.91 | -9.69 |
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Drawdowns
ITEB.L vs. CYGB.L - Drawdown Comparison
The maximum ITEB.L drawdown since its inception was -5.97%, which is greater than CYGB.L's maximum drawdown of -1.56%. Use the drawdown chart below to compare losses from any high point for ITEB.L and CYGB.L.
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Drawdown Indicators
| ITEB.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.97% | -1.56% | -4.41% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -0.69% | -3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -4.03% | -1.56% | -2.47% |
Max Drawdown (5Y)Largest decline over 5 years | — | -1.56% | — |
Current DrawdownCurrent decline from peak | -1.61% | 0.00% | -1.61% |
Average DrawdownAverage peak-to-trough decline | -1.24% | -0.24% | -1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 0.30% | +0.99% |
Volatility
ITEB.L vs. CYGB.L - Volatility Comparison
iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist) (ITEB.L) has a higher volatility of 1.12% compared to iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) at 0.59%. This indicates that ITEB.L's price experiences larger fluctuations and is considered to be riskier than CYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITEB.L | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 0.59% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 4.19% | 2.22% | +1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.81% | 2.71% | +2.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 2.37% | +3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.19% | 2.33% | +3.86% |
Dividends
ITEB.L vs. CYGB.L - Dividend Comparison
ITEB.L's dividend yield for the trailing twelve months is around 2.87%, more than CYGB.L's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% |
ITEB.L iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist) | 2.87% | 2.81% | 2.58% | 2.25% | 0.00% | 0.00% |
Frequently Asked Questions
ITEB.L and CYGB.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ITEB.L is categorized as Government Bonds, while CYGB.L is Emerging Markets Bonds. ITEB.L tracks iShares V PLC - iShares Italy Govt Bond UCITS ETF EUR (Dist), while CYGB.L tracks Bloomberg China Treasury + Policy Bank Index.
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