JMBE.DE vs. CGB.DE
JMBE.DE (JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - EUR Hedged (acc)) and CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) are both Emerging Markets Bonds funds - JMBE.DE tracks the JPM EMBI Global Diversified Hedge TR EUR while CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. Both are passively managed. Over the past 5 years, JMBE.DE returned -0.88%/yr vs 3.09%/yr for CGB.DE. At a correlation of -0.16, they often move in opposite directions. JMBE.DE charges 0.39%/yr vs 0.20%/yr for CGB.DE.
Performance
JMBE.DE vs. CGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, JMBE.DE achieves a 0.54% return, which is significantly lower than CGB.DE's 8.16% return.
JMBE.DE
- 1D
- 0.02%
- 1M
- -0.85%
- 6M
- 0.94%
- YTD
- 0.54%
- 1Y
- 7.24%
- 3Y*
- 5.10%
- 5Y*
- -0.88%
- 10Y*
- —
CGB.DE
- 1D
- 0.35%
- 1M
- 1.57%
- 6M
- 7.02%
- YTD
- 8.16%
- 1Y
- 9.96%
- 3Y*
- 4.67%
- 5Y*
- 3.09%
- 10Y*
- 2.45%
JMBE.DE vs. CGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JMBE.DE JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - EUR Hedged (acc) | 0.54% | 11.00% | 0.03% | 7.02% | -18.34% | -3.60% | 3.18% | 15.07% | 0.07% |
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 8.16% | -6.58% | 9.93% | -2.82% | -0.10% | 15.85% | -0.38% | 4.86% | 3.08% |
Correlation
The correlation between JMBE.DE and CGB.DE is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2018 | -0.16 |
The correlation between JMBE.DE and CGB.DE shifts across timeframes, from -0.28 (3 years) to -0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JMBE.DE vs. CGB.DE — Risk / Return Rank
JMBE.DE
CGB.DE
JMBE.DE vs. CGB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - EUR Hedged (acc) (JMBE.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.
| JMBE.DE | CGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 3.51 | -1.98 |
| Martin ratioReturn relative to average drawdown | 6.03 | 10.39 | -4.36 |
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Drawdowns
JMBE.DE vs. CGB.DE - Drawdown Comparison
The maximum JMBE.DE drawdown since its inception was -28.18%, 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 JMBE.DE and CGB.DE.
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Drawdown Indicators
| JMBE.DE | CGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -20.06% | -8.12% |
Max Drawdown (1Y)Largest decline over 1 year | -4.73% | -2.83% | -1.90% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -11.08% | +3.30% |
Max Drawdown (5Y)Largest decline over 5 years | -27.72% | -13.94% | -13.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.64% | — |
Current DrawdownCurrent decline from peak | -6.01% | -0.79% | -5.22% |
Average DrawdownAverage peak-to-trough decline | -10.31% | -9.26% | -1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 0.96% | +0.24% |
Volatility
JMBE.DE vs. CGB.DE - Volatility Comparison
The current volatility for JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - EUR Hedged (acc) (JMBE.DE) is 1.07%, while Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) has a volatility of 1.78%. This indicates that JMBE.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
| JMBE.DE | CGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 1.78% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 4.02% | +0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.51% | 5.84% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.55% | 6.74% | +1.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.60% | 11.06% | -1.46% |
JMBE.DE vs. CGB.DE - Expense Ratio Comparison
JMBE.DE has a 0.39% expense ratio, which is higher than CGB.DE's 0.20% expense ratio.
Dividends
JMBE.DE vs. CGB.DE - Dividend Comparison
JMBE.DE has not paid dividends to shareholders, while CGB.DE's dividend yield for the trailing twelve months is around 1.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
JMBE.DE JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - EUR Hedged (acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JMBE.DE and CGB.DE have a correlation of -0.26, 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 0.39% for JMBE.DE.
JMBE.DE tracks JPM EMBI Global Diversified Hedge TR EUR, while CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. They also come from different issuers: JPMorgan and Xtrackers. Their fees differ too: 0.39% for JMBE.DE and 0.20% for CGB.DE.
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