JMBE.DE vs. GASF.DE
JMBE.DE (JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - EUR Hedged (acc)) and GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) are both Emerging Markets Bonds funds - JMBE.DE tracks the JPM EMBI Global Diversified Hedge TR EUR while GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, JMBE.DE returned -0.88%/yr vs 3.52%/yr for GASF.DE. At a correlation of -0.19, they often move in opposite directions. JMBE.DE charges 0.39%/yr vs 0.24%/yr for GASF.DE.
Performance
JMBE.DE vs. GASF.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 GASF.DE's 7.95% 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*
- —
GASF.DE
- 1D
- 0.06%
- 1M
- 1.40%
- 6M
- 6.61%
- YTD
- 7.95%
- 1Y
- 8.98%
- 3Y*
- 5.09%
- 5Y*
- 3.52%
- 10Y*
- —
JMBE.DE vs. GASF.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 2.29% |
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 7.95% | -6.82% | 10.85% | -2.28% | 0.91% | 16.54% | -0.76% | -8.22% |
Correlation
The correlation between JMBE.DE and GASF.DE is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
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
JMBE.DE vs. GASF.DE — Risk / Return Rank
JMBE.DE
GASF.DE
JMBE.DE vs. GASF.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 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.
| JMBE.DE | GASF.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.34 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 2.84 | -1.31 |
| Martin ratioReturn relative to average drawdown | 6.03 | 8.54 | -2.50 |
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Drawdowns
JMBE.DE vs. GASF.DE - Drawdown Comparison
The maximum JMBE.DE drawdown since its inception was -28.18%, 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 JMBE.DE and GASF.DE.
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Drawdown Indicators
| JMBE.DE | GASF.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -13.75% | -14.43% |
Max Drawdown (1Y)Largest decline over 1 year | -4.73% | -3.40% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -11.00% | +3.22% |
Max Drawdown (5Y)Largest decline over 5 years | -27.72% | -13.75% | -13.97% |
Current DrawdownCurrent decline from peak | -6.01% | -1.53% | -4.48% |
Average DrawdownAverage peak-to-trough decline | -10.31% | -6.06% | -4.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.12% | +0.08% |
Volatility
JMBE.DE vs. GASF.DE - Volatility Comparison
The current volatility for JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - EUR Hedged (acc) (JMBE.DE) is 1.07%, while Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) has a volatility of 1.48%. This indicates that JMBE.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
| JMBE.DE | GASF.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 1.48% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 3.45% | +1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.51% | 5.35% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.55% | 6.68% | +1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.60% | 7.71% | +1.89% |
JMBE.DE vs. GASF.DE - Expense Ratio Comparison
JMBE.DE has a 0.39% expense ratio, which is higher than GASF.DE's 0.24% expense ratio.
Dividends
JMBE.DE vs. GASF.DE - Dividend Comparison
JMBE.DE has not paid dividends to shareholders, while GASF.DE's dividend yield for the trailing twelve months is around 1.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 1.98% | 2.36% | 2.35% | 2.63% | 2.73% | 2.40% | 1.99% |
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% |
Frequently Asked Questions
JMBE.DE and GASF.DE have a correlation of -0.23, 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 0.39% for JMBE.DE.
JMBE.DE tracks JPM EMBI Global Diversified Hedge TR EUR, while GASF.DE tracks FTSE Goldman Sachs China Government Bond Index. They also come from different issuers: JPMorgan and Goldman Sachs. Their fees differ too: 0.39% for JMBE.DE and 0.24% for GASF.DE.
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