JMBE.DE vs. ICGB.DE
JMBE.DE (JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - EUR Hedged (acc)) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - JMBE.DE tracks the JPM EMBI Global Diversified Hedge TR EUR while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, JMBE.DE returned -0.88%/yr vs 3.74%/yr for ICGB.DE. At a correlation of -0.13, they often move in opposite directions. JMBE.DE charges 0.39%/yr vs 0.35%/yr for ICGB.DE.
Performance
JMBE.DE vs. ICGB.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 ICGB.DE's 8.51% 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*
- —
ICGB.DE
- 1D
- 0.20%
- 1M
- 1.66%
- 6M
- 7.11%
- YTD
- 8.51%
- 1Y
- 9.27%
- 3Y*
- 5.17%
- 5Y*
- 3.74%
- 10Y*
- —
JMBE.DE vs. ICGB.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% | 2.75% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 8.51% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -10.15% |
Correlation
The correlation between JMBE.DE and ICGB.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 | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | -0.13 |
The correlation between JMBE.DE and ICGB.DE shifts across timeframes, from -0.24 (3 years) to -0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JMBE.DE vs. ICGB.DE — Risk / Return Rank
JMBE.DE
ICGB.DE
JMBE.DE vs. ICGB.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 iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.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 | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.32 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 3.33 | -1.81 |
| Martin ratioReturn relative to average drawdown | 6.03 | 8.75 | -2.72 |
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Drawdowns
JMBE.DE vs. ICGB.DE - Drawdown Comparison
The maximum JMBE.DE drawdown since its inception was -28.18%, which is greater than ICGB.DE's maximum drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for JMBE.DE and ICGB.DE.
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Drawdown Indicators
| JMBE.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -13.36% | -14.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.73% | -2.77% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -11.17% | +3.39% |
Max Drawdown (5Y)Largest decline over 5 years | -27.72% | -13.36% | -14.36% |
Current DrawdownCurrent decline from peak | -6.01% | -1.22% | -4.79% |
Average DrawdownAverage peak-to-trough decline | -10.31% | -6.40% | -3.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.06% | +0.14% |
Volatility
JMBE.DE vs. ICGB.DE - Volatility Comparison
The current volatility for JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - EUR Hedged (acc) (JMBE.DE) is 1.07%, while iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) has a volatility of 1.31%. This indicates that JMBE.DE experiences smaller price fluctuations and is considered to be less risky than ICGB.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 | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 1.31% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 3.60% | +1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.51% | 5.40% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.55% | 6.63% | +1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.60% | 7.90% | +1.70% |
JMBE.DE vs. ICGB.DE - Expense Ratio Comparison
JMBE.DE has a 0.39% expense ratio, which is higher than ICGB.DE's 0.35% expense ratio.
Dividends
JMBE.DE vs. ICGB.DE - Dividend Comparison
JMBE.DE has not paid dividends to shareholders, while ICGB.DE's dividend yield for the trailing twelve months is around 1.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 1.68% | 1.92% | 2.22% | 2.58% | 2.80% | 2.71% | 2.63% | 0.95% |
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% |
Frequently Asked Questions
JMBE.DE and ICGB.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, ICGB.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICGB.DE is cheaper with a 0.35% expense ratio, compared with 0.39% for JMBE.DE.
JMBE.DE tracks JPM EMBI Global Diversified Hedge TR EUR, while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.39% for JMBE.DE and 0.35% for ICGB.DE.
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