JMBP.L vs. CBND.L
JMBP.L (JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF GBP Hedged (dist)) and CBND.L (Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)) are both exchange-traded funds - JMBP.L is a Emerging Markets Bonds fund tracking the JP Morgan Emerging Markets Risk-Aware Bond (GBP Hedged), while CBND.L is a Government Bonds fund tracking the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, JMBP.L returned 0.61%/yr vs 3.21%/yr for CBND.L. At a correlation of -0.17, they often move in opposite directions. JMBP.L charges 0.39%/yr vs 0.24%/yr for CBND.L.
Performance
JMBP.L vs. CBND.L - Performance Comparison
Loading charts...
Different Trading Currencies
JMBP.L is traded in GBP, while CBND.L is traded in USD. To make them comparable, the CBND.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, JMBP.L achieves a 1.61% return, which is significantly lower than CBND.L's 4.44% return.
JMBP.L
- 1D
- 0.14%
- 1M
- -0.62%
- 6M
- 2.04%
- YTD
- 1.61%
- 1Y
- 9.38%
- 3Y*
- 6.94%
- 5Y*
- 0.61%
- 10Y*
- —
CBND.L
- 1D
- -0.99%
- 1M
- -0.86%
- 6M
- 4.01%
- YTD
- 4.44%
- 1Y
- 6.30%
- 3Y*
- 4.41%
- 5Y*
- 3.21%
- 10Y*
- —
JMBP.L vs. CBND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
JMBP.L JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF GBP Hedged (dist) | 1.61% | 13.12% | 1.60% | 8.38% | -17.58% | -2.86% | 3.67% | 3.36% |
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 4.44% | -2.44% | 6.50% | -3.78% | 6.10% | 8.62% | 5.51% | -0.68% |
Correlation
The correlation between JMBP.L and CBND.L is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019 | -0.17 |
The correlation between JMBP.L and CBND.L shifts across timeframes, from -0.20 (5 years) to -0.09 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JMBP.L vs. CBND.L — Risk / Return Rank
JMBP.L
CBND.L
JMBP.L vs. CBND.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF GBP Hedged (dist) (JMBP.L) and Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.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.
| JMBP.L | CBND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.18 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 1.84 | +0.16 |
| Martin ratioReturn relative to average drawdown | 8.56 | 5.14 | +3.42 |
Loading charts...
Drawdowns
JMBP.L vs. CBND.L - Drawdown Comparison
The maximum JMBP.L drawdown since its inception was -27.19%, which is greater than CBND.L's maximum drawdown of -16.35%. Use the drawdown chart below to compare losses from any high point for JMBP.L and CBND.L.
Loading charts...
Drawdown Indicators
| JMBP.L | CBND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.19% | -16.35% | -10.84% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -3.40% | -1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -7.61% | -9.09% | +1.48% |
Max Drawdown (5Y)Largest decline over 5 years | -26.88% | -16.35% | -10.53% |
Current DrawdownCurrent decline from peak | -0.62% | -4.42% | +3.80% |
Average DrawdownAverage peak-to-trough decline | -9.76% | -7.47% | -2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 1.22% | -0.16% |
Volatility
JMBP.L vs. CBND.L - Volatility Comparison
The current volatility for JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF GBP Hedged (dist) (JMBP.L) is 1.09%, while Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) has a volatility of 1.90%. This indicates that JMBP.L experiences smaller price fluctuations and is considered to be less risky than CBND.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JMBP.L | CBND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.90% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 4.63% | 4.90% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 6.39% | -0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.49% | 7.92% | +0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.45% | 8.34% | +2.11% |
JMBP.L vs. CBND.L - Expense Ratio Comparison
JMBP.L has a 0.39% expense ratio, which is higher than CBND.L's 0.24% expense ratio.
Dividends
JMBP.L vs. CBND.L - Dividend Comparison
JMBP.L's dividend yield for the trailing twelve months is around 5.83%, more than CBND.L's 2.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 2.04% | 2.20% | 2.45% | 2.54% | 2.72% | 2.52% | 1.87% |
JMBP.L JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF GBP Hedged (dist) | 5.83% | 5.61% | 5.83% | 5.24% | 5.16% | 3.70% | 4.42% |
Frequently Asked Questions
JMBP.L and CBND.L have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBND.L is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBND.L is cheaper with a 0.24% expense ratio, compared with 0.39% for JMBP.L.
JMBP.L is categorized as Emerging Markets Bonds, while CBND.L is Government Bonds. JMBP.L tracks JP Morgan Emerging Markets Risk-Aware Bond (GBP Hedged), while CBND.L 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 JMBP.L and 0.24% for CBND.L.
Find the right allocation for JMBP.L and CBND.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer