JPBM.DE vs. GASF.DE
JPBM.DE (JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist)) and GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) are both Emerging Markets Bonds funds - JPBM.DE tracks the JPM EMBI Global Diversified TR USD while GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, JPBM.DE returned 1.94%/yr vs 3.52%/yr for GASF.DE. At a 0.40 correlation, their price movements are largely independent. JPBM.DE charges 0.39%/yr vs 0.24%/yr for GASF.DE.
Performance
JPBM.DE vs. GASF.DE - Performance Comparison
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Returns By Period
In the year-to-date period, JPBM.DE achieves a 4.40% return, which is significantly lower than GASF.DE's 7.95% return.
JPBM.DE
- 1D
- -0.08%
- 1M
- 0.64%
- 6M
- 3.84%
- YTD
- 4.40%
- 1Y
- 11.06%
- 3Y*
- 6.59%
- 5Y*
- 1.94%
- 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*
- —
JPBM.DE vs. GASF.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
JPBM.DE JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) | 4.40% | 0.87% | 7.74% | 5.71% | -10.77% | 5.50% | -4.06% | 2.34% |
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 JPBM.DE and GASF.DE is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.40 |
The correlation between JPBM.DE and GASF.DE shifts across timeframes, from 0.40 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
JPBM.DE vs. GASF.DE — Risk / Return Rank
JPBM.DE
GASF.DE
JPBM.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 - USD (Dist) (JPBM.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.
| JPBM.DE | GASF.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.34 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.59 | 2.84 | +0.75 |
| Martin ratioReturn relative to average drawdown | 10.32 | 8.54 | +1.79 |
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Drawdowns
JPBM.DE vs. GASF.DE - Drawdown Comparison
The maximum JPBM.DE drawdown since its inception was -25.94%, 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 JPBM.DE and GASF.DE.
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Drawdown Indicators
| JPBM.DE | GASF.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.94% | -13.75% | -12.19% |
Max Drawdown (1Y)Largest decline over 1 year | -3.07% | -3.40% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -12.49% | -11.00% | -1.49% |
Max Drawdown (5Y)Largest decline over 5 years | -14.10% | -13.75% | -0.35% |
Current DrawdownCurrent decline from peak | -1.44% | -1.53% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -9.22% | -6.06% | -3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 1.12% | -0.05% |
Volatility
JPBM.DE vs. GASF.DE - Volatility Comparison
JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) (JPBM.DE) has a higher volatility of 1.67% compared to Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) at 1.48%. This indicates that JPBM.DE's price experiences larger fluctuations and is considered to be riskier 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
| JPBM.DE | GASF.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.48% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 4.03% | 3.45% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.91% | 5.35% | +0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 6.68% | +1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.85% | 7.71% | +7.14% |
JPBM.DE vs. GASF.DE - Expense Ratio Comparison
JPBM.DE has a 0.39% expense ratio, which is higher than GASF.DE's 0.24% expense ratio.
Dividends
JPBM.DE vs. GASF.DE - Dividend Comparison
JPBM.DE's dividend yield for the trailing twelve months is around 5.80%, more than GASF.DE's 1.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
JPBM.DE JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF - USD (Dist) | 5.80% | 6.24% | 5.67% | 5.42% | 5.58% | 3.96% | 4.40% | 4.40% | 4.04% |
Frequently Asked Questions
JPBM.DE and GASF.DE have a correlation of 0.56, 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 JPBM.DE.
JPBM.DE tracks JPM EMBI Global Diversified TR USD, 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 JPBM.DE and 0.24% for GASF.DE.
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