JPEE.L vs. CBND.L
JPEE.L (iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc)) and CBND.L (Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)) are both exchange-traded funds - JPEE.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, 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, JPEE.L returned 2.46%/yr vs 3.45%/yr for CBND.L. At a 0.33 correlation, their price movements are largely independent. JPEE.L charges 0.45%/yr vs 0.24%/yr for CBND.L.
Performance
JPEE.L vs. CBND.L - Performance Comparison
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Different Trading Currencies
JPEE.L is traded in EUR, while CBND.L is traded in USD. To make them comparable, the CBND.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, JPEE.L achieves a 4.78% return, which is significantly lower than CBND.L's 7.38% return.
JPEE.L
- 1D
- 0.00%
- 1M
- 0.92%
- 6M
- 4.20%
- YTD
- 4.78%
- 1Y
- 11.83%
- 3Y*
- 8.16%
- 5Y*
- 2.46%
- 10Y*
- —
CBND.L
- 1D
- -0.42%
- 1M
- 1.05%
- 6M
- 6.23%
- YTD
- 7.38%
- 1Y
- 8.64%
- 3Y*
- 4.81%
- 5Y*
- 3.45%
- 10Y*
- —
JPEE.L vs. CBND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
JPEE.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) | 4.78% | 0.68% | 12.62% | 6.56% | -13.43% | 5.84% | -3.49% | 1.72% |
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 7.38% | -7.42% | 11.58% | -1.76% | 0.70% | 15.65% | -0.26% | 2.28% |
Correlation
The correlation between JPEE.L and CBND.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.33 |
The correlation between JPEE.L and CBND.L shifts across timeframes, from 0.31 (5 years) to 0.49 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
JPEE.L vs. CBND.L — Risk / Return Rank
JPEE.L
CBND.L
JPEE.L vs. CBND.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) (JPEE.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.
| JPEE.L | CBND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.27 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.86 | 2.70 | +1.16 |
| Martin ratioReturn relative to average drawdown | 11.28 | 7.54 | +3.74 |
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Drawdowns
JPEE.L vs. CBND.L - Drawdown Comparison
The maximum JPEE.L drawdown since its inception was -25.89%, which is greater than CBND.L's maximum drawdown of -13.58%. Use the drawdown chart below to compare losses from any high point for JPEE.L and CBND.L.
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Drawdown Indicators
| JPEE.L | CBND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.89% | -13.58% | -12.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -3.19% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -12.74% | -11.07% | -1.67% |
Max Drawdown (5Y)Largest decline over 5 years | -15.87% | -13.58% | -2.29% |
Current DrawdownCurrent decline from peak | -1.06% | -1.67% | +0.61% |
Average DrawdownAverage peak-to-trough decline | -9.59% | -5.19% | -4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 1.14% | -0.09% |
Volatility
JPEE.L vs. CBND.L - Volatility Comparison
iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) (JPEE.L) and Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) have volatilities of 1.52% and 1.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPEE.L | CBND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 1.45% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.18% | 4.34% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.99% | 5.96% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.53% | 7.12% | +1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.86% | 7.10% | +3.76% |
JPEE.L vs. CBND.L - Expense Ratio Comparison
JPEE.L has a 0.45% expense ratio, which is higher than CBND.L's 0.24% expense ratio.
Dividends
JPEE.L vs. CBND.L - Dividend Comparison
JPEE.L has not paid dividends to shareholders, while CBND.L's dividend yield for the trailing twelve months is around 2.04%.
| 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% |
JPEE.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JPEE.L and CBND.L have a correlation of 0.49, 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 0.45% for JPEE.L.
JPEE.L is categorized as Emerging Markets Bonds, while CBND.L is Government Bonds. JPEE.L tracks JPM EMBI Global Diversified TR USD, while CBND.L tracks FTSE Goldman Sachs China Government Bond Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.45% for JPEE.L and 0.24% for CBND.L.
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