SEMB.L vs. CYGB.L
SEMB.L (iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist)) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both Emerging Markets Bonds funds from iShares - SEMB.L tracks the JPM EMBI Global Diversified TR USD while CYGB.L tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, SEMB.L returned 2.24%/yr vs 5.42%/yr for CYGB.L. At a 0.02 correlation, their price movements are largely independent. SEMB.L charges 0.45%/yr vs 0.40%/yr for CYGB.L.
Performance
SEMB.L vs. CYGB.L - Performance Comparison
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Different Trading Currencies
SEMB.L is traded in GBp, while CYGB.L is traded in GBP. To make them comparable, the CYGB.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SEMB.L achieves a 1.75% return, which is significantly lower than CYGB.L's 3.44% return.
SEMB.L
- 1D
- 0.31%
- 1M
- -0.95%
- 6M
- 1.37%
- YTD
- 1.75%
- 1Y
- 9.37%
- 3Y*
- 7.59%
- 5Y*
- 2.24%
- 10Y*
- 2.68%
CYGB.L
- 1D
- -0.17%
- 1M
- 0.46%
- 6M
- 3.08%
- YTD
- 3.44%
- 1Y
- 3.67%
- 3Y*
- 6.63%
- 5Y*
- 5.42%
- 10Y*
- —
SEMB.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SEMB.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) | 1.75% | 5.97% | 7.45% | 4.49% | -8.67% | 6.19% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.44% | 2.20% | 11.38% | 7.14% | 2.11% | 2.84% |
Correlation
The correlation between SEMB.L and CYGB.L is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.02 |
The correlation between SEMB.L and CYGB.L shifts across timeframes, from -0.07 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SEMB.L vs. CYGB.L — Risk / Return Rank
SEMB.L
CYGB.L
SEMB.L vs. CYGB.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 (Dist) (SEMB.L) and iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.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.
| SEMB.L | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 5.28 | -3.00 |
| Martin ratioReturn relative to average drawdown | 6.46 | 12.15 | -5.69 |
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Drawdowns
SEMB.L vs. CYGB.L - Drawdown Comparison
The maximum SEMB.L drawdown since its inception was -22.69%, which is greater than CYGB.L's maximum drawdown of -1.56%. Use the drawdown chart below to compare losses from any high point for SEMB.L and CYGB.L.
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Drawdown Indicators
| SEMB.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.69% | -1.56% | -21.13% |
Max Drawdown (1Y)Largest decline over 1 year | -4.08% | -0.69% | -3.39% |
Max Drawdown (3Y)Largest decline over 3 years | -8.96% | -1.56% | -7.40% |
Max Drawdown (5Y)Largest decline over 5 years | -14.43% | -1.56% | -12.87% |
Max Drawdown (10Y)Largest decline over 10 years | -21.06% | — | — |
Current DrawdownCurrent decline from peak | -2.60% | -0.17% | -2.43% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -0.24% | -5.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 0.29% | +1.16% |
Volatility
SEMB.L vs. CYGB.L - Volatility Comparison
iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) (SEMB.L) has a higher volatility of 1.54% compared to iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) at 0.59%. This indicates that SEMB.L's price experiences larger fluctuations and is considered to be riskier than CYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEMB.L | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 0.59% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 4.56% | 2.24% | +2.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.09% | 2.72% | +3.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.71% | 2.38% | +6.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.22% | 2.33% | +7.89% |
SEMB.L vs. CYGB.L - Expense Ratio Comparison
SEMB.L has a 0.45% expense ratio, which is higher than CYGB.L's 0.40% expense ratio.
Dividends
SEMB.L vs. CYGB.L - Dividend Comparison
SEMB.L's dividend yield for the trailing twelve months is around 5.81%, more than CYGB.L's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SEMB.L iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Dist) | 5.81% | 5.97% | 5.70% | 5.78% | 5.41% | 3.88% | 4.11% | 4.88% | 4.63% | 5.03% | 5.07% | 4.63% |
Frequently Asked Questions
SEMB.L and CYGB.L have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CYGB.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CYGB.L is cheaper with a 0.40% expense ratio, compared with 0.45% for SEMB.L.
SEMB.L tracks JPM EMBI Global Diversified TR USD, while CYGB.L tracks Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.45% for SEMB.L and 0.40% for CYGB.L.
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