SEMH.L vs. DRGN.L
SEMH.L (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. SEMH.L is passively managed, while DRGN.L is actively managed. Over the past 5 years, SEMH.L returned 3.33%/yr vs 3.36%/yr for DRGN.L. A 0.57 correlation means they provide meaningful diversification when combined. SEMH.L charges 0.42%/yr vs 0.30%/yr for DRGN.L.
Performance
SEMH.L vs. DRGN.L - Performance Comparison
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Different Trading Currencies
SEMH.L is traded in GBP, while DRGN.L is traded in USD. To make them comparable, the DRGN.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SEMH.L achieves a 1.29% return, which is significantly lower than DRGN.L's 5.05% return.
SEMH.L
- 1D
- 0.05%
- 1M
- 1.18%
- YTD
- 1.29%
- 6M
- 0.87%
- 1Y
- 6.51%
- 3Y*
- 3.36%
- 5Y*
- 3.33%
- 10Y*
- 3.24%
DRGN.L
- 1D
- -0.08%
- 1M
- 2.30%
- YTD
- 5.05%
- 6M
- 5.55%
- 1Y
- 9.27%
- 3Y*
- 2.36%
- 5Y*
- 3.36%
- 10Y*
- —
SEMH.L vs. DRGN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SEMH.L SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF | 1.29% | 0.53% | 6.47% | 0.40% | 4.24% | 0.98% | -1.63% |
DRGN.L L&G China CNY Bond UCITS ETF | 5.05% | -2.08% | 4.95% | -4.56% | 5.93% | 8.17% | -1.03% |
Correlation
The correlation between SEMH.L and DRGN.L is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.57 |
The correlation between SEMH.L and DRGN.L has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.
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Return for Risk
SEMH.L vs. DRGN.L — Risk / Return Rank
SEMH.L
DRGN.L
SEMH.L vs. DRGN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L) and L&G China CNY Bond UCITS ETF (DRGN.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.
| SEMH.L | DRGN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.27 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 2.93 | -1.41 |
| Martin ratioReturn relative to average drawdown | 4.17 | 8.53 | -4.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SEMH.L | DRGN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 1.42 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.44 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.38 | +0.05 |
Drawdowns
SEMH.L vs. DRGN.L - Drawdown Comparison
The maximum SEMH.L drawdown since its inception was -13.63%, smaller than the maximum DRGN.L drawdown of -16.74%. Use the drawdown chart below to compare losses from any high point for SEMH.L and DRGN.L.
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Drawdown Indicators
| SEMH.L | DRGN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.63% | -16.74% | +3.11% |
Max Drawdown (1Y)Largest decline over 1 year | -4.24% | -3.15% | -1.09% |
Max Drawdown (3Y)Largest decline over 3 years | -8.07% | -9.14% | +1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -13.61% | -16.74% | +3.13% |
Max Drawdown (10Y)Largest decline over 10 years | -13.63% | — | — |
Current DrawdownCurrent decline from peak | -1.48% | -5.57% | +4.09% |
Average DrawdownAverage peak-to-trough decline | -5.56% | -7.74% | +2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.56% | 1.09% | +0.47% |
Volatility
SEMH.L vs. DRGN.L - Volatility Comparison
The current volatility for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (SEMH.L) is 1.65%, while L&G China CNY Bond UCITS ETF (DRGN.L) has a volatility of 1.82%. This indicates that SEMH.L experiences smaller price fluctuations and is considered to be less risky than DRGN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEMH.L | DRGN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.82% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 4.21% | 5.18% | -0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.89% | 6.51% | -0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.64% | 7.58% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.93% | 7.55% | +1.38% |
SEMH.L vs. DRGN.L - Expense Ratio Comparison
SEMH.L has a 0.42% expense ratio, which is higher than DRGN.L's 0.30% expense ratio.
Dividends
SEMH.L vs. DRGN.L - Dividend Comparison
SEMH.L's dividend yield for the trailing twelve months is around 4.84%, more than DRGN.L's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRGN.L L&G China CNY Bond UCITS ETF | 1.63% | 1.94% | 2.31% | 2.45% | 2.76% | 1.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SEMH.L SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF | 4.84% | 4.97% | 4.24% | 3.18% | 2.39% | 2.72% | 3.42% | 3.52% | 2.69% | 3.13% | 2.55% | 1.76% |
Frequently Asked Questions
SEMH.L and DRGN.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DRGN.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DRGN.L is cheaper with a 0.30% expense ratio, compared with 0.42% for SEMH.L.
They also come from different issuers: State Street and Legal & General. Their fees differ too: 0.42% for SEMH.L and 0.30% for DRGN.L.
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