SEML.L vs. CYGB.L
SEML.L (iShares J.P. Morgan EM Local Government Bond UCITS ETF) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both Emerging Markets Bonds funds from iShares - SEML.L tracks the JPM GBI-EM Global Diversified TR USD while CYGB.L tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, SEML.L returned 2.11%/yr vs 5.42%/yr for CYGB.L. At a 0.04 correlation, their price movements are largely independent. SEML.L charges 0.50%/yr vs 0.40%/yr for CYGB.L.
Performance
SEML.L vs. CYGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, SEML.L achieves a 0.87% return, which is significantly lower than CYGB.L's 3.44% return.
SEML.L
- 1D
- 0.09%
- 1M
- -1.55%
- 6M
- 0.10%
- YTD
- 0.87%
- 1Y
- 6.67%
- 3Y*
- 4.46%
- 5Y*
- 2.11%
- 10Y*
- 1.79%
CYGB.L
- 1D
- -0.17%
- 1M
- 0.46%
- 6M
- 3.08%
- YTD
- 3.44%
- 1Y
- 3.67%
- 3Y*
- 6.63%
- 5Y*
- 5.42%
- 10Y*
- —
SEML.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SEML.L iShares J.P. Morgan EM Local Government Bond UCITS ETF | 0.87% | 10.31% | -1.20% | 5.42% | -0.23% | -4.21% |
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 SEML.L and CYGB.L is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.04 |
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Return for Risk
SEML.L vs. CYGB.L — Risk / Return Rank
SEML.L
CYGB.L
SEML.L vs. CYGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan EM Local Government Bond UCITS ETF (SEML.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.
| SEML.L | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.28 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 5.28 | -3.89 |
| Martin ratioReturn relative to average drawdown | 3.87 | 12.15 | -8.28 |
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Drawdowns
SEML.L vs. CYGB.L - Drawdown Comparison
The maximum SEML.L drawdown since its inception was -46.67%, 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 SEML.L and CYGB.L.
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Drawdown Indicators
| SEML.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.67% | -1.56% | -45.11% |
Max Drawdown (1Y)Largest decline over 1 year | -4.78% | -0.69% | -4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -4.78% | -1.56% | -3.22% |
Max Drawdown (5Y)Largest decline over 5 years | -11.11% | -1.56% | -9.55% |
Max Drawdown (10Y)Largest decline over 10 years | -21.24% | — | — |
Current DrawdownCurrent decline from peak | -12.68% | -0.17% | -12.51% |
Average DrawdownAverage peak-to-trough decline | -26.70% | -0.24% | -26.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 0.29% | +1.43% |
Volatility
SEML.L vs. CYGB.L - Volatility Comparison
iShares J.P. Morgan EM Local Government Bond UCITS ETF (SEML.L) has a higher volatility of 1.36% compared to iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) at 0.59%. This indicates that SEML.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
| SEML.L | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 0.59% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.59% | 2.24% | +2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.73% | 2.72% | +3.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.47% | 2.38% | +5.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.26% | 2.33% | +6.93% |
SEML.L vs. CYGB.L - Expense Ratio Comparison
SEML.L has a 0.50% expense ratio, which is higher than CYGB.L's 0.40% expense ratio.
Dividends
SEML.L vs. CYGB.L - Dividend Comparison
SEML.L's dividend yield for the trailing twelve months is around 5.65%, 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% |
SEML.L iShares J.P. Morgan EM Local Government Bond UCITS ETF | 5.65% | 5.44% | 5.55% | 5.05% | 5.25% | 4.58% | 5.13% | 5.44% | 7.30% | 6.75% | 6.78% | 5.18% |
Frequently Asked Questions
SEML.L and CYGB.L have a correlation of -0.03, 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 0.50% for SEML.L.
SEML.L tracks JPM GBI-EM Global Diversified TR USD, while CYGB.L tracks Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.50% for SEML.L and 0.40% for CYGB.L.
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