SPEH.L vs. CBND.L
SPEH.L (iShares Spain Govt Bond UCITS ETF USD Hedged (Acc)) and CBND.L (Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)) are both Government Bonds funds - SPEH.L tracks the iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) while CBND.L tracks the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, SPEH.L returned -0.14%/yr vs 2.85%/yr for CBND.L. At a 0.10 correlation, their price movements are largely independent. SPEH.L charges 0.22%/yr vs 0.24%/yr for CBND.L.
Performance
SPEH.L vs. CBND.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPEH.L achieves a 0.87% return, which is significantly lower than CBND.L's 4.87% return.
SPEH.L
- 1D
- -0.17%
- 1M
- -0.68%
- 6M
- 0.34%
- YTD
- 0.87%
- 1Y
- 3.37%
- 3Y*
- 5.12%
- 5Y*
- -0.14%
- 10Y*
- —
CBND.L
- 1D
- 0.05%
- 1M
- 0.02%
- 6M
- 4.64%
- YTD
- 4.87%
- 1Y
- 7.44%
- 3Y*
- 5.57%
- 5Y*
- 2.85%
- 10Y*
- —
SPEH.L vs. CBND.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPEH.L iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) | 0.87% | 3.59% | 4.70% | 9.02% | -16.01% | -2.52% | 5.30% | -0.53% |
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) | 4.87% | 5.04% | 4.67% | 1.28% | -5.17% | 7.61% | 8.70% | 3.08% |
Correlation
The correlation between SPEH.L and CBND.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.10 |
Over the past year, SPEH.L and CBND.L have become more correlated (0.36) than their long-term average of 0.10, meaning their price movements have been converging.
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Return for Risk
SPEH.L vs. CBND.L — Risk / Return Rank
SPEH.L
CBND.L
SPEH.L vs. CBND.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.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.
| SPEH.L | CBND.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.47 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 7.45 | -6.40 |
| Martin ratioReturn relative to average drawdown | 3.13 | 18.48 | -15.35 |
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Drawdowns
SPEH.L vs. CBND.L - Drawdown Comparison
The maximum SPEH.L drawdown since its inception was -19.03%, which is greater than CBND.L's maximum drawdown of -11.48%. Use the drawdown chart below to compare losses from any high point for SPEH.L and CBND.L.
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Drawdown Indicators
| SPEH.L | CBND.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -11.48% | -7.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -0.99% | -2.23% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -3.66% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -18.21% | -11.48% | -6.73% |
Current DrawdownCurrent decline from peak | -2.84% | -0.21% | -2.63% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -2.80% | -3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.40% | +0.67% |
Volatility
SPEH.L vs. CBND.L - Volatility Comparison
iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) has a higher volatility of 1.16% compared to Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) at 0.89%. This indicates that SPEH.L's price experiences larger fluctuations and is considered to be riskier than CBND.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEH.L | CBND.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.89% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 3.60% | 2.58% | +1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 3.11% | +1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 5.02% | +1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.82% | 4.94% | +0.88% |
SPEH.L vs. CBND.L - Expense Ratio Comparison
SPEH.L has a 0.22% expense ratio, which is lower than CBND.L's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPEH.L vs. CBND.L - Dividend Comparison
SPEH.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% |
SPEH.L iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPEH.L and CBND.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPEH.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPEH.L is cheaper with a 0.22% expense ratio, compared with 0.24% for CBND.L.
SPEH.L tracks iShares Spain Govt Bond UCITS ETF USD Hedged (Acc), 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: 0.22% for SPEH.L and 0.24% for CBND.L.
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