SPEH.L vs. CNYB.L
SPEH.L (iShares Spain Govt Bond UCITS ETF USD Hedged (Acc)) and CNYB.L (iShares China CNY Bond UCITS ETF USD (Dist)) are both exchange-traded funds - SPEH.L is a Government Bonds fund tracking the iShares Spain Govt Bond UCITS ETF USD Hedged (Acc), while CNYB.L is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, SPEH.L returned -0.14%/yr vs 3.19%/yr for CNYB.L. At a 0.05 correlation, their price movements are largely independent. SPEH.L charges 0.22%/yr vs 0.35%/yr for CNYB.L.
Performance
SPEH.L vs. CNYB.L - Performance Comparison
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Different Trading Currencies
SPEH.L is traded in USD, while CNYB.L is traded in GBP. To make them comparable, the CNYB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPEH.L achieves a 0.87% return, which is significantly lower than CNYB.L's 5.45% 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*
- —
CNYB.L
- 1D
- 0.00%
- 1M
- 0.55%
- 6M
- 5.32%
- YTD
- 5.45%
- 1Y
- 8.10%
- 3Y*
- 5.98%
- 5Y*
- 3.19%
- 10Y*
- —
SPEH.L vs. CNYB.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% | 1.07% |
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 5.45% | 5.18% | 4.87% | 0.97% | -5.14% | 8.69% | -17.34% | 6.70% |
Correlation
The correlation between SPEH.L and CNYB.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.05 |
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Return for Risk
SPEH.L vs. CNYB.L — Risk / Return Rank
SPEH.L
CNYB.L
SPEH.L vs. CNYB.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 iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.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 | CNYB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.27 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 5.94 | -4.90 |
| Martin ratioReturn relative to average drawdown | 3.13 | 16.99 | -13.86 |
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Drawdowns
SPEH.L vs. CNYB.L - Drawdown Comparison
The maximum SPEH.L drawdown since its inception was -19.03%, smaller than the maximum CNYB.L drawdown of -24.43%. Use the drawdown chart below to compare losses from any high point for SPEH.L and CNYB.L.
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Drawdown Indicators
| SPEH.L | CNYB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -24.43% | +5.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -1.30% | -1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -3.73% | +0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -18.21% | -11.92% | -6.29% |
Current DrawdownCurrent decline from peak | -2.84% | -4.70% | +1.86% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -13.92% | +7.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.46% | +0.61% |
Volatility
SPEH.L vs. CNYB.L - Volatility Comparison
iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) and iShares China CNY Bond UCITS ETF USD (Dist) (CNYB.L) have volatilities of 1.16% and 1.22%, 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
| SPEH.L | CNYB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.22% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.60% | 4.24% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 5.15% | -0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 6.79% | -0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.82% | 12.07% | -6.25% |
SPEH.L vs. CNYB.L - Expense Ratio Comparison
SPEH.L has a 0.22% expense ratio, which is lower than CNYB.L's 0.35% expense ratio.
Dividends
SPEH.L vs. CNYB.L - Dividend Comparison
SPEH.L has not paid dividends to shareholders, while CNYB.L's dividend yield for the trailing twelve months is around 1.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CNYB.L iShares China CNY Bond UCITS ETF USD (Dist) | 1.72% | 1.89% | 2.24% | 2.55% | 2.72% | 2.74% | 2.65% | 0.72% |
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% | 0.00% |
Frequently Asked Questions
SPEH.L and CNYB.L have a correlation of 0.11, 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 0.35% for CNYB.L.
SPEH.L is categorized as Government Bonds, while CNYB.L is Emerging Markets Bonds. SPEH.L tracks iShares Spain Govt Bond UCITS ETF USD Hedged (Acc), while CNYB.L tracks Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.22% for SPEH.L and 0.35% for CNYB.L.
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