SPFD.DE vs. ICGB.DE
SPFD.DE (State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc)) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - SPFD.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged) while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, SPFD.DE returned -1.32%/yr vs 3.70%/yr for ICGB.DE. At a correlation of -0.29, they often move in opposite directions. SPFD.DE charges 0.60%/yr vs 0.35%/yr for ICGB.DE.
Performance
SPFD.DE vs. ICGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPFD.DE achieves a -1.67% return, which is significantly lower than ICGB.DE's 8.29% return.
SPFD.DE
- 1D
- -0.29%
- 1M
- -1.28%
- 6M
- -1.60%
- YTD
- -1.67%
- 1Y
- 1.39%
- 3Y*
- 1.86%
- 5Y*
- -1.32%
- 10Y*
- —
ICGB.DE
- 1D
- 0.00%
- 1M
- 1.24%
- 6M
- 6.21%
- YTD
- 8.29%
- 1Y
- 8.81%
- 3Y*
- 5.26%
- 5Y*
- 3.70%
- 10Y*
- —
SPFD.DE vs. ICGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | -1.67% | 12.44% | -4.38% | 6.62% | -12.76% | -9.84% | 1.86% | 2.40% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 8.29% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -0.17% |
Correlation
The correlation between SPFD.DE and ICGB.DE is -0.46, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2019 | -0.29 |
The correlation between SPFD.DE and ICGB.DE shifts across timeframes, from -0.46 (1 year) to -0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPFD.DE vs. ICGB.DE — Risk / Return Rank
SPFD.DE
ICGB.DE
SPFD.DE vs. ICGB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE) and iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE). 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.
| SPFD.DE | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.31 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | 3.17 | -2.96 |
| Martin ratioReturn relative to average drawdown | 0.52 | 8.39 | -7.87 |
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Drawdowns
SPFD.DE vs. ICGB.DE - Drawdown Comparison
The maximum SPFD.DE drawdown since its inception was -28.89%, which is greater than ICGB.DE's maximum drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for SPFD.DE and ICGB.DE.
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Drawdown Indicators
| SPFD.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.89% | -13.36% | -15.53% |
Max Drawdown (1Y)Largest decline over 1 year | -6.69% | -2.77% | -3.92% |
Max Drawdown (3Y)Largest decline over 3 years | -8.98% | -11.17% | +2.19% |
Max Drawdown (5Y)Largest decline over 5 years | -25.45% | -13.36% | -12.09% |
Current DrawdownCurrent decline from peak | -11.63% | -1.42% | -10.21% |
Average DrawdownAverage peak-to-trough decline | -13.40% | -6.39% | -7.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 1.04% | +1.62% |
Volatility
SPFD.DE vs. ICGB.DE - Volatility Comparison
State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE) has a higher volatility of 1.65% compared to iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) at 1.06%. This indicates that SPFD.DE's price experiences larger fluctuations and is considered to be riskier than ICGB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPFD.DE | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.06% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 6.80% | 3.58% | +3.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.47% | 5.32% | +2.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.99% | 6.63% | +1.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.38% | 7.89% | +0.49% |
SPFD.DE vs. ICGB.DE - Expense Ratio Comparison
SPFD.DE has a 0.60% expense ratio, which is higher than ICGB.DE's 0.35% expense ratio.
Dividends
SPFD.DE vs. ICGB.DE - Dividend Comparison
SPFD.DE has not paid dividends to shareholders, while ICGB.DE's dividend yield for the trailing twelve months is around 1.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 1.68% | 1.92% | 2.22% | 2.58% | 2.80% | 2.71% | 2.63% | 0.95% |
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPFD.DE and ICGB.DE have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICGB.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICGB.DE is cheaper with a 0.35% expense ratio, compared with 0.60% for SPFD.DE.
SPFD.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged), while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.60% for SPFD.DE and 0.35% for ICGB.DE.
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