SYBG.DE vs. JBEM.DE

Last updated Jun 26, 2026

SYBG.DE (SPDR Bloomberg UK Gilt UCITS ETF) and JBEM.DE (BNP Paribas Easy JPM ESG EMU Government Bond IG UCITS ETF) are both European Government Bonds funds - SYBG.DE tracks the Bloomberg UK Gilt while JBEM.DE tracks the J.P. Morgan ESG EMU Government Bond IG Index. Both are passively managed. Over the past 5 years, SYBG.DE returned -4.68%/yr vs -2.11%/yr for JBEM.DE. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.

Performance

SYBG.DE vs. JBEM.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Bloomberg UK Gilt UCITS ETF (SYBG.DE) and BNP Paribas Easy JPM ESG EMU Government Bond IG UCITS ETF (JBEM.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SYBG.DE achieves a 1.73% return, which is significantly higher than JBEM.DE's 1.27% return.

SYBG.DE

• 1D: 0.06%
• 1M: 2.08%
• YTD: 1.73%
• 6M: 2.20%
• 1Y: 1.77%
• 3Y*: 2.55%
• 5Y*: -4.68%
• 10Y*: -1.64%

JBEM.DE

• 1D: 0.10%
• 1M: 0.84%
• YTD: 1.27%
• 6M: 1.37%
• 1Y: 1.05%
• 3Y*: 2.25%
• 5Y*: -2.11%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SYBG.DE vs. JBEM.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SYBG.DE SPDR Bloomberg UK Gilt UCITS ETF	1.73%	0.15%	0.07%	5.36%	-28.98%	2.15%	2.00%	10.17%
JBEM.DE BNP Paribas Easy JPM ESG EMU Government Bond IG UCITS ETF	1.27%	0.42%	1.18%	6.64%	-18.24%	-3.43%	4.73%	6.12%

Correlation

The correlation between SYBG.DE and JBEM.DE is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 11, 2019	0.63

The correlation between SYBG.DE and JBEM.DE shifts across timeframes, from 0.63 (all time) to 0.73 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SYBG.DE vs. JBEM.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SYBG.DE

SYBG.DE Risk / Return Rank: 11
SYBG.DE Sharpe Ratio Rank: 11
SYBG.DE Sortino Ratio Rank: 10
SYBG.DE Omega Ratio Rank: 10
SYBG.DE Calmar Ratio Rank: 12
SYBG.DE Martin Ratio Rank: 12

JBEM.DE

JBEM.DE Risk / Return Rank: 11
JBEM.DE Sharpe Ratio Rank: 12
JBEM.DE Sortino Ratio Rank: 10
JBEM.DE Omega Ratio Rank: 10
JBEM.DE Calmar Ratio Rank: 12
JBEM.DE Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SYBG.DE vs. JBEM.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg UK Gilt UCITS ETF (SYBG.DE) and BNP Paribas Easy JPM ESG EMU Government Bond IG UCITS ETF (JBEM.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.

	SYBG.DE	JBEM.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.22	0.25	-0.03
Sortino ratio: Return per unit of downside risk	0.35	0.39	-0.04
Omega ratio: Gain probability vs. loss probability	1.04	1.05	0.00
Calmar ratio: Return relative to maximum drawdown	0.33	0.33	0.00
Martin ratio: Return relative to average drawdown	0.77	0.79	-0.02

SYBG.DE vs. JBEM.DE - Sharpe Ratio Comparison

The current SYBG.DE Sharpe Ratio is 0.22, which is comparable to the JBEM.DE Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of SYBG.DE and JBEM.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SYBG.DE vs. JBEM.DE - Drawdown Comparison

The maximum SYBG.DE drawdown since its inception was -36.66%, which is greater than JBEM.DE's maximum drawdown of -22.48%. Use the drawdown chart below to compare losses from any high point for SYBG.DE and JBEM.DE.

Drawdown Indicators

	SYBG.DE	JBEM.DE	Difference
Max Drawdown Largest peak-to-trough decline	-36.66%	-22.48%	-14.18%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-3.21%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-8.78%	-3.95%	-4.83%
Max Drawdown (5Y) Largest decline over 5 years	-36.25%	-21.49%	-14.76%
Max Drawdown (10Y) Largest decline over 10 years	-36.66%	—	—
Current Drawdown Current decline from peak	-26.43%	-13.76%	-12.67%
Average Drawdown Average peak-to-trough decline	-13.42%	-10.59%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.33%	+0.75%

Volatility

SYBG.DE vs. JBEM.DE - Volatility Comparison

SPDR Bloomberg UK Gilt UCITS ETF (SYBG.DE) has a higher volatility of 1.73% compared to BNP Paribas Easy JPM ESG EMU Government Bond IG UCITS ETF (JBEM.DE) at 1.10%. This indicates that SYBG.DE's price experiences larger fluctuations and is considered to be riskier than JBEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SYBG.DE	JBEM.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	1.10%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	6.10%	3.51%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	8.13%	4.18%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.76%	6.18%	+5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.84%	5.72%	+8.12%

SYBG.DE vs. JBEM.DE - Expense Ratio Comparison

Both SYBG.DE and JBEM.DE have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SYBG.DE vs. JBEM.DE - Dividend Comparison

SYBG.DE's dividend yield for the trailing twelve months is around 3.73%, while JBEM.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JBEM.DE BNP Paribas Easy JPM ESG EMU Government Bond IG UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SYBG.DE SPDR Bloomberg UK Gilt UCITS ETF	3.73%	3.64%	2.65%	1.69%	1.22%	0.82%	1.11%	1.14%	1.27%	1.60%	1.77%	1.89%

Frequently Asked Questions

Can I hold both SYBG.DE and JBEM.DE in my portfolio?

SYBG.DE and JBEM.DE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SYBG.DE or JBEM.DE?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SYBG.DE or JBEM.DE?

SYBG.DE and JBEM.DE have the same expense ratio: 0.15% per year.

What is the main difference between SYBG.DE and JBEM.DE?

SYBG.DE tracks Bloomberg UK Gilt, while JBEM.DE tracks J.P. Morgan ESG EMU Government Bond IG Index. They also come from different issuers: State Street and BNP Paribas Easy.