UEFE.DE vs. GASF.DE

Last updated Jul 16, 2026

UEFE.DE (UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis) and GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) are both Emerging Markets Bonds funds - UEFE.DE tracks the JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond while GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, UEFE.DE returned 3.37%/yr vs 3.52%/yr for GASF.DE. At a 0.37 correlation, their price movements are largely independent. UEFE.DE charges 0.40%/yr vs 0.24%/yr for GASF.DE.

Performance

UEFE.DE vs. GASF.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE) and Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UEFE.DE achieves a 5.13% return, which is significantly lower than GASF.DE's 7.95% return.

UEFE.DE

• 1D: 0.00%
• 1M: 0.95%
• 6M: 3.24%
• YTD: 5.13%
• 1Y: 11.24%
• 3Y*: 6.97%
• 5Y*: 3.37%
• 10Y*: —

GASF.DE

• 1D: 0.06%
• 1M: 1.40%
• 6M: 6.61%
• YTD: 7.95%
• 1Y: 8.98%
• 3Y*: 5.09%
• 5Y*: 3.52%
• 10Y*: —

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

UEFE.DE vs. GASF.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis	5.13%	6.42%	4.70%	10.83%	-7.97%	-1.52%	-6.87%	2.14%
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc	7.95%	-6.82%	10.85%	-2.28%	0.91%	16.54%	-0.76%	-8.22%

Correlation

The correlation between UEFE.DE and GASF.DE is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019	0.37

Return for Risk

UEFE.DE vs. GASF.DE — Risk / Return Rank

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

UEFE.DE

UEFE.DE Risk / Return Rank: 77
UEFE.DE Sharpe Ratio Rank: 80
UEFE.DE Sortino Ratio Rank: 82
UEFE.DE Omega Ratio Rank: 83
UEFE.DE Calmar Ratio Rank: 70
UEFE.DE Martin Ratio Rank: 69

GASF.DE

GASF.DE Risk / Return Rank: 69
GASF.DE Sharpe Ratio Rank: 69
GASF.DE Sortino Ratio Rank: 74
GASF.DE Omega Ratio Rank: 72
GASF.DE Calmar Ratio Rank: 70
GASF.DE Martin Ratio Rank: 60

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.

UEFE.DE vs. GASF.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE) and Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.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.

	UEFE.DE	GASF.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.81	+0.22
Sortino ratio: Return per unit of downside risk	2.96	2.68	+0.28
Omega ratio: Gain probability vs. loss probability	1.39	1.34	+0.05
Calmar ratio: Return relative to maximum drawdown	2.87	2.84	+0.03
Martin ratio: Return relative to average drawdown	10.05	8.54	+1.51

UEFE.DE vs. GASF.DE - Sharpe Ratio Comparison

The current UEFE.DE Sharpe Ratio is 2.04, which is comparable to the GASF.DE Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of UEFE.DE and GASF.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

UEFE.DE vs. GASF.DE - Drawdown Comparison

The maximum UEFE.DE drawdown since its inception was -23.70%, which is greater than GASF.DE's maximum drawdown of -13.75%. Use the drawdown chart below to compare losses from any high point for UEFE.DE and GASF.DE.

Drawdown Indicators

	UEFE.DE	GASF.DE	Difference
Max Drawdown Largest peak-to-trough decline	-23.70%	-13.75%	-9.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-3.40%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	-7.95%	-11.00%	+3.05%
Max Drawdown (5Y) Largest decline over 5 years	-12.90%	-13.75%	+0.85%
Current Drawdown Current decline from peak	-0.26%	-1.53%	+1.27%
Average Drawdown Average peak-to-trough decline	-8.53%	-6.06%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.12%	0.00%

Volatility

UEFE.DE vs. GASF.DE - Volatility Comparison

The current volatility for UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE) is 1.12%, while Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) has a volatility of 1.48%. This indicates that UEFE.DE experiences smaller price fluctuations and is considered to be less risky than GASF.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UEFE.DE	GASF.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.48%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	4.70%	3.45%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	5.53%	5.35%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.08%	6.68%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	7.71%	+5.28%

UEFE.DE vs. GASF.DE - Expense Ratio Comparison

UEFE.DE has a 0.40% expense ratio, which is higher than GASF.DE's 0.24% expense ratio.

Dividends

UEFE.DE vs. GASF.DE - Dividend Comparison

UEFE.DE's dividend yield for the trailing twelve months is around 5.35%, more than GASF.DE's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc	1.98%	2.36%	2.35%	2.63%	2.73%	2.40%	1.99%	0.00%
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis	5.35%	5.84%	4.97%	4.52%	4.68%	4.87%	5.10%	4.88%

Frequently Asked Questions

Can I hold both UEFE.DE and GASF.DE in my portfolio?

UEFE.DE and GASF.DE have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UEFE.DE or GASF.DE?

On fees, GASF.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UEFE.DE or GASF.DE?

GASF.DE is cheaper with a 0.24% expense ratio, compared with 0.40% for UEFE.DE.

What is the main difference between UEFE.DE and GASF.DE?

UEFE.DE tracks JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond, while GASF.DE tracks FTSE Goldman Sachs China Government Bond Index. They also come from different issuers: UBS and Goldman Sachs. Their fees differ too: 0.40% for UEFE.DE and 0.24% for GASF.DE.