UEFE.DE vs. ICGB.DE
UEFE.DE (UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - UEFE.DE tracks the JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, UEFE.DE returned 3.37%/yr vs 3.74%/yr for ICGB.DE. At a 0.37 correlation, their price movements are largely independent. UEFE.DE charges 0.40%/yr vs 0.35%/yr for ICGB.DE.
Performance
UEFE.DE vs. ICGB.DE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UEFE.DE achieves a 5.13% return, which is significantly lower than ICGB.DE's 8.51% 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*
- —
ICGB.DE
- 1D
- 0.20%
- 1M
- 1.66%
- 6M
- 7.11%
- YTD
- 8.51%
- 1Y
- 9.27%
- 3Y*
- 5.17%
- 5Y*
- 3.74%
- 10Y*
- —
UEFE.DE vs. ICGB.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% | 1.71% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 8.51% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -10.15% |
Correlation
The correlation between UEFE.DE and ICGB.DE is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
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 Jul 24, 2019 | 0.37 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UEFE.DE vs. ICGB.DE — Risk / Return Rank
UEFE.DE
ICGB.DE
UEFE.DE vs. ICGB.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 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.
| UEFE.DE | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.32 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 3.33 | -0.46 |
| Martin ratioReturn relative to average drawdown | 10.05 | 8.75 | +1.30 |
Loading charts...
Drawdowns
UEFE.DE vs. ICGB.DE - Drawdown Comparison
The maximum UEFE.DE drawdown since its inception was -23.70%, 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 UEFE.DE and ICGB.DE.
Loading charts...
Drawdown Indicators
| UEFE.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.70% | -13.36% | -10.34% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -2.77% | -1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -7.95% | -11.17% | +3.22% |
Max Drawdown (5Y)Largest decline over 5 years | -12.90% | -13.36% | +0.46% |
Current DrawdownCurrent decline from peak | -0.26% | -1.22% | +0.96% |
Average DrawdownAverage peak-to-trough decline | -8.53% | -6.40% | -2.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.06% | +0.06% |
Volatility
UEFE.DE vs. ICGB.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 iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) has a volatility of 1.31%. This indicates that UEFE.DE experiences smaller price fluctuations and is considered to be less risky than ICGB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UEFE.DE | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 1.31% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 4.70% | 3.60% | +1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.53% | 5.40% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.08% | 6.63% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.99% | 7.90% | +5.09% |
UEFE.DE vs. ICGB.DE - Expense Ratio Comparison
UEFE.DE has a 0.40% expense ratio, which is higher than ICGB.DE's 0.35% expense ratio.
Dividends
UEFE.DE vs. ICGB.DE - Dividend Comparison
UEFE.DE's dividend yield for the trailing twelve months is around 5.35%, more than ICGB.DE's 1.68% yield.
| 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% |
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
UEFE.DE and ICGB.DE have a correlation of 0.41, 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 0.40% for UEFE.DE.
UEFE.DE tracks JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond, while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.40% for UEFE.DE and 0.35% for ICGB.DE.
Find the right allocation for UEFE.DE and ICGB.DE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer