UEFS.DE vs. GASF.DE
UEFS.DE (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist) and GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) are both Emerging Markets Bonds funds - UEFS.DE tracks the Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped while GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, UEFS.DE returned 2.96%/yr vs 3.52%/yr for GASF.DE. At a 0.37 correlation, their price movements are largely independent. UEFS.DE charges 0.25%/yr vs 0.24%/yr for GASF.DE.
Performance
UEFS.DE vs. GASF.DE - Performance Comparison
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Returns By Period
In the year-to-date period, UEFS.DE achieves a 5.74% return, which is significantly lower than GASF.DE's 7.95% return.
UEFS.DE
- 1D
- 0.12%
- 1M
- 0.96%
- 6M
- 4.73%
- YTD
- 5.74%
- 1Y
- 13.72%
- 3Y*
- 9.67%
- 5Y*
- 2.96%
- 10Y*
- 3.04%
GASF.DE
- 1D
- 0.06%
- 1M
- 1.40%
- 6M
- 6.61%
- YTD
- 7.95%
- 1Y
- 8.98%
- 3Y*
- 5.09%
- 5Y*
- 3.52%
- 10Y*
- —
UEFS.DE vs. GASF.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
UEFS.DE UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist | 5.74% | 2.26% | 13.85% | 8.27% | -14.71% | 5.65% | -4.63% | 1.21% |
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 UEFS.DE and GASF.DE is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.37 |
The correlation between UEFS.DE and GASF.DE shifts across timeframes, from 0.37 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UEFS.DE vs. GASF.DE — Risk / Return Rank
UEFS.DE
GASF.DE
UEFS.DE vs. GASF.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist (UEFS.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.
| UEFS.DE | GASF.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.34 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.67 | 2.84 | +1.83 |
| Martin ratioReturn relative to average drawdown | 14.28 | 8.54 | +5.75 |
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Drawdowns
UEFS.DE vs. GASF.DE - Drawdown Comparison
The maximum UEFS.DE drawdown since its inception was -24.33%, 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 UEFS.DE and GASF.DE.
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Drawdown Indicators
| UEFS.DE | GASF.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.33% | -13.75% | -10.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -3.40% | +0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -13.71% | -11.00% | -2.71% |
Max Drawdown (5Y)Largest decline over 5 years | -17.81% | -13.75% | -4.06% |
Max Drawdown (10Y)Largest decline over 10 years | -24.33% | — | — |
Current DrawdownCurrent decline from peak | -0.94% | -1.53% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -6.06% | -2.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.12% | -0.16% |
Volatility
UEFS.DE vs. GASF.DE - Volatility Comparison
UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist (UEFS.DE) has a higher volatility of 1.56% compared to Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) at 1.48%. This indicates that UEFS.DE's price experiences larger fluctuations and is considered to be riskier than GASF.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UEFS.DE | GASF.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 1.48% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.81% | 3.45% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.19% | 5.35% | +0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.73% | 6.68% | +2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.92% | 7.71% | +5.21% |
UEFS.DE vs. GASF.DE - Expense Ratio Comparison
UEFS.DE has a 0.25% expense ratio, which is higher than GASF.DE's 0.24% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
UEFS.DE vs. GASF.DE - Dividend Comparison
UEFS.DE's dividend yield for the trailing twelve months is around 6.39%, more than GASF.DE's 1.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
UEFS.DE UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist | 6.39% | 7.97% | 6.14% | 6.46% | 6.08% | 4.22% | 5.09% | 4.60% | 4.53% | 4.90% | 2.30% |
Frequently Asked Questions
UEFS.DE and GASF.DE have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
GASF.DE is cheaper with a 0.24% expense ratio, compared with 0.25% for UEFS.DE.
UEFS.DE tracks Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped, 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: 0.25% for UEFS.DE and 0.24% for GASF.DE.
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