VDEA.L vs. CBND.L

Last updated Jul 16, 2026

VDEA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation) and CBND.L (Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)) are both exchange-traded funds - VDEA.L is a Emerging Markets Bonds fund tracking the Bloomberg EM USD Sovereign + Quasi-Sov Index, while CBND.L is a Government Bonds fund tracking the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, VDEA.L returned 2.17%/yr vs 2.85%/yr for CBND.L. At a 0.29 correlation, their price movements are largely independent. VDEA.L charges 0.23%/yr vs 0.24%/yr for CBND.L.

Performance

VDEA.L vs. CBND.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.L) and Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VDEA.L achieves a 1.42% return, which is significantly lower than CBND.L's 4.87% return.

VDEA.L

• 1D: -0.03%
• 1M: -0.51%
• 6M: 1.64%
• YTD: 1.42%
• 1Y: 8.51%
• 3Y*: 8.05%
• 5Y*: 2.17%
• 10Y*: —

CBND.L

• 1D: 0.05%
• 1M: 0.02%
• 6M: 4.64%
• YTD: 4.87%
• 1Y: 7.44%
• 3Y*: 5.57%
• 5Y*: 2.85%
• 10Y*: —

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

VDEA.L vs. CBND.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VDEA.L Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation	1.42%	11.45%	6.35%	9.71%	-15.28%	-1.74%	6.10%	2.04%
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)	4.87%	5.04%	4.67%	1.28%	-5.17%	7.61%	8.70%	3.08%

Correlation

The correlation between VDEA.L and CBND.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019	0.29

The correlation between VDEA.L and CBND.L shifts across timeframes, from 0.26 (3 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VDEA.L vs. CBND.L — Risk / Return Rank

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

VDEA.L

VDEA.L Risk / Return Rank: 63
VDEA.L Sharpe Ratio Rank: 63
VDEA.L Sortino Ratio Rank: 69
VDEA.L Omega Ratio Rank: 62
VDEA.L Calmar Ratio Rank: 56
VDEA.L Martin Ratio Rank: 63

CBND.L

CBND.L Risk / Return Rank: 92
CBND.L Sharpe Ratio Rank: 90
CBND.L Sortino Ratio Rank: 92
CBND.L Omega Ratio Rank: 90
CBND.L Calmar Ratio Rank: 96
CBND.L Martin Ratio Rank: 93

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.

VDEA.L vs. CBND.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.L) and Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L). 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.

	VDEA.L	CBND.L	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.39	-0.69
Sortino ratio: Return per unit of downside risk	2.54	3.57	-1.03
Omega ratio: Gain probability vs. loss probability	1.31	1.47	-0.16
Calmar ratio: Return relative to maximum drawdown	2.31	7.45	-5.13
Martin ratio: Return relative to average drawdown	9.11	18.48	-9.37

VDEA.L vs. CBND.L - Sharpe Ratio Comparison

The current VDEA.L Sharpe Ratio is 1.70, which is comparable to the CBND.L Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of VDEA.L and CBND.L, 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

VDEA.L vs. CBND.L - Drawdown Comparison

The maximum VDEA.L drawdown since its inception was -24.08%, which is greater than CBND.L's maximum drawdown of -11.48%. Use the drawdown chart below to compare losses from any high point for VDEA.L and CBND.L.

Drawdown Indicators

	VDEA.L	CBND.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.08%	-11.48%	-12.60%
Max Drawdown (1Y) Largest decline over 1 year	-3.66%	-0.99%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-6.15%	-3.66%	-2.49%
Max Drawdown (5Y) Largest decline over 5 years	-24.08%	-11.48%	-12.60%
Current Drawdown Current decline from peak	-0.78%	-0.21%	-0.57%
Average Drawdown Average peak-to-trough decline	-5.82%	-2.80%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.40%	+0.53%

Volatility

VDEA.L vs. CBND.L - Volatility Comparison

Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation (VDEA.L) has a higher volatility of 1.03% compared to Goldman Sachs Access China Government Bond UCITS ETF USD (Dist) (CBND.L) at 0.89%. This indicates that VDEA.L's price experiences larger fluctuations and is considered to be riskier than CBND.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VDEA.L	CBND.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.89%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	4.12%	2.58%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	5.01%	3.11%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.27%	5.02%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.20%	4.94%	+3.26%

VDEA.L vs. CBND.L - Expense Ratio Comparison

VDEA.L has a 0.23% expense ratio, which is lower than CBND.L's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VDEA.L vs. CBND.L - Dividend Comparison

VDEA.L has not paid dividends to shareholders, while CBND.L's dividend yield for the trailing twelve months is around 2.04%.

Position	TTM	2025	2024	2023	2022	2021	2020
CBND.L Goldman Sachs Access China Government Bond UCITS ETF USD (Dist)	2.04%	2.20%	2.45%	2.54%	2.72%	2.52%	1.87%
VDEA.L Vanguard USD Emerging Markets Government Bond UCITS ETF USD Accumulation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VDEA.L and CBND.L in my portfolio?

VDEA.L and CBND.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VDEA.L or CBND.L?

On fees, VDEA.L is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VDEA.L or CBND.L?

VDEA.L is cheaper with a 0.23% expense ratio, compared with 0.24% for CBND.L.

What is the main difference between VDEA.L and CBND.L?

VDEA.L is categorized as Emerging Markets Bonds, while CBND.L is Government Bonds. VDEA.L tracks Bloomberg EM USD Sovereign + Quasi-Sov Index, while CBND.L tracks FTSE Goldman Sachs China Government Bond Index. They also come from different issuers: Vanguard and Goldman Sachs. Their fees differ too: 0.23% for VDEA.L and 0.24% for CBND.L.