VEMA.L vs. CYGB.L
VEMA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating) and CYGB.L (iShares China CNY Bond UCITS ETF GBP Hedged (Dist)) are both Emerging Markets Bonds funds - VEMA.L tracks the JPM EMBI Global Diversified TR USD while CYGB.L tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, VEMA.L returned 2.70%/yr vs 5.42%/yr for CYGB.L. At a 0.01 correlation, their price movements are largely independent. VEMA.L charges 0.25%/yr vs 0.40%/yr for CYGB.L.
Performance
VEMA.L vs. CYGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, VEMA.L achieves a 1.58% return, which is significantly lower than CYGB.L's 3.44% return.
VEMA.L
- 1D
- 0.51%
- 1M
- -0.69%
- 6M
- 1.26%
- YTD
- 1.58%
- 1Y
- 8.03%
- 3Y*
- 7.05%
- 5Y*
- 2.70%
- 10Y*
- —
CYGB.L
- 1D
- -0.17%
- 1M
- 0.46%
- 6M
- 3.08%
- YTD
- 3.44%
- 1Y
- 3.67%
- 3Y*
- 6.63%
- 5Y*
- 5.42%
- 10Y*
- —
VEMA.L vs. CYGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating | 1.58% | 4.17% | 8.10% | 3.45% | -5.29% | 6.05% |
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 3.44% | 2.20% | 11.38% | 7.14% | 2.11% | 2.84% |
Correlation
The correlation between VEMA.L and CYGB.L is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021 | 0.01 |
The correlation between VEMA.L and CYGB.L shifts across timeframes, from -0.09 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VEMA.L vs. CYGB.L — Risk / Return Rank
VEMA.L
CYGB.L
VEMA.L vs. CYGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) and iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.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.
| VEMA.L | CYGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.28 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 5.28 | -3.46 |
| Martin ratioReturn relative to average drawdown | 4.76 | 12.15 | -7.39 |
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Drawdowns
VEMA.L vs. CYGB.L - Drawdown Comparison
The maximum VEMA.L drawdown since its inception was -24.39%, which is greater than CYGB.L's maximum drawdown of -1.56%. Use the drawdown chart below to compare losses from any high point for VEMA.L and CYGB.L.
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Drawdown Indicators
| VEMA.L | CYGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.39% | -1.56% | -22.83% |
Max Drawdown (1Y)Largest decline over 1 year | -4.40% | -0.69% | -3.71% |
Max Drawdown (3Y)Largest decline over 3 years | -19.46% | -1.56% | -17.90% |
Max Drawdown (5Y)Largest decline over 5 years | -19.46% | -1.56% | -17.90% |
Current DrawdownCurrent decline from peak | -5.06% | -0.17% | -4.89% |
Average DrawdownAverage peak-to-trough decline | -15.59% | -0.24% | -15.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 0.29% | +1.39% |
Volatility
VEMA.L vs. CYGB.L - Volatility Comparison
Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) has a higher volatility of 1.49% compared to iShares China CNY Bond UCITS ETF GBP Hedged (Dist) (CYGB.L) at 0.59%. This indicates that VEMA.L's price experiences larger fluctuations and is considered to be riskier than CYGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEMA.L | CYGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 0.59% | +0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 4.19% | 2.24% | +1.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.96% | 2.72% | +3.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 2.38% | +13.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 2.33% | +14.75% |
VEMA.L vs. CYGB.L - Expense Ratio Comparison
VEMA.L has a 0.25% expense ratio, which is lower than CYGB.L's 0.40% expense ratio.
Dividends
VEMA.L vs. CYGB.L - Dividend Comparison
VEMA.L has not paid dividends to shareholders, while CYGB.L's dividend yield for the trailing twelve months is around 1.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CYGB.L iShares China CNY Bond UCITS ETF GBP Hedged (Dist) | 1.70% | 1.84% | 2.13% | 2.38% | 2.68% | 2.21% |
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VEMA.L and CYGB.L have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VEMA.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VEMA.L is cheaper with a 0.25% expense ratio, compared with 0.40% for CYGB.L.
VEMA.L tracks JPM EMBI Global Diversified TR USD, while CYGB.L tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.25% for VEMA.L and 0.40% for CYGB.L.
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