VGEM.DE vs. ICGB.DE
VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, VGEM.DE returned 2.83%/yr vs 3.74%/yr for ICGB.DE. At a 0.48 correlation, their price movements are largely independent. VGEM.DE charges 0.25%/yr vs 0.35%/yr for ICGB.DE.
Performance
VGEM.DE vs. ICGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VGEM.DE achieves a 4.62% return, which is significantly lower than ICGB.DE's 8.51% return.
VGEM.DE
- 1D
- 0.13%
- 1M
- 0.79%
- 6M
- 3.84%
- YTD
- 4.62%
- 1Y
- 10.32%
- 3Y*
- 7.47%
- 5Y*
- 2.83%
- 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*
- —
VGEM.DE vs. ICGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 4.62% | -0.84% | 12.54% | 5.71% | -10.03% | 6.47% | -3.40% | 1.70% |
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 VGEM.DE and ICGB.DE is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | 0.48 |
The correlation between VGEM.DE and ICGB.DE shifts across timeframes, from 0.47 (3 years) to 0.58 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VGEM.DE vs. ICGB.DE — Risk / Return Rank
VGEM.DE
ICGB.DE
VGEM.DE vs. ICGB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.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.
| VGEM.DE | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.32 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 3.33 | +0.13 |
| Martin ratioReturn relative to average drawdown | 9.67 | 8.75 | +0.92 |
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Drawdowns
VGEM.DE vs. ICGB.DE - Drawdown Comparison
The maximum VGEM.DE drawdown since its inception was -19.64%, 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 VGEM.DE and ICGB.DE.
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Drawdown Indicators
| VGEM.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.64% | -13.36% | -6.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -2.77% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -11.92% | -11.17% | -0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -12.13% | -13.36% | +1.23% |
Current DrawdownCurrent decline from peak | -1.11% | -1.22% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -5.88% | -6.40% | +0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 1.06% | 0.00% |
Volatility
VGEM.DE vs. ICGB.DE - Volatility Comparison
Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) has a higher volatility of 1.58% compared to iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) at 1.31%. This indicates that VGEM.DE's price experiences larger fluctuations and is considered to be riskier than ICGB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGEM.DE | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.31% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 4.12% | 3.60% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.16% | 5.40% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.90% | 6.63% | +1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.75% | 7.90% | +0.85% |
VGEM.DE vs. ICGB.DE - Expense Ratio Comparison
VGEM.DE has a 0.25% expense ratio, which is lower than ICGB.DE's 0.35% expense ratio.
Dividends
VGEM.DE vs. ICGB.DE - Dividend Comparison
VGEM.DE's dividend yield for the trailing twelve months is around 5.80%, more than ICGB.DE's 1.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.80% | 6.30% | 5.65% | 5.56% | 5.08% | 3.73% | 4.53% | 4.32% | 4.51% | 0.80% |
Frequently Asked Questions
VGEM.DE and ICGB.DE have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGEM.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEM.DE is cheaper with a 0.25% expense ratio, compared with 0.35% for ICGB.DE.
VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov, while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.25% for VGEM.DE and 0.35% for ICGB.DE.
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