XQUD.DE vs. CGB.DE
XQUD.DE (Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF) and CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) are both Emerging Markets Bonds funds from Xtrackers - XQUD.DE tracks the iBoxx® MSCI ESG USD Emerging Markets Sovereigns Quality Weighted while CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. Both are passively managed. Over the past 3 years, XQUD.DE returned 3.78%/yr vs 4.82%/yr for CGB.DE. At a 0.39 correlation, their price movements are largely independent. XQUD.DE charges 0.45%/yr vs 0.20%/yr for CGB.DE.
Performance
XQUD.DE vs. CGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XQUD.DE achieves a 2.96% return, which is significantly lower than CGB.DE's 8.22% return.
XQUD.DE
- 1D
- 0.00%
- 1M
- 0.25%
- 6M
- 1.78%
- YTD
- 2.96%
- 1Y
- 7.40%
- 3Y*
- 3.78%
- 5Y*
- —
- 10Y*
- —
CGB.DE
- 1D
- -0.05%
- 1M
- 1.36%
- 6M
- 6.23%
- YTD
- 8.22%
- 1Y
- 9.90%
- 3Y*
- 4.82%
- 5Y*
- 3.10%
- 10Y*
- 2.41%
XQUD.DE vs. CGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XQUD.DE Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF | 2.96% | -1.36% | 5.23% | 3.70% | -0.19% |
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 8.22% | -6.58% | 9.93% | -2.82% | -2.85% |
Correlation
The correlation between XQUD.DE and CGB.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 | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2022 | 0.39 |
The correlation between XQUD.DE and CGB.DE shifts across timeframes, from 0.39 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XQUD.DE vs. CGB.DE — Risk / Return Rank
XQUD.DE
CGB.DE
XQUD.DE vs. CGB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF (XQUD.DE) and Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.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.
| XQUD.DE | CGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.30 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 3.48 | -1.55 |
| Martin ratioReturn relative to average drawdown | 5.79 | 10.44 | -4.65 |
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Drawdowns
XQUD.DE vs. CGB.DE - Drawdown Comparison
The maximum XQUD.DE drawdown since its inception was -12.01%, smaller than the maximum CGB.DE drawdown of -20.06%. Use the drawdown chart below to compare losses from any high point for XQUD.DE and CGB.DE.
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Drawdown Indicators
| XQUD.DE | CGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.01% | -20.06% | +8.05% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -2.83% | -1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -11.40% | -11.08% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.64% | — |
Current DrawdownCurrent decline from peak | -2.05% | -0.74% | -1.31% |
Average DrawdownAverage peak-to-trough decline | -5.42% | -9.25% | +3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 0.94% | +0.34% |
Volatility
XQUD.DE vs. CGB.DE - Volatility Comparison
The current volatility for Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF (XQUD.DE) is 1.14%, while Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) has a volatility of 1.51%. This indicates that XQUD.DE experiences smaller price fluctuations and is considered to be less risky than CGB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XQUD.DE | CGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.51% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 3.77% | 3.98% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.73% | 5.75% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.94% | 6.73% | +1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.94% | 11.06% | -3.12% |
XQUD.DE vs. CGB.DE - Expense Ratio Comparison
XQUD.DE has a 0.45% expense ratio, which is higher than CGB.DE's 0.20% expense ratio.
Dividends
XQUD.DE vs. CGB.DE - Dividend Comparison
XQUD.DE has not paid dividends to shareholders, while CGB.DE's dividend yield for the trailing twelve months is around 1.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 1.99% | 2.40% | 2.37% | 2.97% | 4.40% | 2.17% | 2.15% | 2.56% | 0.72% | 2.64% | 0.38% |
XQUD.DE Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XQUD.DE and CGB.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, CGB.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CGB.DE is cheaper with a 0.20% expense ratio, compared with 0.45% for XQUD.DE.
XQUD.DE tracks iBoxx® MSCI ESG USD Emerging Markets Sovereigns Quality Weighted, while CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. Their fees differ too: 0.45% for XQUD.DE and 0.20% for CGB.DE.
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