XQUE.DE vs. ICGB.DE
XQUE.DE (Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF EUR Hedged) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - XQUE.DE tracks the iBoxx® MSCI ESG USD Emerging Markets Sovereigns Quality Weighted (EUR Hedged) while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, XQUE.DE returned -2.72%/yr vs 3.70%/yr for ICGB.DE. At a correlation of -0.16, they often move in opposite directions. XQUE.DE charges 0.50%/yr vs 0.35%/yr for ICGB.DE.
Performance
XQUE.DE vs. ICGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XQUE.DE achieves a -0.71% return, which is significantly lower than ICGB.DE's 8.29% return.
XQUE.DE
- 1D
- 0.12%
- 1M
- -0.95%
- 6M
- -0.36%
- YTD
- -0.71%
- 1Y
- 3.96%
- 3Y*
- 2.34%
- 5Y*
- -2.72%
- 10Y*
- —
ICGB.DE
- 1D
- 0.00%
- 1M
- 1.24%
- 6M
- 6.21%
- YTD
- 8.29%
- 1Y
- 8.81%
- 3Y*
- 5.26%
- 5Y*
- 3.70%
- 10Y*
- —
XQUE.DE vs. ICGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XQUE.DE Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF EUR Hedged | -0.71% | 8.45% | -2.21% | 4.90% | -19.86% | -2.86% | 5.15% | 2.16% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 8.29% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -10.15% |
Correlation
The correlation between XQUE.DE and ICGB.DE is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | -0.16 |
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Return for Risk
XQUE.DE vs. ICGB.DE — Risk / Return Rank
XQUE.DE
ICGB.DE
XQUE.DE vs. ICGB.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 EUR Hedged (XQUE.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.
| XQUE.DE | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.31 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 3.17 | -2.21 |
| Martin ratioReturn relative to average drawdown | 2.74 | 8.39 | -5.65 |
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Drawdowns
XQUE.DE vs. ICGB.DE - Drawdown Comparison
The maximum XQUE.DE drawdown since its inception was -28.45%, 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 XQUE.DE and ICGB.DE.
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Drawdown Indicators
| XQUE.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.45% | -13.36% | -15.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.13% | -2.77% | -1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -8.80% | -11.17% | +2.37% |
Max Drawdown (5Y)Largest decline over 5 years | -28.06% | -13.36% | -14.70% |
Current DrawdownCurrent decline from peak | -14.01% | -1.42% | -12.59% |
Average DrawdownAverage peak-to-trough decline | -10.73% | -6.39% | -4.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 1.04% | +0.40% |
Volatility
XQUE.DE vs. ICGB.DE - Volatility Comparison
Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF EUR Hedged (XQUE.DE) has a higher volatility of 1.45% compared to iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) at 1.06%. This indicates that XQUE.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
| XQUE.DE | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 1.06% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 3.58% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.26% | 5.32% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.36% | 6.63% | +1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.93% | 7.89% | +1.04% |
XQUE.DE vs. ICGB.DE - Expense Ratio Comparison
XQUE.DE has a 0.50% expense ratio, which is higher than ICGB.DE's 0.35% expense ratio.
Dividends
XQUE.DE vs. ICGB.DE - Dividend Comparison
XQUE.DE's dividend yield for the trailing twelve months is around 4.48%, more than ICGB.DE's 1.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
XQUE.DE Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF EUR Hedged | 4.48% | 4.55% | 4.62% | 4.12% | 7.39% | 3.89% | 10.60% | 4.37% | 1.26% |
Frequently Asked Questions
XQUE.DE and ICGB.DE have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICGB.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICGB.DE is cheaper with a 0.35% expense ratio, compared with 0.50% for XQUE.DE.
XQUE.DE tracks iBoxx® MSCI ESG USD Emerging Markets Sovereigns Quality Weighted (EUR Hedged), while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.50% for XQUE.DE and 0.35% for ICGB.DE.
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