XUEB.DE vs. ICGB.DE
XUEB.DE (Xtrackers II USD Emerging Markets Bond UCITS ETF 2C) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - XUEB.DE tracks the JPM EMBI Global Diversified TR USD while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, XUEB.DE returned 2.62%/yr vs 3.84%/yr for ICGB.DE. At a 0.37 correlation, their price movements are largely independent. XUEB.DE charges 0.25%/yr vs 0.35%/yr for ICGB.DE.
Performance
XUEB.DE vs. ICGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XUEB.DE achieves a 5.71% return, which is significantly lower than ICGB.DE's 7.85% return.
XUEB.DE
- 1D
- 0.00%
- 1M
- 1.87%
- 6M
- 5.81%
- YTD
- 5.71%
- 1Y
- 13.58%
- 3Y*
- 7.83%
- 5Y*
- 2.62%
- 10Y*
- —
ICGB.DE
- 1D
- -0.20%
- 1M
- 1.25%
- 6M
- 7.38%
- YTD
- 7.85%
- 1Y
- 9.80%
- 3Y*
- 4.28%
- 5Y*
- 3.84%
- 10Y*
- —
XUEB.DE vs. ICGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XUEB.DE Xtrackers II USD Emerging Markets Bond UCITS ETF 2C | 5.71% | 1.23% | 11.99% | 7.34% | -14.37% | 5.65% | -10.39% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 7.85% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | -0.59% |
Correlation
The correlation between XUEB.DE and ICGB.DE is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2020 | 0.37 |
Over the past year, XUEB.DE and ICGB.DE have become more correlated (0.59) than their long-term average of 0.37, meaning their price movements have been converging.
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Return for Risk
XUEB.DE vs. ICGB.DE — Risk / Return Rank
XUEB.DE
ICGB.DE
XUEB.DE vs. ICGB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.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.
| XUEB.DE | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.34 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 3.52 | -2.57 |
| Martin ratioReturn relative to average drawdown | 1.37 | 9.25 | -7.88 |
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Drawdowns
XUEB.DE vs. ICGB.DE - Drawdown Comparison
The maximum XUEB.DE drawdown since its inception was -21.07%, 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 XUEB.DE and ICGB.DE.
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Drawdown Indicators
| XUEB.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.07% | -13.36% | -7.71% |
Max Drawdown (1Y)Largest decline over 1 year | -14.33% | -2.77% | -11.56% |
Max Drawdown (3Y)Largest decline over 3 years | -14.33% | -11.17% | -3.16% |
Max Drawdown (5Y)Largest decline over 5 years | -17.41% | -13.36% | -4.05% |
Current DrawdownCurrent decline from peak | -8.37% | -1.82% | -6.55% |
Average DrawdownAverage peak-to-trough decline | -11.22% | -6.42% | -4.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.92% | 1.06% | +8.86% |
Volatility
XUEB.DE vs. ICGB.DE - Volatility Comparison
Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.DE) has a higher volatility of 1.44% compared to iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) at 1.34%. This indicates that XUEB.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
| XUEB.DE | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.44% | 1.34% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 4.05% | 3.71% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.62% | 5.38% | +16.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.71% | 6.64% | +6.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.83% | 7.91% | +4.92% |
XUEB.DE vs. ICGB.DE - Expense Ratio Comparison
XUEB.DE has a 0.25% expense ratio, which is lower than ICGB.DE's 0.35% expense ratio.
Dividends
XUEB.DE vs. ICGB.DE - Dividend Comparison
XUEB.DE has not paid dividends to shareholders, while ICGB.DE's dividend yield for the trailing twelve months is around 1.69%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 1.69% | 1.92% | 2.22% | 2.58% | 2.80% | 2.71% | 2.63% | 0.95% |
XUEB.DE Xtrackers II USD Emerging Markets Bond UCITS ETF 2C | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XUEB.DE and ICGB.DE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUEB.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUEB.DE is cheaper with a 0.25% expense ratio, compared with 0.35% for ICGB.DE.
XUEB.DE tracks JPM EMBI Global Diversified TR USD, while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.25% for XUEB.DE and 0.35% for ICGB.DE.
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