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XUEB.L vs. DRGN.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XUEB.L vs. DRGN.L

Last updated Jun 5, 2026

XUEB.L (Xtrackers II USD Emerging Markets Bond UCITS ETF 2C) and DRGN.L (L&G China CNY Bond UCITS ETF) are both Emerging Markets Bonds funds. XUEB.L is passively managed, while DRGN.L is actively managed. Over the past 3 years, XUEB.L returned 10.31%/yr vs 4.99%/yr for DRGN.L. At a 0.33 correlation, their price movements are largely independent. XUEB.L charges 0.25%/yr vs 0.30%/yr for DRGN.L.

Performance

XUEB.L vs. DRGN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L) and L&G China CNY Bond UCITS ETF (DRGN.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XUEB.L achieves a 2.70% return, which is significantly lower than DRGN.L's 4.62% return.

XUEB.L

1D
0.35%
1M
1.05%
YTD
2.70%
6M
3.15%
1Y
12.65%
3Y*
10.31%
5Y*
—
10Y*
—

DRGN.L

1D
-0.08%
1M
1.37%
YTD
4.62%
6M
6.29%
1Y
8.23%
3Y*
4.99%
5Y*
2.26%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XUEB.L vs. DRGN.L - Yearly Performance Comparison

2026 (YTD)2025202420232022
XUEB.L
Xtrackers II USD Emerging Markets Bond UCITS ETF 2C		2.70%13.61%6.10%11.06%5.53%
DRGN.L
L&G China CNY Bond UCITS ETF		4.62%5.43%3.15%0.46%-1.65%

Correlation

The correlation between XUEB.L and DRGN.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.34

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (All Time)
Calculated using the full available price history since Jul 14, 2022

0.33

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Xtrackers II USD Emerging Markets Bond UCITS ETF 2C

L&G China CNY Bond UCITS ETF

Often compared with XUEB.L:
XUEB.L vs. JMAB.LXUEB.L vs. EMSA.LXUEB.L vs. EMBE.LXUEB.L vs. LEMB.LXUEB.L vs. VEMA.LXUEB.L vs. SEMH.LXUEB.L vs. PEMD.L
Often compared with DRGN.L:
DRGN.L vs. EMLI.LDRGN.L vs. EMDL.LDRGN.L vs. SBEM.LDRGN.L vs. SEMC.LDRGN.L vs. VEMA.LDRGN.L vs. EMBE.LDRGN.L vs. EMDG.L

Return for Risk

XUEB.L vs. DRGN.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUEB.L
XUEB.L Risk / Return Rank: 7272
Overall Rank
XUEB.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
XUEB.L Sortino Ratio Rank: 8181
Sortino Ratio Rank
XUEB.L Omega Ratio Rank: 7676
Omega Ratio Rank
XUEB.L Calmar Ratio Rank: 6363
Calmar Ratio Rank
XUEB.L Martin Ratio Rank: 7070
Martin Ratio Rank
DRGN.L
DRGN.L Risk / Return Rank: 8585
Overall Rank
DRGN.L Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
DRGN.L Sortino Ratio Rank: 7878
Sortino Ratio Rank
DRGN.L Omega Ratio Rank: 8989
Omega Ratio Rank
DRGN.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
DRGN.L Martin Ratio Rank: 9292
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XUEB.L vs. DRGN.L - 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.L) and L&G China CNY Bond UCITS ETF (DRGN.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.

XUEB.LDRGN.LDifference
Sharpe ratioReturn per unit of total volatility
2.28
2.45

-0.17

Sortino ratioReturn per unit of downside risk
3.55
3.43

+0.12

Omega ratioGain probability vs. loss probability

1.45

1.56

-0.11

Calmar ratioReturn relative to maximum drawdown

3.08

5.58

-2.50

Martin ratioReturn relative to average drawdown

12.93

22.51

-9.58

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XUEB.L vs. DRGN.L - Sharpe Ratio Comparison

The current XUEB.L Sharpe Ratio is 2.28, which is comparable to the DRGN.L Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of XUEB.L and DRGN.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

XUEB.LDRGN.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.28

2.45

-0.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.49

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.17

0.64

+0.53

Drawdowns

XUEB.L vs. DRGN.L - Drawdown Comparison

The maximum XUEB.L drawdown since its inception was -14.08%, which is greater than DRGN.L's maximum drawdown of -11.71%. Use the drawdown chart below to compare losses from any high point for XUEB.L and DRGN.L.

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Drawdown Indicators

XUEB.LDRGN.LDifference

Max Drawdown

Largest peak-to-trough decline

-14.08%

-11.71%

-2.37%

Max Drawdown (1Y)

Largest decline over 1 year

-4.09%

-1.47%

-2.62%

Max Drawdown (3Y)

Largest decline over 3 years

-7.91%

-3.49%

-4.42%

Max Drawdown (5Y)

Largest decline over 5 years

—

-11.71%

—

Current Drawdown

Current decline from peak

-0.01%

-0.30%

+0.29%

Average Drawdown

Average peak-to-trough decline

-2.09%

-3.61%

+1.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.98%

0.36%

+0.62%

Volatility

XUEB.L vs. DRGN.L - Volatility Comparison

Xtrackers II USD Emerging Markets Bond UCITS ETF 2C (XUEB.L) has a higher volatility of 1.98% compared to L&G China CNY Bond UCITS ETF (DRGN.L) at 1.21%. This indicates that XUEB.L's price experiences larger fluctuations and is considered to be riskier than DRGN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XUEB.LDRGN.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.98%

1.21%

+0.77%

Volatility (6M)

Calculated over the trailing 6-month period

4.67%

3.00%

+1.67%

Volatility (1Y)

Calculated over the trailing 1-year period

5.54%

3.36%

+2.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.60%

4.58%

+4.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.60%

4.53%

+4.07%

XUEB.L vs. DRGN.L - Expense Ratio Comparison

XUEB.L has a 0.25% expense ratio, which is lower than DRGN.L's 0.30% expense ratio.

Dividends

XUEB.L vs. DRGN.L - Dividend Comparison

XUEB.L has not paid dividends to shareholders, while DRGN.L's dividend yield for the trailing twelve months is around 1.63%.

PositionTTM20252024202320222021
DRGN.L
L&G China CNY Bond UCITS ETF		1.63%1.94%2.31%2.45%2.76%1.44%
XUEB.L
Xtrackers II USD Emerging Markets Bond UCITS ETF 2C		0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XUEB.L and DRGN.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XUEB.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XUEB.L is cheaper with a 0.25% expense ratio, compared with 0.30% for DRGN.L.

They also come from different issuers: Xtrackers and Legal & General. Their fees differ too: 0.25% for XUEB.L and 0.30% for DRGN.L.

Portfolio Optimizer

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