ZPR5.DE vs. CGB.DE
ZPR5.DE (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF) and CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) are both Emerging Markets Bonds funds - ZPR5.DE tracks the ICE BofA Emerging Markets USD Government Bond 0-5 ex-144a while CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. Both are passively managed. Over the past 10 years, ZPR5.DE returned 1.99%/yr vs 2.41%/yr for CGB.DE. A 0.65 correlation means they provide meaningful diversification when combined. ZPR5.DE charges 0.42%/yr vs 0.20%/yr for CGB.DE.
Performance
ZPR5.DE vs. CGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPR5.DE achieves a 3.94% return, which is significantly lower than CGB.DE's 8.22% return. Over the past 10 years, ZPR5.DE has underperformed CGB.DE with an annualized return of 1.99%, while CGB.DE has yielded a comparatively higher 2.41% annualized return.
ZPR5.DE
- 1D
- 0.04%
- 1M
- 1.38%
- 6M
- 2.65%
- YTD
- 3.94%
- 1Y
- 6.30%
- 3Y*
- 5.23%
- 5Y*
- 2.88%
- 10Y*
- 1.99%
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%
ZPR5.DE vs. CGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZPR5.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF | 3.94% | -4.10% | 11.01% | 2.52% | -1.05% | 7.95% | -6.72% | 8.16% | 4.70% | -8.80% |
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 8.22% | -6.58% | 9.93% | -2.82% | -0.10% | 15.85% | -0.38% | 4.86% | 4.94% | -7.90% |
Correlation
The correlation between ZPR5.DE and CGB.DE is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015 | 0.65 |
The correlation between ZPR5.DE and CGB.DE shifts across timeframes, from 0.64 (10 years) to 0.77 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZPR5.DE vs. CGB.DE — Risk / Return Rank
ZPR5.DE
CGB.DE
ZPR5.DE vs. CGB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (ZPR5.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.
| ZPR5.DE | CGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.30 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 3.48 | -1.54 |
| Martin ratioReturn relative to average drawdown | 5.38 | 10.44 | -5.05 |
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Drawdowns
ZPR5.DE vs. CGB.DE - Drawdown Comparison
The maximum ZPR5.DE drawdown since its inception was -22.24%, which is greater than CGB.DE's maximum drawdown of -20.06%. Use the drawdown chart below to compare losses from any high point for ZPR5.DE and CGB.DE.
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Drawdown Indicators
| ZPR5.DE | CGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.24% | -20.06% | -2.18% |
Max Drawdown (1Y)Largest decline over 1 year | -3.23% | -2.83% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -11.08% | +1.37% |
Max Drawdown (5Y)Largest decline over 5 years | -9.91% | -13.94% | +4.03% |
Max Drawdown (10Y)Largest decline over 10 years | -19.66% | -14.64% | -5.02% |
Current DrawdownCurrent decline from peak | -2.59% | -0.74% | -1.85% |
Average DrawdownAverage peak-to-trough decline | -7.10% | -9.25% | +2.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.94% | +0.23% |
Volatility
ZPR5.DE vs. CGB.DE - Volatility Comparison
The current volatility for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (ZPR5.DE) is 1.26%, while Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) has a volatility of 1.51%. This indicates that ZPR5.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
| ZPR5.DE | CGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.51% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 3.68% | 3.98% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.39% | 5.75% | -0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.81% | 6.73% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.58% | 11.06% | -0.48% |
ZPR5.DE vs. CGB.DE - Expense Ratio Comparison
ZPR5.DE has a 0.42% expense ratio, which is higher than CGB.DE's 0.20% expense ratio.
Dividends
ZPR5.DE vs. CGB.DE - Dividend Comparison
ZPR5.DE's dividend yield for the trailing twelve months is around 4.74%, more than CGB.DE's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
ZPR5.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF | 4.74% | 5.10% | 4.13% | 3.17% | 2.54% | 2.63% | 3.53% | 3.34% | 2.73% | 3.18% | 2.72% | 1.83% |
Frequently Asked Questions
ZPR5.DE and CGB.DE have a correlation of 0.77, 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 0.42% for ZPR5.DE.
ZPR5.DE tracks ICE BofA Emerging Markets USD Government Bond 0-5 ex-144a, while CGB.DE tracks FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.42% for ZPR5.DE and 0.20% for CGB.DE.
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