ZPR6.DE vs. CGB.DE
ZPR6.DE (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc) and CGB.DE (Xtrackers II Harvest China Government Bond UCITS ETF (Dist)) are both Emerging Markets Bonds funds - ZPR6.DE tracks the ICE BofAML 0-5 EM USD Government Bond (EUR Hedged) while CGB.DE tracks the FTSE Chinese Government and Policy Bank Bond 1-10 Years Capped Index. Both are passively managed. Over the past 5 years, ZPR6.DE returned 0.22%/yr vs 3.23%/yr for CGB.DE. At a correlation of -0.16, they often move in opposite directions. ZPR6.DE charges 0.47%/yr vs 0.20%/yr for CGB.DE.
Performance
ZPR6.DE vs. CGB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPR6.DE achieves a -0.20% return, which is significantly lower than CGB.DE's 8.00% return.
ZPR6.DE
- 1D
- -0.26%
- 1M
- -0.29%
- 6M
- -0.07%
- YTD
- -0.20%
- 1Y
- 2.24%
- 3Y*
- 3.93%
- 5Y*
- 0.22%
- 10Y*
- —
CGB.DE
- 1D
- 0.40%
- 1M
- 1.32%
- 6M
- 7.77%
- YTD
- 8.00%
- 1Y
- 11.41%
- 3Y*
- 3.87%
- 5Y*
- 3.23%
- 10Y*
- 2.48%
ZPR6.DE vs. CGB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZPR6.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc | -0.20% | 5.64% | 3.09% | 3.98% | -9.09% | -1.16% | 0.67% | -0.10% |
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 8.00% | -6.58% | 9.93% | -2.82% | -0.10% | 15.85% | -0.38% | 2.68% |
Correlation
The correlation between ZPR6.DE and CGB.DE is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019 | -0.16 |
The correlation between ZPR6.DE and CGB.DE shifts across timeframes, from -0.27 (3 years) to -0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZPR6.DE vs. CGB.DE — Risk / Return Rank
ZPR6.DE
CGB.DE
ZPR6.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 (EUR Hedged) Acc (ZPR6.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.
| ZPR6.DE | CGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.34 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 4.02 | -2.79 |
| Martin ratioReturn relative to average drawdown | 4.89 | 11.91 | -7.02 |
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Drawdowns
ZPR6.DE vs. CGB.DE - Drawdown Comparison
The maximum ZPR6.DE drawdown since its inception was -13.49%, smaller than the maximum CGB.DE drawdown of -20.06%. Use the drawdown chart below to compare losses from any high point for ZPR6.DE and CGB.DE.
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Drawdown Indicators
| ZPR6.DE | CGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.49% | -20.06% | +6.57% |
Max Drawdown (1Y)Largest decline over 1 year | -1.81% | -2.83% | +1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -1.81% | -11.08% | +9.27% |
Max Drawdown (5Y)Largest decline over 5 years | -13.37% | -13.94% | +0.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.64% | — |
Current DrawdownCurrent decline from peak | -0.71% | -0.94% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -9.28% | +4.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 0.96% | -0.51% |
Volatility
ZPR6.DE vs. CGB.DE - Volatility Comparison
The current volatility for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc (ZPR6.DE) is 0.59%, while Xtrackers II Harvest China Government Bond UCITS ETF (Dist) (CGB.DE) has a volatility of 1.70%. This indicates that ZPR6.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
| ZPR6.DE | CGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 1.70% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.11% | 4.01% | -1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.48% | 5.81% | -3.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 6.74% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.10% | 11.06% | -5.96% |
ZPR6.DE vs. CGB.DE - Expense Ratio Comparison
ZPR6.DE has a 0.47% expense ratio, which is higher than CGB.DE's 0.20% expense ratio.
Dividends
ZPR6.DE vs. CGB.DE - Dividend Comparison
ZPR6.DE has not paid dividends to shareholders, while CGB.DE's dividend yield for the trailing twelve months is around 2.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CGB.DE Xtrackers II Harvest China Government Bond UCITS ETF (Dist) | 2.00% | 2.40% | 2.37% | 2.97% | 4.40% | 2.17% | 2.15% | 2.56% | 0.72% | 2.64% | 0.38% |
ZPR6.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc | 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
ZPR6.DE and CGB.DE have a correlation of -0.27, 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 0.47% for ZPR6.DE.
ZPR6.DE tracks ICE BofAML 0-5 EM USD Government Bond (EUR Hedged), 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: 0.47% for ZPR6.DE and 0.20% for CGB.DE.
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