ZPR6.DE vs. ICGB.DE
ZPR6.DE (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc) and ICGB.DE (iShares China CNY Bond UCITS ETF USD (Dist)) are both Emerging Markets Bonds funds - ZPR6.DE tracks the ICE BofAML 0-5 EM USD Government Bond (EUR Hedged) while ICGB.DE tracks the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, ZPR6.DE returned 0.22%/yr vs 3.84%/yr for ICGB.DE. At a correlation of -0.15, they often move in opposite directions. ZPR6.DE charges 0.47%/yr vs 0.35%/yr for ICGB.DE.
Performance
ZPR6.DE vs. ICGB.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 ICGB.DE's 7.85% 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*
- —
ICGB.DE
- 1D
- -0.20%
- 1M
- 1.25%
- 6M
- 7.38%
- YTD
- 7.85%
- 1Y
- 9.80%
- 3Y*
- 4.28%
- 5Y*
- 3.84%
- 10Y*
- —
ZPR6.DE vs. ICGB.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% | -1.22% |
ICGB.DE iShares China CNY Bond UCITS ETF USD (Dist) | 7.85% | -7.16% | 11.36% | -2.27% | 1.10% | 17.31% | 0.08% | -10.15% |
Correlation
The correlation between ZPR6.DE and ICGB.DE is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019 | -0.15 |
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Return for Risk
ZPR6.DE vs. ICGB.DE — Risk / Return Rank
ZPR6.DE
ICGB.DE
ZPR6.DE vs. ICGB.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 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.
| ZPR6.DE | ICGB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.34 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 3.52 | -2.29 |
| Martin ratioReturn relative to average drawdown | 4.89 | 9.25 | -4.35 |
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Drawdowns
ZPR6.DE vs. ICGB.DE - Drawdown Comparison
The maximum ZPR6.DE drawdown since its inception was -13.49%, roughly equal to the maximum ICGB.DE drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for ZPR6.DE and ICGB.DE.
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Drawdown Indicators
| ZPR6.DE | ICGB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.49% | -13.36% | -0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -1.81% | -2.77% | +0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -1.81% | -11.17% | +9.36% |
Max Drawdown (5Y)Largest decline over 5 years | -13.37% | -13.36% | -0.01% |
Current DrawdownCurrent decline from peak | -0.71% | -1.82% | +1.11% |
Average DrawdownAverage peak-to-trough decline | -4.57% | -6.42% | +1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 1.06% | -0.61% |
Volatility
ZPR6.DE vs. ICGB.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 iShares China CNY Bond UCITS ETF USD (Dist) (ICGB.DE) has a volatility of 1.34%. This indicates that ZPR6.DE experiences smaller price fluctuations and is considered to be less risky 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
| ZPR6.DE | ICGB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 1.34% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 2.11% | 3.71% | -1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.48% | 5.38% | -2.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 6.64% | -2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.10% | 7.91% | -2.81% |
ZPR6.DE vs. ICGB.DE - Expense Ratio Comparison
ZPR6.DE has a 0.47% expense ratio, which is higher than ICGB.DE's 0.35% expense ratio.
Dividends
ZPR6.DE vs. ICGB.DE - Dividend Comparison
ZPR6.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% |
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% |
Frequently Asked Questions
ZPR6.DE and ICGB.DE have a correlation of -0.24, 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 0.47% for ZPR6.DE.
ZPR6.DE tracks ICE BofAML 0-5 EM USD Government Bond (EUR Hedged), while ICGB.DE tracks Bloomberg China Treasury + Policy Bank Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.47% for ZPR6.DE and 0.35% for ICGB.DE.
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