CBE3.L vs. ICSH
CBE3.L (iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc)) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - CBE3.L is a Short-Term Bond fund tracking the Bloomberg Euro Government Bond 1-3 Year Index, while ICSH is a Ultrashort Bond fund actively managed by iShares. CBE3.L is passively managed, while ICSH is actively managed. Over the past 10 years, CBE3.L returned 0.36%/yr vs 2.55%/yr for ICSH. At a 0.04 correlation, their price movements are largely independent. CBE3.L charges 0.20%/yr vs 0.08%/yr for ICSH.
Performance
CBE3.L vs. ICSH - Performance Comparison
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Different Trading Currencies
CBE3.L is traded in EUR, while ICSH is traded in USD. To make them comparable, the ICSH values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, CBE3.L achieves a 0.13% return, which is significantly lower than ICSH's 2.61% return. Over the past 10 years, CBE3.L has underperformed ICSH with an annualized return of 0.36%, while ICSH has yielded a comparatively higher 2.55% annualized return.
CBE3.L
- 1D
- 0.04%
- 1M
- 0.24%
- YTD
- 0.13%
- 6M
- 0.25%
- 1Y
- 0.94%
- 3Y*
- 2.70%
- 5Y*
- 0.81%
- 10Y*
- 0.36%
ICSH
- 1D
- -0.14%
- 1M
- 0.99%
- YTD
- 2.61%
- 6M
- 2.07%
- 1Y
- 2.57%
- 3Y*
- 2.38%
- 5Y*
- 4.64%
- 10Y*
- 2.55%
CBE3.L vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) | 0.13% | 2.27% | 3.11% | 3.46% | -4.26% | -0.83% | -0.15% | 0.18% | -0.33% | 0.06% |
ICSH iShares Ultra Short Duration Bond Active ETF | 2.61% | -7.49% | 12.49% | 2.42% | 7.22% | 7.65% | -6.77% | 5.50% | 7.05% | -10.86% |
Correlation
The correlation between CBE3.L and ICSH is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2013 | 0.04 |
The correlation between CBE3.L and ICSH shifts across timeframes, from -0.25 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CBE3.L vs. ICSH — Risk / Return Rank
CBE3.L
ICSH
CBE3.L vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) and iShares Ultra Short Duration Bond Active ETF (ICSH). 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.
| CBE3.L | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.08 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 0.70 | +0.15 |
| Martin ratioReturn relative to average drawdown | 2.81 | 1.62 | +1.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBE3.L | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.42 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.61 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.35 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.47 | -0.04 |
Drawdowns
CBE3.L vs. ICSH - Drawdown Comparison
The maximum CBE3.L drawdown since its inception was -6.12%, smaller than the maximum ICSH drawdown of -15.48%. Use the drawdown chart below to compare losses from any high point for CBE3.L and ICSH.
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Drawdown Indicators
| CBE3.L | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.12% | -15.48% | +9.36% |
Max Drawdown (1Y)Largest decline over 1 year | -1.10% | -3.68% | +2.58% |
Max Drawdown (3Y)Largest decline over 3 years | -1.10% | -11.20% | +10.10% |
Max Drawdown (5Y)Largest decline over 5 years | -5.19% | -11.37% | +6.18% |
Max Drawdown (10Y)Largest decline over 10 years | -6.12% | -15.48% | +9.36% |
Current DrawdownCurrent decline from peak | -0.42% | -6.22% | +5.80% |
Average DrawdownAverage peak-to-trough decline | -1.06% | -5.21% | +4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 1.59% | -1.25% |
Volatility
CBE3.L vs. ICSH - Volatility Comparison
The current volatility for iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) is 0.41%, while iShares Ultra Short Duration Bond Active ETF (ICSH) has a volatility of 1.17%. This indicates that CBE3.L experiences smaller price fluctuations and is considered to be less risky than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBE3.L | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 1.17% | -0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 1.08% | 4.23% | -3.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.19% | 6.16% | -4.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.51% | 7.58% | -6.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.28% | 7.34% | -6.06% |
CBE3.L vs. ICSH - Expense Ratio Comparison
CBE3.L has a 0.20% expense ratio, which is higher than ICSH's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CBE3.L vs. ICSH - Dividend Comparison
CBE3.L has not paid dividends to shareholders, while ICSH's dividend yield for the trailing twelve months is around 4.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ICSH iShares Ultra Short Duration Bond Active ETF | 4.34% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
Frequently Asked Questions
CBE3.L and ICSH have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICSH is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICSH is cheaper with a 0.08% expense ratio, compared with 0.20% for CBE3.L.
CBE3.L is categorized as Short-Term Bond, while ICSH is Ultrashort Bond. Their fees differ too: 0.20% for CBE3.L and 0.08% for ICSH.
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