CBE3.L vs. VWCE.DE
CBE3.L (iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc)) and VWCE.DE (Vanguard FTSE All-World UCITS 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 VWCE.DE is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 5 years, CBE3.L returned 0.90%/yr vs 11.75%/yr for VWCE.DE. At a 0.08 correlation, their price movements are largely independent. CBE3.L charges 0.20%/yr vs 0.19%/yr for VWCE.DE.
Performance
CBE3.L vs. VWCE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CBE3.L achieves a 0.48% return, which is significantly lower than VWCE.DE's 12.91% return.
CBE3.L
- 1D
- 0.03%
- 1M
- 0.30%
- YTD
- 0.48%
- 6M
- 0.60%
- 1Y
- 1.25%
- 3Y*
- 2.87%
- 5Y*
- 0.90%
- 10Y*
- 0.41%
VWCE.DE
- 1D
- -0.36%
- 1M
- 1.00%
- YTD
- 12.91%
- 6M
- 13.38%
- 1Y
- 27.21%
- 3Y*
- 18.35%
- 5Y*
- 11.75%
- 10Y*
- —
CBE3.L vs. VWCE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) | 0.48% | 2.28% | 3.10% | 3.46% | -4.26% | -0.83% | -0.15% | -0.33% |
VWCE.DE Vanguard FTSE All-World UCITS ETF | 12.91% | 9.16% | 24.41% | 18.18% | -13.47% | 28.62% | 5.36% | 7.08% |
Correlation
The correlation between CBE3.L and VWCE.DE is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2019 | 0.08 |
Over the past year, CBE3.L and VWCE.DE have become more correlated (0.28) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
CBE3.L vs. VWCE.DE — Risk / Return Rank
CBE3.L
VWCE.DE
CBE3.L vs. VWCE.DE - 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 Vanguard FTSE All-World UCITS ETF (VWCE.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.
| CBE3.L | VWCE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.43 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 4.14 | -3.01 |
| Martin ratioReturn relative to average drawdown | 3.62 | 16.98 | -13.35 |
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Drawdowns
CBE3.L vs. VWCE.DE - Drawdown Comparison
The maximum CBE3.L drawdown since its inception was -6.13%, smaller than the maximum VWCE.DE drawdown of -33.43%. Use the drawdown chart below to compare losses from any high point for CBE3.L and VWCE.DE.
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Drawdown Indicators
| CBE3.L | VWCE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.13% | -33.43% | +27.30% |
Max Drawdown (1Y)Largest decline over 1 year | -1.11% | -6.55% | +5.44% |
Max Drawdown (3Y)Largest decline over 3 years | -1.11% | -21.07% | +19.96% |
Max Drawdown (5Y)Largest decline over 5 years | -5.19% | -21.07% | +15.88% |
Max Drawdown (10Y)Largest decline over 10 years | -6.13% | — | — |
Current DrawdownCurrent decline from peak | -0.07% | -1.11% | +1.04% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -4.66% | +3.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 1.60% | -1.26% |
Volatility
CBE3.L vs. VWCE.DE - Volatility Comparison
The current volatility for iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) is 0.30%, while Vanguard FTSE All-World UCITS ETF (VWCE.DE) has a volatility of 3.43%. This indicates that CBE3.L experiences smaller price fluctuations and is considered to be less risky than VWCE.DE 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 | VWCE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 3.43% | -3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 1.09% | 8.47% | -7.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.19% | 11.65% | -10.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.51% | 13.81% | -12.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.28% | 16.14% | -14.86% |
CBE3.L vs. VWCE.DE - Expense Ratio Comparison
CBE3.L has a 0.20% expense ratio, which is higher than VWCE.DE's 0.19% 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. VWCE.DE - Dividend Comparison
Neither CBE3.L nor VWCE.DE has paid dividends to shareholders.
Frequently Asked Questions
CBE3.L and VWCE.DE have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VWCE.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VWCE.DE is cheaper with a 0.19% expense ratio, compared with 0.20% for CBE3.L.
CBE3.L is categorized as Short-Term Bond, while VWCE.DE is Global Equities. CBE3.L tracks Bloomberg Euro Government Bond 1-3 Year Index, while VWCE.DE tracks FTSE All-World Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for CBE3.L and 0.19% for VWCE.DE.
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