CBSE.L vs. GBPC.L
CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) and GBPC.L (L&G ESG GBP Corporate Bond UCITS ETF) are both European Corporate Bonds funds - CBSE.L tracks the Bloomberg Euro Corp TR EUR while GBPC.L tracks the Markit iBoxx GBP NonGilts TR. Both are passively managed. Over the past 5 years, CBSE.L returned -0.11%/yr vs -0.17%/yr for GBPC.L. At a 0.31 correlation, their price movements are largely independent. CBSE.L charges 0.20%/yr vs 0.09%/yr for GBPC.L.
Performance
CBSE.L vs. GBPC.L - Performance Comparison
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Returns By Period
In the year-to-date period, CBSE.L achieves a -0.42% return, which is significantly lower than GBPC.L's 0.12% return.
CBSE.L
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -0.42%
- 6M
- -0.53%
- 1Y
- 4.75%
- 3Y*
- 5.05%
- 5Y*
- -0.11%
- 10Y*
- —
GBPC.L
- 1D
- 0.26%
- 1M
- 2.00%
- YTD
- 0.12%
- 6M
- 0.43%
- 1Y
- 4.91%
- 3Y*
- 6.29%
- 5Y*
- -0.17%
- 10Y*
- —
CBSE.L vs. GBPC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | -0.42% | 8.60% | -0.00% | 5.96% | -10.95% | -7.70% | -0.43% |
GBPC.L L&G ESG GBP Corporate Bond UCITS ETF | 0.12% | 6.83% | 2.78% | 8.45% | -17.18% | -2.43% | -0.23% |
Correlation
The correlation between CBSE.L and GBPC.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.31 |
The correlation between CBSE.L and GBPC.L shifts across timeframes, from 0.31 (1 year) to 0.43 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CBSE.L vs. GBPC.L — Risk / Return Rank
CBSE.L
GBPC.L
CBSE.L vs. GBPC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) and L&G ESG GBP Corporate Bond UCITS ETF (GBPC.L). 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.
| CBSE.L | GBPC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.15 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.18 | -0.03 |
| Martin ratioReturn relative to average drawdown | 2.96 | 3.91 | -0.95 |
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
| CBSE.L | GBPC.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | 0.78 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | -0.02 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | -0.10 | +0.27 |
Drawdowns
CBSE.L vs. GBPC.L - Drawdown Comparison
The maximum CBSE.L drawdown since its inception was -24.02%, smaller than the maximum GBPC.L drawdown of -28.18%. Use the drawdown chart below to compare losses from any high point for CBSE.L and GBPC.L.
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Drawdown Indicators
| CBSE.L | GBPC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.02% | -28.18% | +4.16% |
Max Drawdown (1Y)Largest decline over 1 year | -4.12% | -4.14% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.12% | -4.14% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -19.55% | -27.49% | +7.94% |
Current DrawdownCurrent decline from peak | -7.66% | -4.53% | -3.13% |
Average DrawdownAverage peak-to-trough decline | -9.73% | -11.46% | +1.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.25% | +0.35% |
Volatility
CBSE.L vs. GBPC.L - Volatility Comparison
The current volatility for UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) is 1.58%, while L&G ESG GBP Corporate Bond UCITS ETF (GBPC.L) has a volatility of 3.33%. This indicates that CBSE.L experiences smaller price fluctuations and is considered to be less risky than GBPC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBSE.L | GBPC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 3.33% | -1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 3.79% | 5.09% | -1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.87% | 6.23% | -1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 8.19% | -1.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.44% | 8.15% | -0.71% |
CBSE.L vs. GBPC.L - Expense Ratio Comparison
CBSE.L has a 0.20% expense ratio, which is higher than GBPC.L's 0.09% 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
CBSE.L vs. GBPC.L - Dividend Comparison
CBSE.L's dividend yield for the trailing twelve months is around 3.50%, less than GBPC.L's 5.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | 3.50% | 3.72% | 3.18% | 1.80% | 0.58% | 0.59% | 0.61% | 1.03% | 1.42% | 0.48% |
GBPC.L L&G ESG GBP Corporate Bond UCITS ETF | 5.14% | 5.00% | 4.86% | 3.58% | 2.16% | 0.87% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBSE.L and GBPC.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBPC.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBPC.L is cheaper with a 0.09% expense ratio, compared with 0.20% for CBSE.L.
CBSE.L tracks Bloomberg Euro Corp TR EUR, while GBPC.L tracks Markit iBoxx GBP NonGilts TR. They also come from different issuers: UBS and Legal & General. Their fees differ too: 0.20% for CBSE.L and 0.09% for GBPC.L.
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