CBSE.L vs. HYGU.L
CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) and HYGU.L (iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc)) are both exchange-traded funds - CBSE.L is a European Corporate Bonds fund tracking the Bloomberg Euro Corp TR EUR, while HYGU.L is a European High Yield Bonds fund tracking the Markit iBoxx Euro Liquid High Yield Index (EUR). Both are passively managed. Over the past 5 years, CBSE.L returned -0.36%/yr vs 5.04%/yr for HYGU.L. At a 0.37 correlation, their price movements are largely independent. CBSE.L charges 0.20%/yr vs 0.55%/yr for HYGU.L.
Performance
CBSE.L vs. HYGU.L - Performance Comparison
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Different Trading Currencies
CBSE.L is traded in GBp, while HYGU.L is traded in USD. To make them comparable, the HYGU.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CBSE.L achieves a -1.66% return, which is significantly lower than HYGU.L's 2.21% return.
CBSE.L
- 1D
- 0.23%
- 1M
- -1.70%
- 6M
- -1.29%
- YTD
- -1.66%
- 1Y
- 0.23%
- 3Y*
- 4.67%
- 5Y*
- -0.36%
- 10Y*
- —
HYGU.L
- 1D
- 0.03%
- 1M
- -1.09%
- 6M
- 1.48%
- YTD
- 2.21%
- 1Y
- 4.82%
- 3Y*
- 6.89%
- 5Y*
- 5.04%
- 10Y*
- —
CBSE.L vs. HYGU.L - Yearly Performance Comparison
| 2026 (YTD) | 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 | -1.66% | 8.60% | -0.01% | 5.96% | -10.95% | -7.70% | 8.93% | 2.37% | -1.04% | -1.02% |
HYGU.L iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc) | 2.21% | -0.40% | 9.16% | 7.87% | 3.91% | 4.70% | -0.84% | 8.53% | 5.02% | -1.67% |
Correlation
The correlation between CBSE.L and HYGU.L 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 | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.37 |
The correlation between CBSE.L and HYGU.L shifts across timeframes, from 0.25 (3 years) to 0.37 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CBSE.L vs. HYGU.L — Risk / Return Rank
CBSE.L
HYGU.L
CBSE.L vs. HYGU.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 iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc) (HYGU.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.
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.
| CBSE.L | HYGU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.13 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 1.12 | -1.12 |
| Martin ratioReturn relative to average drawdown | -0.00 | 2.79 | -2.79 |
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Drawdowns
CBSE.L vs. HYGU.L - Drawdown Comparison
The maximum CBSE.L drawdown since its inception was -24.02%, which is greater than HYGU.L's maximum drawdown of -19.14%. Use the drawdown chart below to compare losses from any high point for CBSE.L and HYGU.L.
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Drawdown Indicators
| CBSE.L | HYGU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.02% | -19.14% | -4.88% |
Max Drawdown (1Y)Largest decline over 1 year | -4.12% | -4.27% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.12% | -8.35% | +4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -19.55% | -9.08% | -10.47% |
Current DrawdownCurrent decline from peak | -8.81% | -1.99% | -6.82% |
Average DrawdownAverage peak-to-trough decline | -11.03% | -3.90% | -7.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 1.72% | +0.09% |
Volatility
CBSE.L vs. HYGU.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 1.11%, while iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc) (HYGU.L) has a volatility of 1.62%. This indicates that CBSE.L experiences smaller price fluctuations and is considered to be less risky than HYGU.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 | HYGU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 1.62% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 3.82% | 5.11% | -1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.74% | 6.78% | -2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 8.40% | -1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 9.42% | -0.75% |
CBSE.L vs. HYGU.L - Expense Ratio Comparison
CBSE.L has a 0.20% expense ratio, which is lower than HYGU.L's 0.55% expense ratio.
Dividends
CBSE.L vs. HYGU.L - Dividend Comparison
CBSE.L's dividend yield for the trailing twelve months is around 3.54%, while HYGU.L has not paid dividends to shareholders.
| 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 | 3.54% | 3.72% | 3.18% | 1.80% | 0.58% | 0.59% | 0.61% | 1.03% | 1.42% | 0.48% |
HYGU.L iShares € High Yield Corp Bond UCITS ETF USD Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBSE.L and HYGU.L 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, CBSE.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBSE.L is cheaper with a 0.20% expense ratio, compared with 0.55% for HYGU.L.
CBSE.L is categorized as European Corporate Bonds, while HYGU.L is European High Yield Bonds. CBSE.L tracks Bloomberg Euro Corp TR EUR, while HYGU.L tracks Markit iBoxx Euro Liquid High Yield Index (EUR). They also come from different issuers: UBS and iShares. Their fees differ too: 0.20% for CBSE.L and 0.55% for HYGU.L.
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