CBSE.L vs. IEAA.L
CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) and IEAA.L (iShares Core Euro Corporate Bond UCITS ETF (Acc)) are both European Corporate Bonds funds tracking the Bloomberg Euro Corp TR EUR, from UBS and iShares respectively. Both are passively managed. Over the past 5 years, CBSE.L returned -0.11%/yr vs 0.23%/yr for IEAA.L. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
CBSE.L vs. IEAA.L - Performance Comparison
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Different Trading Currencies
CBSE.L is traded in GBp, while IEAA.L is traded in EUR. To make them comparable, the IEAA.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 -0.42% return, which is significantly lower than IEAA.L's -0.18% 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*
- —
IEAA.L
- 1D
- 0.25%
- 1M
- 1.01%
- YTD
- -0.18%
- 6M
- -0.54%
- 1Y
- 4.72%
- 3Y*
- 4.74%
- 5Y*
- 0.23%
- 10Y*
- —
CBSE.L vs. IEAA.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 | -0.42% | 8.60% | -0.00% | 5.96% | -10.95% | -7.70% | 8.93% | 2.37% | -1.04% | 1.70% |
IEAA.L iShares Core Euro Corporate Bond UCITS ETF (Acc) | -0.18% | 8.62% | -0.44% | 5.36% | -8.93% | -6.97% | 8.50% | 0.21% | -0.51% | 1.42% |
Correlation
The correlation between CBSE.L and IEAA.L is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2017 | 0.83 |
The correlation between CBSE.L and IEAA.L has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.
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Return for Risk
CBSE.L vs. IEAA.L — Risk / Return Rank
CBSE.L
IEAA.L
CBSE.L vs. IEAA.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 Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.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 | IEAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.25 | -0.11 |
| Martin ratioReturn relative to average drawdown | 2.96 | 3.22 | -0.26 |
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 | IEAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | 0.96 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 0.04 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.09 | +0.08 |
Drawdowns
CBSE.L vs. IEAA.L - Drawdown Comparison
The maximum CBSE.L drawdown since its inception was -24.02%, which is greater than IEAA.L's maximum drawdown of -21.43%. Use the drawdown chart below to compare losses from any high point for CBSE.L and IEAA.L.
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Drawdown Indicators
| CBSE.L | IEAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.02% | -21.43% | -2.59% |
Max Drawdown (1Y)Largest decline over 1 year | -4.12% | -3.75% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -4.12% | -3.75% | -0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -19.55% | -16.80% | -2.75% |
Current DrawdownCurrent decline from peak | -7.66% | -5.98% | -1.68% |
Average DrawdownAverage peak-to-trough decline | -9.73% | -8.94% | -0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.46% | +0.14% |
Volatility
CBSE.L vs. IEAA.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 iShares Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.L) has a volatility of 1.67%. This indicates that CBSE.L experiences smaller price fluctuations and is considered to be less risky than IEAA.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 | IEAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.67% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.79% | 3.74% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.87% | 4.90% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 6.31% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.44% | 6.91% | +0.53% |
CBSE.L vs. IEAA.L - Expense Ratio Comparison
Both CBSE.L and IEAA.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
CBSE.L vs. IEAA.L - Dividend Comparison
CBSE.L's dividend yield for the trailing twelve months is around 3.50%, while IEAA.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 | 3.50% | 3.72% | 3.18% | 1.80% | 0.58% | 0.59% | 0.61% | 1.03% | 1.42% | 0.48% |
IEAA.L iShares Core Euro Corporate Bond UCITS ETF (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 IEAA.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CBSE.L and IEAA.L have the same expense ratio: 0.20% per year.
Both ETFs track Bloomberg Euro Corp TR EUR. They also come from different issuers: UBS and iShares.
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