CBSE.L vs. IRCP.L
CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) and IRCP.L (iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist)) are both European Corporate Bonds funds - CBSE.L tracks the Bloomberg Euro Corp TR EUR while IRCP.L tracks the Bloomberg MSCI EUR Corporate Interest Rate Hedged ESG SRI Index. Both are passively managed. Over the past 5 years, CBSE.L returned -0.36%/yr vs 2.55%/yr for IRCP.L. A 0.65 correlation means they provide meaningful diversification when combined. CBSE.L charges 0.20%/yr vs 0.25%/yr for IRCP.L.
Performance
CBSE.L vs. IRCP.L - Performance Comparison
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Different Trading Currencies
CBSE.L is traded in GBp, while IRCP.L is traded in EUR. To make them comparable, the IRCP.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 IRCP.L's -1.09% 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*
- —
IRCP.L
- 1D
- 0.11%
- 1M
- -1.28%
- 6M
- -0.66%
- YTD
- -1.09%
- 1Y
- 1.33%
- 3Y*
- 4.68%
- 5Y*
- 2.55%
- 10Y*
- 1.68%
CBSE.L vs. IRCP.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% | -7.75% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | -1.09% | 9.79% | 1.63% | 3.04% | 2.28% | -6.16% | 6.54% | -1.90% | -2.68% | 2.62% |
Correlation
The correlation between CBSE.L and IRCP.L is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2017 | 0.65 |
The correlation between CBSE.L and IRCP.L has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.
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Return for Risk
CBSE.L vs. IRCP.L — Risk / Return Rank
CBSE.L
IRCP.L
CBSE.L vs. IRCP.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 € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.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 | IRCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.05 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 0.52 | -0.52 |
| Martin ratioReturn relative to average drawdown | -0.00 | 1.51 | -1.51 |
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Drawdowns
CBSE.L vs. IRCP.L - Drawdown Comparison
The maximum CBSE.L drawdown since its inception was -24.02%, which is greater than IRCP.L's maximum drawdown of -19.15%. Use the drawdown chart below to compare losses from any high point for CBSE.L and IRCP.L.
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Drawdown Indicators
| CBSE.L | IRCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.02% | -19.15% | -4.87% |
Max Drawdown (1Y)Largest decline over 1 year | -4.12% | -2.55% | -1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -4.12% | -2.55% | -1.57% |
Max Drawdown (5Y)Largest decline over 5 years | -19.55% | -8.09% | -11.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.86% | — |
Current DrawdownCurrent decline from peak | -8.81% | -2.16% | -6.65% |
Average DrawdownAverage peak-to-trough decline | -11.03% | -5.61% | -5.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 0.88% | +0.93% |
Volatility
CBSE.L vs. IRCP.L - Volatility Comparison
UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) and iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.L) have volatilities of 1.11% and 1.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBSE.L | IRCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 1.09% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 3.82% | 3.51% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.74% | 4.65% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 6.05% | +0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 7.09% | +1.58% |
CBSE.L vs. IRCP.L - Expense Ratio Comparison
CBSE.L has a 0.20% expense ratio, which is lower than IRCP.L's 0.25% expense ratio. Despite the difference, 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. IRCP.L - Dividend Comparison
CBSE.L's dividend yield for the trailing twelve months is around 3.54%, more than IRCP.L's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | 2.58% | 2.91% | 3.70% | 2.52% | 0.43% | 0.70% | 0.82% | 0.92% | 0.58% | 0.71% | 1.35% | 1.47% |
Frequently Asked Questions
CBSE.L and IRCP.L have a correlation of 0.60, 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 0.25% for IRCP.L.
CBSE.L tracks Bloomberg Euro Corp TR EUR, while IRCP.L tracks Bloomberg MSCI EUR Corporate Interest Rate Hedged ESG SRI Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.20% for CBSE.L and 0.25% for IRCP.L.
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