CBSE.L vs. JRBE.L
CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) and JRBE.L (JPMorgan EUR Corporate Bond Research Enhanced Index (ESG) UCITS ETF) are both European Corporate Bonds funds tracking the Bloomberg Euro Corp TR EUR, from UBS and JPMorgan respectively. Both are passively managed. Over the past 5 years, CBSE.L returned -0.11%/yr vs 0.30%/yr for JRBE.L. With a 0.96 correlation, they move nearly in lockstep. CBSE.L charges 0.20%/yr vs 0.04%/yr for JRBE.L.
Performance
CBSE.L vs. JRBE.L - Performance Comparison
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Different Trading Currencies
CBSE.L is traded in GBp, while JRBE.L is traded in GBP. To make them comparable, the JRBE.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with CBSE.L having a -0.42% return and JRBE.L slightly lower at -0.44%.
CBSE.L
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -0.42%
- 6M
- -0.53%
- 1Y
- 4.75%
- 3Y*
- 5.05%
- 5Y*
- -0.11%
- 10Y*
- —
JRBE.L
- 1D
- 0.22%
- 1M
- 1.03%
- YTD
- -0.44%
- 6M
- -0.44%
- 1Y
- 4.85%
- 3Y*
- 4.75%
- 5Y*
- 0.30%
- 10Y*
- —
CBSE.L vs. JRBE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -0.08% |
JRBE.L JPMorgan EUR Corporate Bond Research Enhanced Index (ESG) UCITS ETF | -0.44% | 8.52% | -0.35% | 5.53% | -8.30% | -7.59% | 8.06% | 0.11% | 0.48% |
Correlation
The correlation between CBSE.L and JRBE.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2018 | 0.96 |
The correlation between CBSE.L and JRBE.L has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
CBSE.L vs. JRBE.L — Risk / Return Rank
CBSE.L
JRBE.L
CBSE.L vs. JRBE.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 JPMorgan EUR Corporate Bond Research Enhanced Index (ESG) UCITS ETF (JRBE.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 | JRBE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.22 | -0.07 |
| Martin ratioReturn relative to average drawdown | 2.96 | 3.13 | -0.17 |
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 | JRBE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | 1.01 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 0.05 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.09 | +0.08 |
Drawdowns
CBSE.L vs. JRBE.L - Drawdown Comparison
The maximum CBSE.L drawdown since its inception was -24.02%, which is greater than JRBE.L's maximum drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for CBSE.L and JRBE.L.
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Drawdown Indicators
| CBSE.L | JRBE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.02% | -21.46% | -2.56% |
Max Drawdown (1Y)Largest decline over 1 year | -4.12% | -3.97% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.12% | -3.97% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -19.55% | -16.77% | -2.78% |
Current DrawdownCurrent decline from peak | -7.66% | -5.72% | -1.94% |
Average DrawdownAverage peak-to-trough decline | -9.73% | -9.85% | +0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.55% | +0.05% |
Volatility
CBSE.L vs. JRBE.L - Volatility Comparison
UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) has a higher volatility of 1.58% compared to JPMorgan EUR Corporate Bond Research Enhanced Index (ESG) UCITS ETF (JRBE.L) at 1.46%. This indicates that CBSE.L's price experiences larger fluctuations and is considered to be riskier than JRBE.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 | JRBE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.46% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.79% | 3.67% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.87% | 4.76% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 6.15% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.44% | 7.10% | +0.34% |
CBSE.L vs. JRBE.L - Expense Ratio Comparison
CBSE.L has a 0.20% expense ratio, which is higher than JRBE.L's 0.04% 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. JRBE.L - Dividend Comparison
CBSE.L's dividend yield for the trailing twelve months is around 3.50%, while JRBE.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% |
JRBE.L JPMorgan EUR Corporate Bond Research Enhanced Index (ESG) UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, CBSE.L and JRBE.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, JRBE.L is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JRBE.L is cheaper with a 0.04% expense ratio, compared with 0.20% for CBSE.L.
Both ETFs track Bloomberg Euro Corp TR EUR. They also come from different issuers: UBS and JPMorgan. Their fees differ too: 0.20% for CBSE.L and 0.04% for JRBE.L.
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