CBSE.L vs. SE15.L
CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) and SE15.L (iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist)) are both European Corporate Bonds funds - CBSE.L tracks the Bloomberg Euro Corp TR EUR while SE15.L tracks the Bloomberg Euro Agg Corp 1-3 Yr TR EUR. Both are passively managed. Over the past 5 years, CBSE.L returned -0.11%/yr vs 1.50%/yr for SE15.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
CBSE.L vs. SE15.L - Performance Comparison
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Different Trading Currencies
CBSE.L is traded in GBp, while SE15.L is traded in GBP. To make them comparable, the SE15.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 SE15.L's -0.33% 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*
- —
SE15.L
- 1D
- 0.22%
- 1M
- 0.73%
- YTD
- -0.33%
- 6M
- -0.28%
- 1Y
- 5.05%
- 3Y*
- 4.84%
- 5Y*
- 1.50%
- 10Y*
- 2.18%
CBSE.L vs. SE15.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% | 8.00% |
SE15.L iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist) | -0.33% | 9.40% | 0.01% | 4.04% | -2.64% | -6.64% | 6.70% | -2.39% | 0.34% | 4.51% |
Correlation
The correlation between CBSE.L and SE15.L is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.92 |
The correlation between CBSE.L and SE15.L has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
CBSE.L vs. SE15.L — Risk / Return Rank
CBSE.L
SE15.L
CBSE.L vs. SE15.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 EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist) (SE15.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 | SE15.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.20 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.55 | -0.40 |
| Martin ratioReturn relative to average drawdown | 2.96 | 3.96 | -1.00 |
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 | SE15.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | 1.17 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 0.27 | -0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.31 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.25 | -0.08 |
Drawdowns
CBSE.L vs. SE15.L - Drawdown Comparison
The maximum CBSE.L drawdown since its inception was -24.02%, which is greater than SE15.L's maximum drawdown of -15.78%. Use the drawdown chart below to compare losses from any high point for CBSE.L and SE15.L.
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Drawdown Indicators
| CBSE.L | SE15.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.02% | -15.78% | -8.24% |
Max Drawdown (1Y)Largest decline over 1 year | -4.12% | -3.25% | -0.87% |
Max Drawdown (3Y)Largest decline over 3 years | -4.12% | -3.25% | -0.87% |
Max Drawdown (5Y)Largest decline over 5 years | -19.55% | -10.15% | -9.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.55% | — |
Current DrawdownCurrent decline from peak | -7.66% | -1.85% | -5.81% |
Average DrawdownAverage peak-to-trough decline | -9.73% | -6.32% | -3.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.27% | +0.33% |
Volatility
CBSE.L vs. SE15.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 iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist) (SE15.L) at 1.31%. This indicates that CBSE.L's price experiences larger fluctuations and is considered to be riskier than SE15.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 | SE15.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.31% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 3.79% | 3.13% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.87% | 4.32% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 5.48% | +0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.44% | 7.05% | +0.39% |
CBSE.L vs. SE15.L - Expense Ratio Comparison
Both CBSE.L and SE15.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. SE15.L - Dividend Comparison
CBSE.L's dividend yield for the trailing twelve months is around 3.50%, which matches SE15.L's 3.51% 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 | 3.50% | 3.72% | 3.18% | 1.80% | 0.58% | 0.59% | 0.61% | 1.03% | 1.42% | 0.48% | 0.00% | 0.00% |
SE15.L iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist) | 3.51% | 3.34% | 3.02% | 1.62% | 0.58% | 0.68% | 0.66% | 0.73% | 0.69% | 0.77% | 1.05% | 0.77% |
Frequently Asked Questions
With a correlation of 0.95, CBSE.L and SE15.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.
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 SE15.L have the same expense ratio: 0.20% per year.
CBSE.L tracks Bloomberg Euro Corp TR EUR, while SE15.L tracks Bloomberg Euro Agg Corp 1-3 Yr TR EUR. They also come from different issuers: UBS and iShares.
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