CBSE.L vs. XZE5.L

Last updated Jun 5, 2026

CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) and XZE5.L (Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C) are both European Corporate Bonds funds tracking the Bloomberg Euro Corp TR EUR, from UBS and Xtrackers respectively. Both are passively managed. Their correlation of 0.88 suggests significant overlap in exposure. CBSE.L charges 0.20%/yr vs 0.16%/yr for XZE5.L.

Performance

CBSE.L vs. XZE5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) and Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C (XZE5.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CBSE.L is traded in GBp, while XZE5.L is traded in GBP. To make them comparable, the XZE5.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

CBSE.L

• 1D: 0.27%
• 1M: 1.08%
• YTD: -0.42%
• 6M: -0.53%
• 1Y: 4.75%
• 3Y*: 5.05%
• 5Y*: -0.11%
• 10Y*: —

XZE5.L

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBSE.L vs. XZE5.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
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%	1.71%
XZE5.L Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C	-0.42%	8.64%	-0.59%	3.12%	-1.52%	-6.82%	-0.17%

Correlation

The correlation between CBSE.L and XZE5.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	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 30, 2020	0.88

The correlation between CBSE.L and XZE5.L has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

CBSE.L vs. XZE5.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBSE.L

CBSE.L Risk / Return Rank: 25
CBSE.L Sharpe Ratio Rank: 28
CBSE.L Sortino Ratio Rank: 26
CBSE.L Omega Ratio Rank: 25
CBSE.L Calmar Ratio Rank: 25
CBSE.L Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBSE.L vs. XZE5.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 Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C (XZE5.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	XZE5.L	Difference
Sharpe ratio: Return per unit of total volatility	0.97	—	—
Sortino ratio: Return per unit of downside risk	1.43	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	1.15	—	—
Martin ratio: Return relative to average drawdown	2.96	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CBSE.L	XZE5.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	—	—

Drawdowns

Drawdown Indicators

	CBSE.L	XZE5.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.02%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-4.12%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.55%	—	—
Current Drawdown Current decline from peak	-7.66%	—	—
Average Drawdown Average peak-to-trough decline	-9.73%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	—	—

Volatility

Volatility by Period

	CBSE.L	XZE5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.87%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.43%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.44%	—	—

CBSE.L vs. XZE5.L - Expense Ratio Comparison

CBSE.L has a 0.20% expense ratio, which is higher than XZE5.L's 0.16% 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. XZE5.L - Dividend Comparison

CBSE.L's dividend yield for the trailing twelve months is around 3.50%, while XZE5.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%
XZE5.L Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBSE.L and XZE5.L in my portfolio?

CBSE.L and XZE5.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.

Which ETF is better, CBSE.L or XZE5.L?

On fees, XZE5.L is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBSE.L or XZE5.L?

XZE5.L is cheaper with a 0.16% expense ratio, compared with 0.20% for CBSE.L.

What is the main difference between CBSE.L and XZE5.L?

Both ETFs track Bloomberg Euro Corp TR EUR. They also come from different issuers: UBS and Xtrackers. Their fees differ too: 0.20% for CBSE.L and 0.16% for XZE5.L.