CBU0.DE vs. XAT1.DE
CBU0.DE (iShares Core GBP Corporate Bond UCITS ETF (EUR Hedged) Acc) and XAT1.DE (Invesco AT1 Capital Bond ETF EUR Hedged Dist) are both Corporate Bonds funds - CBU0.DE tracks the iBoxx® GBP Liquid Corporates Large Cap (EUR Hedged) while XAT1.DE tracks the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD. Both are passively managed. Over the past 3 years, CBU0.DE returned 3.94%/yr vs 8.79%/yr for XAT1.DE. At a 0.29 correlation, their price movements are largely independent. CBU0.DE charges 0.25%/yr vs 0.39%/yr for XAT1.DE.
Performance
CBU0.DE vs. XAT1.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CBU0.DE achieves a -0.89% return, which is significantly lower than XAT1.DE's 0.23% return.
CBU0.DE
- 1D
- 0.17%
- 1M
- 0.91%
- YTD
- -0.89%
- 6M
- -0.71%
- 1Y
- 2.45%
- 3Y*
- 3.94%
- 5Y*
- —
- 10Y*
- —
XAT1.DE
- 1D
- -0.09%
- 1M
- -1.42%
- YTD
- 0.23%
- 6M
- 0.99%
- 1Y
- 5.49%
- 3Y*
- 8.79%
- 5Y*
- 0.67%
- 10Y*
- —
CBU0.DE vs. XAT1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CBU0.DE iShares Core GBP Corporate Bond UCITS ETF (EUR Hedged) Acc | -0.89% | 4.58% | -0.25% | 5.06% |
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 0.23% | 8.61% | 8.34% | 18.85% |
Correlation
The correlation between CBU0.DE and XAT1.DE is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2023 | 0.29 |
The correlation between CBU0.DE and XAT1.DE shifts across timeframes, from 0.29 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CBU0.DE vs. XAT1.DE — Risk / Return Rank
CBU0.DE
XAT1.DE
CBU0.DE vs. XAT1.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core GBP Corporate Bond UCITS ETF (EUR Hedged) Acc (CBU0.DE) and Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE). 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.
| CBU0.DE | XAT1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.24 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | 1.55 | -0.96 |
| Martin ratioReturn relative to average drawdown | 1.62 | 6.31 | -4.69 |
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
| CBU0.DE | XAT1.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.48 | 1.15 | -0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.31 | +0.14 |
Drawdowns
CBU0.DE vs. XAT1.DE - Drawdown Comparison
The maximum CBU0.DE drawdown since its inception was -6.02%, smaller than the maximum XAT1.DE drawdown of -28.95%. Use the drawdown chart below to compare losses from any high point for CBU0.DE and XAT1.DE.
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Drawdown Indicators
| CBU0.DE | XAT1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.02% | -28.95% | +22.93% |
Max Drawdown (1Y)Largest decline over 1 year | -4.20% | -3.63% | -0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -4.20% | -4.67% | +0.47% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.74% | — |
Current DrawdownCurrent decline from peak | -2.03% | -1.42% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -1.65% | -6.38% | +4.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 0.89% | +0.63% |
Volatility
CBU0.DE vs. XAT1.DE - Volatility Comparison
iShares Core GBP Corporate Bond UCITS ETF (EUR Hedged) Acc (CBU0.DE) has a higher volatility of 2.00% compared to Invesco AT1 Capital Bond ETF EUR Hedged Dist (XAT1.DE) at 1.69%. This indicates that CBU0.DE's price experiences larger fluctuations and is considered to be riskier than XAT1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBU0.DE | XAT1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.00% | 1.69% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 4.39% | 4.41% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.11% | 4.91% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.81% | 8.18% | -2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.81% | 10.25% | -4.44% |
CBU0.DE vs. XAT1.DE - Expense Ratio Comparison
CBU0.DE has a 0.25% expense ratio, which is lower than XAT1.DE's 0.39% expense ratio.
Dividends
CBU0.DE vs. XAT1.DE - Dividend Comparison
CBU0.DE has not paid dividends to shareholders, while XAT1.DE's dividend yield for the trailing twelve months is around 5.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CBU0.DE iShares Core GBP Corporate Bond UCITS ETF (EUR Hedged) Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XAT1.DE Invesco AT1 Capital Bond ETF EUR Hedged Dist | 5.94% | 5.95% | 6.40% | 6.17% | 6.02% | 4.42% | 5.23% | 5.59% | 2.63% |
Frequently Asked Questions
CBU0.DE and XAT1.DE have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBU0.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBU0.DE is cheaper with a 0.25% expense ratio, compared with 0.39% for XAT1.DE.
CBU0.DE tracks iBoxx® GBP Liquid Corporates Large Cap (EUR Hedged), while XAT1.DE tracks Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for CBU0.DE and 0.39% for XAT1.DE.
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