CE31.L vs. ISAC.L
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and ISAC.L (iShares MSCI ACWI UCITS ETF USD (Acc)) are both exchange-traded funds - CE31.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while ISAC.L is a Global Equities fund tracking the MSCI ACWI Index. Both are passively managed. Over the past 10 years, CE31.L returned 1.34%/yr vs 13.48%/yr for ISAC.L. At a 0.11 correlation, their price movements are largely independent. CE31.L charges 0.15%/yr vs 0.20%/yr for ISAC.L.
Performance
CE31.L vs. ISAC.L - Performance Comparison
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Different Trading Currencies
CE31.L is traded in GBp, while ISAC.L is traded in USD. To make them comparable, the ISAC.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CE31.L achieves a -0.69% return, which is significantly lower than ISAC.L's 12.06% return. Over the past 10 years, CE31.L has underperformed ISAC.L with an annualized return of 1.34%, while ISAC.L has yielded a comparatively higher 13.48% annualized return.
CE31.L
- 1D
- 0.18%
- 1M
- 0.53%
- YTD
- -0.69%
- 6M
- -0.65%
- 1Y
- 3.69%
- 3Y*
- 2.80%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
ISAC.L
- 1D
- 0.00%
- 1M
- 5.28%
- YTD
- 12.06%
- 6M
- 12.30%
- 1Y
- 30.14%
- 3Y*
- 18.17%
- 5Y*
- 12.60%
- 10Y*
- 13.48%
CE31.L vs. ISAC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.69% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.80% | 0.64% | 3.54% |
ISAC.L iShares MSCI ACWI UCITS ETF USD (Acc) | 11.99% | 13.64% | 19.87% | 16.44% | -8.43% | 19.97% | 12.26% | 20.98% | -4.37% | 13.63% |
Correlation
The correlation between CE31.L and ISAC.L is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2013 | 0.11 |
The correlation between CE31.L and ISAC.L shifts across timeframes, from 0.02 (3 years) to 0.13 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
CE31.L vs. ISAC.L — Risk / Return Rank
CE31.L
ISAC.L
CE31.L vs. ISAC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) and iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.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.
| CE31.L | ISAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.48 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 4.36 | -2.96 |
| Martin ratioReturn relative to average drawdown | 3.13 | 16.74 | -13.61 |
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
| CE31.L | ISAC.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 2.52 | -1.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.88 | -0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.87 | -0.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.86 | -0.78 |
Drawdowns
CE31.L vs. ISAC.L - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, smaller than the maximum ISAC.L drawdown of -25.84%. Use the drawdown chart below to compare losses from any high point for CE31.L and ISAC.L.
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Drawdown Indicators
| CE31.L | ISAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -25.84% | +7.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -6.88% | +4.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -18.33% | +15.28% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -18.33% | +12.35% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | -25.84% | +12.70% |
Current DrawdownCurrent decline from peak | -3.78% | -0.36% | -3.42% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -3.56% | -3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.80% | -0.63% |
Volatility
CE31.L vs. ISAC.L - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.L) has a volatility of 3.74%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky than ISAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CE31.L | ISAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 3.74% | -2.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 9.25% | -6.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 11.90% | -7.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 14.29% | -9.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 15.49% | -8.42% |
CE31.L vs. ISAC.L - Expense Ratio Comparison
CE31.L has a 0.15% expense ratio, which is lower than ISAC.L's 0.20% 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
CE31.L vs. ISAC.L - Dividend Comparison
Neither CE31.L nor ISAC.L has paid dividends to shareholders.
Frequently Asked Questions
CE31.L and ISAC.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CE31.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CE31.L is cheaper with a 0.15% expense ratio, compared with 0.20% for ISAC.L.
CE31.L is categorized as European Government Bonds, while ISAC.L is Global Equities. CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while ISAC.L tracks MSCI ACWI Index. Their fees differ too: 0.15% for CE31.L and 0.20% for ISAC.L.
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