COVR.DE vs. JREB.DE

Last updated Jun 5, 2026

COVR.DE (PIMCO Covered Bond UCITS ETF Dist) and JREB.DE (JPMorgan EUR Corporate Bond Research Enhanced Index (ESG) UCITS ETF) are both European Corporate Bonds funds - COVR.DE tracks the PIMCO Covered Bond while JREB.DE tracks the JP Morgan EUR Corporate Bond Research Enhanced Index (ESG). Both are passively managed. Over the past 5 years, COVR.DE returned -0.49%/yr vs 0.14%/yr for JREB.DE. A 0.72 correlation means they provide meaningful diversification when combined. COVR.DE charges 0.43%/yr vs 0.04%/yr for JREB.DE.

Performance

COVR.DE vs. JREB.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in PIMCO Covered Bond UCITS ETF Dist (COVR.DE) and JPMorgan EUR Corporate Bond Research Enhanced Index (ESG) UCITS ETF (JREB.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COVR.DE achieves a -0.22% return, which is significantly lower than JREB.DE's 0.57% return.

COVR.DE

• 1D: -0.00%
• 1M: 0.10%
• YTD: -0.22%
• 6M: -0.38%
• 1Y: 0.96%
• 3Y*: 3.61%
• 5Y*: -0.49%
• 10Y*: 0.53%

JREB.DE

• 1D: 0.06%
• 1M: 0.26%
• YTD: 0.57%
• 6M: 0.53%
• 1Y: 2.34%
• 3Y*: 4.65%
• 5Y*: 0.14%
• 10Y*: —

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

COVR.DE vs. JREB.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
COVR.DE PIMCO Covered Bond UCITS ETF Dist	-0.22%	2.66%	3.80%	6.11%	-12.85%	-2.27%	3.03%	3.98%	0.10%
JREB.DE JPMorgan EUR Corporate Bond Research Enhanced Index (ESG) UCITS ETF	0.57%	3.18%	4.24%	7.63%	-13.23%	-1.04%	2.29%	6.17%	0.12%

Correlation

The correlation between COVR.DE and JREB.DE is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 14, 2018	0.72

The correlation between COVR.DE and JREB.DE has been stable across timeframes, ranging from 0.69 to 0.79 - a consistent structural relationship.

Return for Risk

COVR.DE vs. JREB.DE — Risk / Return Rank

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

COVR.DE

COVR.DE Risk / Return Rank: 12
COVR.DE Sharpe Ratio Rank: 13
COVR.DE Sortino Ratio Rank: 11
COVR.DE Omega Ratio Rank: 12
COVR.DE Calmar Ratio Rank: 12
COVR.DE Martin Ratio Rank: 12

JREB.DE

JREB.DE Risk / Return Rank: 20
JREB.DE Sharpe Ratio Rank: 20
JREB.DE Sortino Ratio Rank: 19
JREB.DE Omega Ratio Rank: 20
JREB.DE Calmar Ratio Rank: 18
JREB.DE Martin Ratio Rank: 21

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.

COVR.DE vs. JREB.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Covered Bond UCITS ETF Dist (COVR.DE) and JPMorgan EUR Corporate Bond Research Enhanced Index (ESG) UCITS ETF (JREB.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.

	COVR.DE	JREB.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.26	0.63	-0.37
Sortino ratio: Return per unit of downside risk	0.38	0.96	-0.58
Omega ratio: Gain probability vs. loss probability	1.05	1.13	-0.08
Calmar ratio: Return relative to maximum drawdown	0.23	0.71	-0.48
Martin ratio: Return relative to average drawdown	0.65	2.52	-1.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COVR.DE vs. JREB.DE - Sharpe Ratio Comparison

The current COVR.DE Sharpe Ratio is 0.26, which is lower than the JREB.DE Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of COVR.DE and JREB.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	COVR.DE	JREB.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	0.63	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.03	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.23	-0.02

Drawdowns

COVR.DE vs. JREB.DE - Drawdown Comparison

The maximum COVR.DE drawdown since its inception was -16.36%, roughly equal to the maximum JREB.DE drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for COVR.DE and JREB.DE.

Drawdown Indicators

	COVR.DE	JREB.DE	Difference
Max Drawdown Largest peak-to-trough decline	-16.36%	-17.22%	+0.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-2.83%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-2.85%	-2.83%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-15.69%	-17.22%	+1.53%
Max Drawdown (10Y) Largest decline over 10 years	-16.36%	—	—
Current Drawdown Current decline from peak	-4.21%	-0.76%	-3.45%
Average Drawdown Average peak-to-trough decline	-4.10%	-5.02%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.80%	+0.20%

Volatility

COVR.DE vs. JREB.DE - Volatility Comparison

The current volatility for PIMCO Covered Bond UCITS ETF Dist (COVR.DE) is 0.92%, while JPMorgan EUR Corporate Bond Research Enhanced Index (ESG) UCITS ETF (JREB.DE) has a volatility of 1.16%. This indicates that COVR.DE experiences smaller price fluctuations and is considered to be less risky than JREB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COVR.DE	JREB.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	1.16%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	2.85%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	3.17%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.77%	4.39%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.98%	4.96%	-1.98%

COVR.DE vs. JREB.DE - Expense Ratio Comparison

COVR.DE has a 0.43% expense ratio, which is higher than JREB.DE's 0.04% expense ratio.

Dividends

COVR.DE vs. JREB.DE - Dividend Comparison

COVR.DE's dividend yield for the trailing twelve months is around 2.49%, while JREB.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COVR.DE PIMCO Covered Bond UCITS ETF Dist	2.49%	2.43%	1.66%	0.56%	0.00%	0.00%	0.42%	1.20%	0.78%	0.57%	0.74%	0.86%
JREB.DE 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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COVR.DE and JREB.DE in my portfolio?

COVR.DE and JREB.DE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, COVR.DE or JREB.DE?

On fees, JREB.DE is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COVR.DE or JREB.DE?

JREB.DE is cheaper with a 0.04% expense ratio, compared with 0.43% for COVR.DE.

What is the main difference between COVR.DE and JREB.DE?

COVR.DE tracks PIMCO Covered Bond, while JREB.DE tracks JP Morgan EUR Corporate Bond Research Enhanced Index (ESG). They also come from different issuers: PIMCO and JPMorgan. Their fees differ too: 0.43% for COVR.DE and 0.04% for JREB.DE.