CSH2.L vs. UKCO.L
CSH2.L (Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc) and UKCO.L (SPDR Bloomberg Sterling Corporate Bond UCITS ETF) are both exchange-traded funds - CSH2.L is a Money Market fund tracking the SONIA Compounded (GBP Hedged), while UKCO.L is a European Corporate Bonds fund tracking the Markit iBoxx GBP NonGilts TR. Both are passively managed. Over the past 10 years, CSH2.L returned 2.09%/yr vs 1.96%/yr for UKCO.L. At a 0.02 correlation, their price movements are largely independent. CSH2.L charges 0.10%/yr vs 0.20%/yr for UKCO.L.
Performance
CSH2.L vs. UKCO.L - Performance Comparison
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Different Trading Currencies
CSH2.L is traded in GBp, while UKCO.L is traded in GBP. To make them comparable, the UKCO.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CSH2.L achieves a 1.93% return, which is significantly higher than UKCO.L's 0.79% return. Over the past 10 years, CSH2.L has outperformed UKCO.L with an annualized return of 2.09%, while UKCO.L has yielded a comparatively lower 1.96% annualized return.
CSH2.L
- 1D
- 0.01%
- 1M
- 0.33%
- YTD
- 1.93%
- 6M
- 1.99%
- 1Y
- 4.35%
- 3Y*
- 4.97%
- 5Y*
- 3.70%
- 10Y*
- 2.09%
UKCO.L
- 1D
- 0.23%
- 1M
- 1.13%
- YTD
- 0.79%
- 6M
- 1.07%
- 1Y
- 4.37%
- 3Y*
- 6.48%
- 5Y*
- -0.80%
- 10Y*
- 1.96%
CSH2.L vs. UKCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc | 1.93% | 4.67% | 5.61% | 4.72% | 1.54% | 0.13% | 0.30% | 0.82% | 0.70% | 0.42% |
UKCO.L SPDR Bloomberg Sterling Corporate Bond UCITS ETF | 0.79% | 6.81% | 1.66% | 8.84% | -19.34% | -3.36% | 8.76% | 11.27% | -2.43% | 4.28% |
Correlation
The correlation between CSH2.L and UKCO.L is 0.02, 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 | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.02 |
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Return for Risk
CSH2.L vs. UKCO.L — Risk / Return Rank
CSH2.L
UKCO.L
CSH2.L vs. UKCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) and SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CSH2.L | UKCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.38 | ||
| Sortino ratioReturn per unit of downside risk | +14.09 | ||
| Omega ratioGain probability vs. loss probability | 4.49 | 1.14 | +3.35 |
| Calmar ratioReturn relative to maximum drawdown | 27.47 | 1.04 | +26.43 |
| Martin ratioReturn relative to average drawdown | 160.87 | 2.92 | +157.95 |
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Drawdowns
CSH2.L vs. UKCO.L - Drawdown Comparison
The maximum CSH2.L drawdown since its inception was -0.37%, smaller than the maximum UKCO.L drawdown of -30.78%. Use the drawdown chart below to compare losses from any high point for CSH2.L and UKCO.L.
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Drawdown Indicators
| CSH2.L | UKCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.37% | -30.78% | +30.41% |
Max Drawdown (1Y)Largest decline over 1 year | -0.16% | -4.19% | +4.03% |
Max Drawdown (3Y)Largest decline over 3 years | -0.29% | -4.19% | +3.90% |
Max Drawdown (5Y)Largest decline over 5 years | -0.29% | -29.89% | +29.60% |
Max Drawdown (10Y)Largest decline over 10 years | -0.37% | -30.78% | +30.41% |
Current DrawdownCurrent decline from peak | 0.00% | -7.43% | +7.43% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -6.37% | +6.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 1.49% | -1.46% |
Volatility
CSH2.L vs. UKCO.L - Volatility Comparison
The current volatility for Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) is 0.06%, while SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) has a volatility of 1.53%. This indicates that CSH2.L experiences smaller price fluctuations and is considered to be less risky than UKCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSH2.L | UKCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 1.53% | -1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 0.23% | 4.83% | -4.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.53% | 5.75% | -5.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.56% | 7.83% | -7.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.44% | 8.24% | -7.80% |
CSH2.L vs. UKCO.L - Expense Ratio Comparison
CSH2.L has a 0.10% expense ratio, which is lower than UKCO.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
CSH2.L vs. UKCO.L - Dividend Comparison
CSH2.L has not paid dividends to shareholders, while UKCO.L's dividend yield for the trailing twelve months is around 4.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UKCO.L SPDR Bloomberg Sterling Corporate Bond UCITS ETF | 4.57% | 4.39% | 4.11% | 3.30% | 2.79% | 2.28% | 2.40% | 2.51% | 2.69% | 3.09% | 3.17% | 3.50% |
Frequently Asked Questions
CSH2.L and UKCO.L have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSH2.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSH2.L is cheaper with a 0.10% expense ratio, compared with 0.20% for UKCO.L.
CSH2.L is categorized as Money Market, while UKCO.L is European Corporate Bonds. CSH2.L tracks SONIA Compounded (GBP Hedged), while UKCO.L tracks Markit iBoxx GBP NonGilts TR. They also come from different issuers: Amundi and State Street. Their fees differ too: 0.10% for CSH2.L and 0.20% for UKCO.L.
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