EHYB.L vs. IBCX.L
EHYB.L (Invesco Euro Corporate Hybrid Bond UCITS ETF EUR (Dist)) and IBCX.L (iShares Euro Corporate Bond Large Cap UCITS ETF) are both European Corporate Bonds funds - EHYB.L tracks the Bloomberg Euro Universal Corporate ex Financials Hybrid Capital Securities 8% Capped Bond Index (EUR) while IBCX.L tracks the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 5 years, EHYB.L returned 1.48%/yr vs -0.65%/yr for IBCX.L. A 0.66 correlation means they provide meaningful diversification when combined. EHYB.L charges 0.39%/yr vs 0.20%/yr for IBCX.L.
Performance
EHYB.L vs. IBCX.L - Performance Comparison
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Different Trading Currencies
EHYB.L is traded in GBp, while IBCX.L is traded in EUR. To make them comparable, the IBCX.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with EHYB.L having a -2.20% return and IBCX.L slightly lower at -2.29%.
EHYB.L
- 1D
- -0.89%
- 1M
- -2.24%
- 6M
- -1.74%
- YTD
- -2.20%
- 1Y
- 0.65%
- 3Y*
- 7.55%
- 5Y*
- 1.48%
- 10Y*
- —
IBCX.L
- 1D
- -0.67%
- 1M
- -2.31%
- 6M
- -1.98%
- YTD
- -2.29%
- 1Y
- -0.66%
- 3Y*
- 3.77%
- 5Y*
- -0.65%
- 10Y*
- 0.68%
EHYB.L vs. IBCX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EHYB.L Invesco Euro Corporate Hybrid Bond UCITS ETF EUR (Dist) | -2.20% | 10.94% | 5.36% | 7.67% | -10.29% | -5.42% | -6.81% |
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | -2.29% | 8.67% | -1.22% | 5.19% | -9.51% | -7.32% | -0.03% |
Correlation
The correlation between EHYB.L and IBCX.L is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2020 | 0.66 |
The correlation between EHYB.L and IBCX.L shifts across timeframes, from 0.62 (3 years) to 0.73 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EHYB.L vs. IBCX.L — Risk / Return Rank
EHYB.L
IBCX.L
EHYB.L vs. IBCX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Euro Corporate Hybrid Bond UCITS ETF EUR (Dist) (EHYB.L) and iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.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.
| EHYB.L | IBCX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.98 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.16 | -0.17 | +0.32 |
| Martin ratioReturn relative to average drawdown | 0.43 | -0.40 | +0.82 |
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Drawdowns
EHYB.L vs. IBCX.L - Drawdown Comparison
The maximum EHYB.L drawdown since its inception was -27.17%, which is greater than IBCX.L's maximum drawdown of -22.27%. Use the drawdown chart below to compare losses from any high point for EHYB.L and IBCX.L.
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Drawdown Indicators
| EHYB.L | IBCX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.17% | -22.27% | -4.90% |
Max Drawdown (1Y)Largest decline over 1 year | -4.15% | -3.89% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -4.15% | -4.03% | -0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -20.05% | -17.46% | -2.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.27% | — |
Current DrawdownCurrent decline from peak | -3.50% | -9.76% | +6.26% |
Average DrawdownAverage peak-to-trough decline | -12.42% | -6.94% | -5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 1.64% | -0.12% |
Volatility
EHYB.L vs. IBCX.L - Volatility Comparison
Invesco Euro Corporate Hybrid Bond UCITS ETF EUR (Dist) (EHYB.L) has a higher volatility of 1.47% compared to iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.L) at 1.29%. This indicates that EHYB.L's price experiences larger fluctuations and is considered to be riskier than IBCX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EHYB.L | IBCX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 1.29% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.99% | 3.80% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.92% | 4.86% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.89% | 6.46% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.66% | 7.39% | +0.27% |
EHYB.L vs. IBCX.L - Expense Ratio Comparison
EHYB.L has a 0.39% expense ratio, which is higher than IBCX.L's 0.20% expense ratio.
Dividends
EHYB.L vs. IBCX.L - Dividend Comparison
EHYB.L's dividend yield for the trailing twelve months is around 3.55%, more than IBCX.L's 3.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EHYB.L Invesco Euro Corporate Hybrid Bond UCITS ETF EUR (Dist) | 3.55% | 3.24% | 3.12% | 2.80% | 2.27% | 1.66% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | 3.13% | 3.02% | 2.74% | 2.31% | 1.05% | 0.73% | 0.84% | 0.99% | 1.10% | 1.09% | 1.27% | 1.57% |
Frequently Asked Questions
EHYB.L and IBCX.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBCX.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBCX.L is cheaper with a 0.20% expense ratio, compared with 0.39% for EHYB.L.
EHYB.L tracks Bloomberg Euro Universal Corporate ex Financials Hybrid Capital Securities 8% Capped Bond Index (EUR), while IBCX.L tracks Bloomberg Euro Corp TR EUR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for EHYB.L and 0.20% for IBCX.L.
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