EHYB.L vs. IEAA.L
EHYB.L (Invesco Euro Corporate Hybrid Bond UCITS ETF EUR (Dist)) and IEAA.L (iShares Core Euro Corporate Bond UCITS ETF (Acc)) 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 IEAA.L tracks the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 5 years, EHYB.L returned 1.48%/yr vs -0.33%/yr for IEAA.L. A 0.65 correlation means they provide meaningful diversification when combined. EHYB.L charges 0.39%/yr vs 0.20%/yr for IEAA.L.
Performance
EHYB.L vs. IEAA.L - Performance Comparison
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Different Trading Currencies
EHYB.L is traded in GBp, while IEAA.L is traded in EUR. To make them comparable, the IEAA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, EHYB.L achieves a -2.20% return, which is significantly higher than IEAA.L's -2.36% return.
EHYB.L
- 1D
- -0.89%
- 1M
- -2.24%
- 6M
- -1.74%
- YTD
- -2.20%
- 1Y
- 0.65%
- 3Y*
- 7.55%
- 5Y*
- 1.48%
- 10Y*
- —
IEAA.L
- 1D
- -0.77%
- 1M
- -2.60%
- 6M
- -2.08%
- YTD
- -2.36%
- 1Y
- -0.69%
- 3Y*
- 4.08%
- 5Y*
- -0.33%
- 10Y*
- —
EHYB.L vs. IEAA.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% |
IEAA.L iShares Core Euro Corporate Bond UCITS ETF (Acc) | -2.36% | 8.59% | -0.33% | 5.33% | -8.93% | -6.97% | 0.08% |
Correlation
The correlation between EHYB.L and IEAA.L is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2020 | 0.65 |
The correlation between EHYB.L and IEAA.L has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.
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Return for Risk
EHYB.L vs. IEAA.L — Risk / Return Rank
EHYB.L
IEAA.L
EHYB.L vs. IEAA.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 Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.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 | IEAA.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 | +0.33 |
| Martin ratioReturn relative to average drawdown | 0.43 | -0.42 | +0.85 |
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Drawdowns
EHYB.L vs. IEAA.L - Drawdown Comparison
The maximum EHYB.L drawdown since its inception was -27.17%, which is greater than IEAA.L's maximum drawdown of -21.43%. Use the drawdown chart below to compare losses from any high point for EHYB.L and IEAA.L.
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Drawdown Indicators
| EHYB.L | IEAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.17% | -21.43% | -5.74% |
Max Drawdown (1Y)Largest decline over 1 year | -4.15% | -3.96% | -0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -4.15% | -3.96% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -20.05% | -16.80% | -3.25% |
Current DrawdownCurrent decline from peak | -3.50% | -7.99% | +4.49% |
Average DrawdownAverage peak-to-trough decline | -12.42% | -8.88% | -3.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 1.63% | -0.11% |
Volatility
EHYB.L vs. IEAA.L - Volatility Comparison
Invesco Euro Corporate Hybrid Bond UCITS ETF EUR (Dist) (EHYB.L) and iShares Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.L) have volatilities of 1.47% and 1.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EHYB.L | IEAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 1.41% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.99% | 3.97% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.92% | 5.03% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.89% | 6.38% | +0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.66% | 6.93% | +0.73% |
EHYB.L vs. IEAA.L - Expense Ratio Comparison
EHYB.L has a 0.39% expense ratio, which is higher than IEAA.L's 0.20% expense ratio.
Dividends
EHYB.L vs. IEAA.L - Dividend Comparison
EHYB.L's dividend yield for the trailing twelve months is around 3.55%, while IEAA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
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% |
IEAA.L iShares Core Euro Corporate Bond UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EHYB.L and IEAA.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEAA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEAA.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 IEAA.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 IEAA.L.
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