EUCO.L vs. CBSE.L
EUCO.L (SPDR Bloomberg Euro Corporate Bond UCITS ETF) and CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) are both European Corporate Bonds funds tracking the Bloomberg Euro Corp TR EUR, from State Street and UBS respectively. Both are passively managed. Over the past 5 years, EUCO.L returned 0.01%/yr vs -0.24%/yr for CBSE.L. A 0.62 correlation means they provide meaningful diversification when combined. EUCO.L charges 0.12%/yr vs 0.20%/yr for CBSE.L.
Performance
EUCO.L vs. CBSE.L - Performance Comparison
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Different Trading Currencies
EUCO.L is traded in EUR, while CBSE.L is traded in GBp. To make them comparable, the CBSE.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, EUCO.L achieves a 0.53% return, which is significantly higher than CBSE.L's 0.47% return.
EUCO.L
- 1D
- 0.09%
- 1M
- 0.70%
- YTD
- 0.53%
- 6M
- 0.41%
- 1Y
- 1.90%
- 3Y*
- 4.56%
- 5Y*
- 0.01%
- 10Y*
- 1.02%
CBSE.L
- 1D
- 0.18%
- 1M
- 0.88%
- YTD
- 0.47%
- 6M
- 0.47%
- 1Y
- 2.01%
- 3Y*
- 4.90%
- 5Y*
- -0.24%
- 10Y*
- —
EUCO.L vs. CBSE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUCO.L SPDR Bloomberg Euro Corporate Bond UCITS ETF | 0.53% | 2.91% | 4.46% | 7.64% | -13.67% | -1.21% | 2.64% | 6.74% | -1.39% | 2.79% |
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | 0.47% | 2.93% | 4.82% | 8.20% | -15.54% | -1.69% | 3.01% | 8.89% | -2.26% | 4.32% |
Correlation
The correlation between EUCO.L and CBSE.L is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.62 |
The correlation between EUCO.L and CBSE.L shifts across timeframes, from 0.62 (all time) to 0.76 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EUCO.L vs. CBSE.L — Risk / Return Rank
EUCO.L
CBSE.L
EUCO.L vs. CBSE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Euro Corporate Bond UCITS ETF (EUCO.L) and UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.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.
| EUCO.L | CBSE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.10 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 0.63 | +0.08 |
| Martin ratioReturn relative to average drawdown | 2.45 | 2.14 | +0.31 |
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
| EUCO.L | CBSE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.53 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | -0.04 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.18 | +0.09 |
Drawdowns
EUCO.L vs. CBSE.L - Drawdown Comparison
The maximum EUCO.L drawdown since its inception was -17.53%, smaller than the maximum CBSE.L drawdown of -20.43%. Use the drawdown chart below to compare losses from any high point for EUCO.L and CBSE.L.
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Drawdown Indicators
| EUCO.L | CBSE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.53% | -20.43% | +2.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -3.17% | +0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -2.66% | -3.17% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -17.53% | -20.43% | +2.90% |
Max Drawdown (10Y)Largest decline over 10 years | -17.53% | — | — |
Current DrawdownCurrent decline from peak | -1.45% | -2.89% | +1.44% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -5.48% | +1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.94% | -0.17% |
Volatility
EUCO.L vs. CBSE.L - Volatility Comparison
The current volatility for SPDR Bloomberg Euro Corporate Bond UCITS ETF (EUCO.L) is 1.18%, while UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) has a volatility of 1.37%. This indicates that EUCO.L experiences smaller price fluctuations and is considered to be less risky than CBSE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUCO.L | CBSE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.37% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 3.20% | -0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.19% | 3.77% | -0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 5.69% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.45% | 6.44% | -1.99% |
EUCO.L vs. CBSE.L - Expense Ratio Comparison
EUCO.L has a 0.12% expense ratio, which is lower than CBSE.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
EUCO.L vs. CBSE.L - Dividend Comparison
EUCO.L's dividend yield for the trailing twelve months is around 3.26%, less than CBSE.L's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | 3.50% | 3.72% | 3.18% | 1.80% | 0.58% | 0.59% | 0.61% | 1.03% | 1.42% | 0.48% | 0.00% | 0.00% |
EUCO.L SPDR Bloomberg Euro Corporate Bond UCITS ETF | 3.26% | 3.25% | 3.07% | 2.13% | 0.96% | 0.89% | 0.86% | 1.38% | 0.89% | 1.21% | 1.36% | 1.71% |
Frequently Asked Questions
EUCO.L and CBSE.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EUCO.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUCO.L is cheaper with a 0.12% expense ratio, compared with 0.20% for CBSE.L.
Both ETFs track Bloomberg Euro Corp TR EUR. They also come from different issuers: State Street and UBS. Their fees differ too: 0.12% for EUCO.L and 0.20% for CBSE.L.
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