EUCO.L vs. IBCX.L
EUCO.L (SPDR Bloomberg Euro Corporate Bond UCITS ETF) and IBCX.L (iShares Euro Corporate Bond Large Cap UCITS ETF) are both European Corporate Bonds funds tracking the Bloomberg Euro Corp TR EUR, from State Street and iShares respectively. Both are passively managed. Over the past 10 years, EUCO.L returned 1.02%/yr vs 0.73%/yr for IBCX.L. Their correlation of 0.87 suggests significant overlap in exposure. EUCO.L charges 0.12%/yr vs 0.20%/yr for IBCX.L.
Performance
EUCO.L vs. IBCX.L - Performance Comparison
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Returns By Period
In the year-to-date period, EUCO.L achieves a 0.53% return, which is significantly higher than IBCX.L's 0.49% return. Over the past 10 years, EUCO.L has outperformed IBCX.L with an annualized return of 1.02%, while IBCX.L has yielded a comparatively lower 0.73% annualized 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%
IBCX.L
- 1D
- 0.06%
- 1M
- 0.76%
- YTD
- 0.49%
- 6M
- 0.44%
- 1Y
- 1.83%
- 3Y*
- 4.28%
- 5Y*
- -0.26%
- 10Y*
- 0.73%
EUCO.L vs. IBCX.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% | 2.08% |
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | 0.49% | 3.14% | 3.48% | 7.33% | -13.95% | -1.48% | 2.83% | 6.04% | -1.28% | 1.60% |
Correlation
The correlation between EUCO.L and IBCX.L is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2014 | 0.87 |
The correlation between EUCO.L and IBCX.L has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.
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Return for Risk
EUCO.L vs. IBCX.L — Risk / Return Rank
EUCO.L
IBCX.L
EUCO.L vs. IBCX.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 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.
| EUCO.L | IBCX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.11 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 0.67 | +0.05 |
| Martin ratioReturn relative to average drawdown | 2.45 | 2.36 | +0.09 |
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 | IBCX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.58 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.00 | -0.05 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.15 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.29 | -0.02 |
Drawdowns
EUCO.L vs. IBCX.L - Drawdown Comparison
The maximum EUCO.L drawdown since its inception was -17.53%, smaller than the maximum IBCX.L drawdown of -23.17%. Use the drawdown chart below to compare losses from any high point for EUCO.L and IBCX.L.
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Drawdown Indicators
| EUCO.L | IBCX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.53% | -23.17% | +5.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -2.73% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -2.66% | -2.73% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -17.53% | -17.79% | +0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -17.53% | -17.79% | +0.26% |
Current DrawdownCurrent decline from peak | -1.45% | -2.76% | +1.31% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -2.99% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.77% | 0.00% |
Volatility
EUCO.L vs. IBCX.L - Volatility Comparison
SPDR Bloomberg Euro Corporate Bond UCITS ETF (EUCO.L) has a higher volatility of 1.18% compared to iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.L) at 1.08%. This indicates that EUCO.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
| EUCO.L | IBCX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.08% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 2.67% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.19% | 3.12% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 4.65% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.45% | 4.79% | -0.34% |
EUCO.L vs. IBCX.L - Expense Ratio Comparison
EUCO.L has a 0.12% expense ratio, which is lower than IBCX.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. IBCX.L - Dividend Comparison
EUCO.L's dividend yield for the trailing twelve months is around 3.26%, more than IBCX.L's 3.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | 3.07% | 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
EUCO.L and IBCX.L have a correlation of 0.85, 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 IBCX.L.
Both ETFs track Bloomberg Euro Corp TR EUR. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for EUCO.L and 0.20% for IBCX.L.
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