EUCO.L vs. IRCP.L
EUCO.L (SPDR Bloomberg Euro Corporate Bond UCITS ETF) and IRCP.L (iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist)) are both European Corporate Bonds funds - EUCO.L tracks the Bloomberg Euro Corp TR EUR while IRCP.L tracks the Bloomberg MSCI EUR Corporate Interest Rate Hedged ESG SRI Index. Both are passively managed. Over the past 10 years, EUCO.L returned 0.76%/yr vs 1.57%/yr for IRCP.L. At a 0.21 correlation, their price movements are largely independent. EUCO.L charges 0.12%/yr vs 0.25%/yr for IRCP.L.
Performance
EUCO.L vs. IRCP.L - Performance Comparison
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Returns By Period
In the year-to-date period, EUCO.L achieves a 0.44% return, which is significantly lower than IRCP.L's 1.43% return. Over the past 10 years, EUCO.L has underperformed IRCP.L with an annualized return of 0.76%, while IRCP.L has yielded a comparatively higher 1.57% annualized return.
EUCO.L
- 1D
- -0.04%
- 1M
- -0.47%
- 6M
- 0.16%
- YTD
- 0.44%
- 1Y
- 1.25%
- 3Y*
- 4.23%
- 5Y*
- -0.18%
- 10Y*
- 0.76%
IRCP.L
- 1D
- -0.01%
- 1M
- 0.50%
- 6M
- 1.32%
- YTD
- 1.43%
- 1Y
- 3.03%
- 3Y*
- 5.13%
- 5Y*
- 2.73%
- 10Y*
- 1.57%
EUCO.L vs. IRCP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUCO.L SPDR Bloomberg Euro Corporate Bond UCITS ETF | 0.44% | 2.90% | 4.47% | 7.64% | -13.68% | -1.22% | 2.64% | 6.22% | -1.39% | 2.08% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | 1.43% | 4.21% | 6.47% | 5.14% | -2.74% | -0.24% | 0.84% | 4.00% | -3.63% | 1.46% |
Correlation
The correlation between EUCO.L and IRCP.L is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2014 | 0.21 |
The correlation between EUCO.L and IRCP.L shifts across timeframes, from 0.09 (1 year) to 0.23 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
EUCO.L vs. IRCP.L — Risk / Return Rank
EUCO.L
IRCP.L
EUCO.L vs. IRCP.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 € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.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.
| EUCO.L | IRCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.24 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 2.94 | -2.47 |
| Martin ratioReturn relative to average drawdown | 1.56 | 12.04 | -10.48 |
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Drawdowns
EUCO.L vs. IRCP.L - Drawdown Comparison
The maximum EUCO.L drawdown since its inception was -17.53%, which is greater than IRCP.L's maximum drawdown of -14.44%. Use the drawdown chart below to compare losses from any high point for EUCO.L and IRCP.L.
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Drawdown Indicators
| EUCO.L | IRCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.53% | -14.44% | -3.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -1.03% | -1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -2.67% | -1.96% | -0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -17.53% | -7.06% | -10.47% |
Max Drawdown (10Y)Largest decline over 10 years | -17.53% | -14.44% | -3.09% |
Current DrawdownCurrent decline from peak | -1.55% | -0.19% | -1.36% |
Average DrawdownAverage peak-to-trough decline | -3.82% | -1.31% | -2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.25% | +0.55% |
Volatility
EUCO.L vs. IRCP.L - Volatility Comparison
SPDR Bloomberg Euro Corporate Bond UCITS ETF (EUCO.L) has a higher volatility of 0.82% compared to iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.L) at 0.60%. This indicates that EUCO.L's price experiences larger fluctuations and is considered to be riskier than IRCP.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 | IRCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.60% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 2.45% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.21% | 2.67% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.54% | 2.96% | +1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.45% | 3.79% | +0.66% |
EUCO.L vs. IRCP.L - Expense Ratio Comparison
EUCO.L has a 0.12% expense ratio, which is lower than IRCP.L's 0.25% 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. IRCP.L - Dividend Comparison
EUCO.L's dividend yield for the trailing twelve months is around 3.26%, more than IRCP.L's 2.58% 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% | 0.92% | 0.89% | 1.21% | 1.36% | 1.71% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | 2.58% | 2.91% | 3.70% | 2.52% | 0.43% | 0.70% | 0.82% | 0.92% | 0.58% | 0.71% | 1.35% | 1.47% |
Frequently Asked Questions
EUCO.L and IRCP.L have a correlation of 0.09, 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 0.25% for IRCP.L.
EUCO.L tracks Bloomberg Euro Corp TR EUR, while IRCP.L tracks Bloomberg MSCI EUR Corporate Interest Rate Hedged ESG SRI Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for EUCO.L and 0.25% for IRCP.L.
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