EXCS.L vs. CBE3.L
EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) and CBE3.L (iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc)) are both exchange-traded funds - EXCS.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while CBE3.L is a Short-Term Bond fund tracking the Bloomberg Euro Government Bond 1-3 Year Index. Both are passively managed. Over the past 3 years, EXCS.L returned 26.11%/yr vs 2.82%/yr for CBE3.L. At a 0.10 correlation, their price movements are largely independent. EXCS.L charges 0.18%/yr vs 0.20%/yr for CBE3.L.
Performance
EXCS.L vs. CBE3.L - Performance Comparison
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Different Trading Currencies
EXCS.L is traded in GBP, while CBE3.L is traded in EUR. To make them comparable, the CBE3.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, EXCS.L achieves a 41.08% return, which is significantly higher than CBE3.L's -0.74% return.
EXCS.L
- 1D
- -0.71%
- 1M
- 13.86%
- YTD
- 41.08%
- 6M
- 45.00%
- 1Y
- 77.57%
- 3Y*
- 26.11%
- 5Y*
- —
- 10Y*
- —
CBE3.L
- 1D
- -0.09%
- 1M
- 0.41%
- YTD
- -0.74%
- 6M
- -0.90%
- 1Y
- 3.65%
- 3Y*
- 2.82%
- 5Y*
- 0.92%
- 10Y*
- 1.36%
EXCS.L vs. CBE3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc) | 41.08% | 26.13% | 5.55% | 10.95% | -8.31% | 2.81% |
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) | -0.74% | 7.75% | -1.57% | 1.39% | 0.69% | -1.09% |
Correlation
The correlation between EXCS.L and CBE3.L is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2021 | 0.10 |
The correlation between EXCS.L and CBE3.L shifts across timeframes, from -0.03 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EXCS.L vs. CBE3.L — Risk / Return Rank
EXCS.L
CBE3.L
EXCS.L vs. CBE3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) and iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.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.
| EXCS.L | CBE3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.22 | ||
| Sortino ratioReturn per unit of downside risk | +3.67 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.16 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 6.54 | 1.43 | +5.10 |
| Martin ratioReturn relative to average drawdown | 23.94 | 3.10 | +20.84 |
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
| EXCS.L | CBE3.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.11 | 0.89 | +3.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.17 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.06 | 0.09 | +0.97 |
Drawdowns
EXCS.L vs. CBE3.L - Drawdown Comparison
The maximum EXCS.L drawdown since its inception was -17.51%, roughly equal to the maximum CBE3.L drawdown of -18.42%. Use the drawdown chart below to compare losses from any high point for EXCS.L and CBE3.L.
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Drawdown Indicators
| EXCS.L | CBE3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.51% | -18.42% | +0.91% |
Max Drawdown (1Y)Largest decline over 1 year | -11.81% | -2.54% | -9.27% |
Max Drawdown (3Y)Largest decline over 3 years | -17.51% | -3.11% | -14.40% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.98% | — |
Current DrawdownCurrent decline from peak | -0.71% | -3.89% | +3.18% |
Average DrawdownAverage peak-to-trough decline | -4.85% | -7.26% | +2.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 1.17% | +2.06% |
Volatility
EXCS.L vs. CBE3.L - Volatility Comparison
iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a higher volatility of 8.68% compared to iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) at 1.07%. This indicates that EXCS.L's price experiences larger fluctuations and is considered to be riskier than CBE3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EXCS.L | CBE3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.68% | 1.07% | +7.61% |
Volatility (6M)Calculated over the trailing 6-month period | 16.44% | 2.80% | +13.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.79% | 4.11% | +14.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.35% | 5.29% | +10.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.35% | 7.10% | +8.25% |
EXCS.L vs. CBE3.L - Expense Ratio Comparison
EXCS.L has a 0.18% expense ratio, which is lower than CBE3.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
EXCS.L vs. CBE3.L - Dividend Comparison
Neither EXCS.L nor CBE3.L has paid dividends to shareholders.
Frequently Asked Questions
EXCS.L and CBE3.L have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EXCS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.20% for CBE3.L.
EXCS.L is categorized as Emerging Markets Equities, while CBE3.L is Short-Term Bond. EXCS.L tracks MSCI EM NR USD, while CBE3.L tracks Bloomberg Euro Government Bond 1-3 Year Index. Their fees differ too: 0.18% for EXCS.L and 0.20% for CBE3.L.
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