FRUC.L vs. IUCB.L

Last updated Jun 5, 2026

FRUC.L (Franklin USD Investment Grade Corporate Bond UCITS ETF) and IUCB.L (SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF) are both Corporate Bonds funds tracking the Bloomberg US Corp Bond TR USD, from Franklin Templeton and State Street respectively. Both are passively managed. Over the past 5 years, FRUC.L returned 1.25%/yr vs 3.03%/yr for IUCB.L. At a 0.47 correlation, their price movements are largely independent. FRUC.L charges 0.35%/yr vs 0.12%/yr for IUCB.L.

Performance

FRUC.L vs. IUCB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Franklin USD Investment Grade Corporate Bond UCITS ETF (FRUC.L) and SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FRUC.L is traded in GBP, while IUCB.L is traded in USD. To make them comparable, the IUCB.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, FRUC.L achieves a 0.15% return, which is significantly lower than IUCB.L's 0.84% return.

FRUC.L

• 1D: 0.17%
• 1M: 1.65%
• YTD: 0.15%
• 6M: -0.05%
• 1Y: 6.26%
• 3Y*: 2.25%
• 5Y*: 1.25%
• 10Y*: —

IUCB.L

• 1D: 0.18%
• 1M: 1.19%
• YTD: 0.84%
• 6M: 0.18%
• 1Y: 6.13%
• 3Y*: 3.23%
• 5Y*: 3.03%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FRUC.L vs. IUCB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FRUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF	0.15%	0.24%	3.75%	1.75%	-5.43%	-1.01%	6.06%	10.92%	2.86%
IUCB.L SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF	0.84%	0.15%	6.37%	1.48%	1.51%	-1.48%	4.81%	5.31%	4.03%

Correlation

The correlation between FRUC.L and IUCB.L is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018	0.47

Over the past year, FRUC.L and IUCB.L have become more correlated (0.71) than their long-term average of 0.47, meaning their price movements have been converging.

FRUC.L vs. IUCB.L - Sectors Allocation Comparison

Sectors	FRUC.L	IUCB.L
Healthcare	3.2%	5.8%
Communication Services	1.3%	4.0%
Technology	1.2%	5.0%
Financial Services	0.7%	26.3%
Energy	0.5%	4.0%
Basic Materials	-	1.1%
Consumer Cyclical	-	4.6%
Consumer Defensive	-	3.0%
Industrials	-	3.7%
Real Estate	-	2.2%
Utilities	-	3.1%

Return for Risk

FRUC.L vs. IUCB.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FRUC.L

FRUC.L Risk / Return Rank: 27
FRUC.L Sharpe Ratio Rank: 28
FRUC.L Sortino Ratio Rank: 29
FRUC.L Omega Ratio Rank: 27
FRUC.L Calmar Ratio Rank: 28
FRUC.L Martin Ratio Rank: 25

IUCB.L

IUCB.L Risk / Return Rank: 45
IUCB.L Sharpe Ratio Rank: 40
IUCB.L Sortino Ratio Rank: 40
IUCB.L Omega Ratio Rank: 41
IUCB.L Calmar Ratio Rank: 54
IUCB.L Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FRUC.L vs. IUCB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin USD Investment Grade Corporate Bond UCITS ETF (FRUC.L) and SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.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.

	FRUC.L	IUCB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.01	0.87	+0.14
Sortino ratio: Return per unit of downside risk	1.54	1.27	+0.27
Omega ratio: Gain probability vs. loss probability	1.18	1.16	+0.02
Calmar ratio: Return relative to maximum drawdown	1.34	1.24	+0.10
Martin ratio: Return relative to average drawdown	3.21	3.48	-0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRUC.L vs. IUCB.L - Sharpe Ratio Comparison

The current FRUC.L Sharpe Ratio is 1.01, which is comparable to the IUCB.L Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of FRUC.L and IUCB.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FRUC.L	IUCB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	0.87	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.42	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.27	-0.03

Drawdowns

FRUC.L vs. IUCB.L - Drawdown Comparison

The maximum FRUC.L drawdown since its inception was -17.34%, roughly equal to the maximum IUCB.L drawdown of -16.72%. Use the drawdown chart below to compare losses from any high point for FRUC.L and IUCB.L.

Drawdown Indicators

	FRUC.L	IUCB.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.34%	-16.72%	-0.62%
Max Drawdown (1Y) Largest decline over 1 year	-4.65%	-5.02%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	-8.76%	-7.91%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-13.26%	-13.22%	-0.04%
Current Drawdown Current decline from peak	-7.39%	-1.74%	-5.65%
Average Drawdown Average peak-to-trough decline	-8.18%	-5.69%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.78%	+0.17%

Volatility

FRUC.L vs. IUCB.L - Volatility Comparison

The current volatility for Franklin USD Investment Grade Corporate Bond UCITS ETF (FRUC.L) is 1.66%, while SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.L) has a volatility of 1.77%. This indicates that FRUC.L experiences smaller price fluctuations and is considered to be less risky than IUCB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRUC.L	IUCB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	1.77%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	4.57%	5.19%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	6.20%	7.16%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.60%	9.52%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.61%	12.33%	-2.72%

FRUC.L vs. IUCB.L - Expense Ratio Comparison

FRUC.L has a 0.35% expense ratio, which is higher than IUCB.L's 0.12% expense ratio.

Dividends

FRUC.L vs. IUCB.L - Dividend Comparison

FRUC.L's dividend yield for the trailing twelve months is around 4.01%, less than IUCB.L's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FRUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF	4.01%	4.02%	4.19%	3.44%	2.71%	2.13%	2.42%	3.45%	1.64%
IUCB.L SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF	4.67%	4.66%	4.70%	3.89%	2.62%	2.37%	2.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRUC.L and IUCB.L in my portfolio?

FRUC.L and IUCB.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FRUC.L or IUCB.L?

On fees, IUCB.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRUC.L or IUCB.L?

IUCB.L is cheaper with a 0.12% expense ratio, compared with 0.35% for FRUC.L.

What is the main difference between FRUC.L and IUCB.L?

Both ETFs track Bloomberg US Corp Bond TR USD. They also come from different issuers: Franklin Templeton and State Street. Their fees differ too: 0.35% for FRUC.L and 0.12% for IUCB.L.