GBPC.L vs. EUCO.L
GBPC.L (L&G ESG GBP Corporate Bond UCITS ETF) and EUCO.L (SPDR Bloomberg Euro Corporate Bond UCITS ETF) are both European Corporate Bonds funds - GBPC.L tracks the Markit iBoxx GBP NonGilts TR while EUCO.L tracks the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 5 years, GBPC.L returned -0.17%/yr vs 0.15%/yr for EUCO.L. At a 0.30 correlation, their price movements are largely independent. GBPC.L charges 0.09%/yr vs 0.12%/yr for EUCO.L.
Performance
GBPC.L vs. EUCO.L - Performance Comparison
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Different Trading Currencies
GBPC.L is traded in GBp, while EUCO.L is traded in EUR. To make them comparable, the EUCO.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, GBPC.L achieves a 0.12% return, which is significantly higher than EUCO.L's -0.20% return.
GBPC.L
- 1D
- 0.26%
- 1M
- 2.00%
- YTD
- 0.12%
- 6M
- 0.43%
- 1Y
- 4.91%
- 3Y*
- 6.29%
- 5Y*
- -0.17%
- 10Y*
- —
EUCO.L
- 1D
- 0.22%
- 1M
- 0.93%
- YTD
- -0.20%
- 6M
- -0.56%
- 1Y
- 4.66%
- 3Y*
- 4.72%
- 5Y*
- 0.15%
- 10Y*
- 2.01%
GBPC.L vs. EUCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GBPC.L L&G ESG GBP Corporate Bond UCITS ETF | 0.12% | 6.83% | 2.78% | 8.45% | -17.18% | -2.43% | -0.23% |
EUCO.L SPDR Bloomberg Euro Corporate Bond UCITS ETF | -0.20% | 8.42% | -0.29% | 5.49% | -9.21% | -7.07% | -0.79% |
Correlation
The correlation between GBPC.L and EUCO.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.30 |
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Return for Risk
GBPC.L vs. EUCO.L — Risk / Return Rank
GBPC.L
EUCO.L
GBPC.L vs. EUCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G ESG GBP Corporate Bond UCITS ETF (GBPC.L) and SPDR Bloomberg Euro Corporate Bond UCITS ETF (EUCO.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.
| GBPC.L | EUCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 1.26 | -0.08 |
| Martin ratioReturn relative to average drawdown | 3.91 | 3.19 | +0.73 |
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
| GBPC.L | EUCO.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 0.96 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 0.02 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.25 | -0.35 |
Drawdowns
GBPC.L vs. EUCO.L - Drawdown Comparison
The maximum GBPC.L drawdown since its inception was -28.18%, which is greater than EUCO.L's maximum drawdown of -21.73%. Use the drawdown chart below to compare losses from any high point for GBPC.L and EUCO.L.
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Drawdown Indicators
| GBPC.L | EUCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -21.73% | -6.45% |
Max Drawdown (1Y)Largest decline over 1 year | -4.14% | -3.69% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -4.14% | -3.69% | -0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -27.49% | -17.15% | -10.34% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.73% | — |
Current DrawdownCurrent decline from peak | -4.53% | -6.32% | +1.79% |
Average DrawdownAverage peak-to-trough decline | -11.46% | -8.51% | -2.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 1.46% | -0.21% |
Volatility
GBPC.L vs. EUCO.L - Volatility Comparison
L&G ESG GBP Corporate Bond UCITS ETF (GBPC.L) has a higher volatility of 3.33% compared to SPDR Bloomberg Euro Corporate Bond UCITS ETF (EUCO.L) at 1.53%. This indicates that GBPC.L's price experiences larger fluctuations and is considered to be riskier than EUCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBPC.L | EUCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.33% | 1.53% | +1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 5.09% | 3.73% | +1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.23% | 4.85% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.19% | 6.33% | +1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.15% | 7.69% | +0.46% |
GBPC.L vs. EUCO.L - Expense Ratio Comparison
GBPC.L has a 0.09% expense ratio, which is lower than EUCO.L's 0.12% 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
GBPC.L vs. EUCO.L - Dividend Comparison
GBPC.L's dividend yield for the trailing twelve months is around 5.14%, more than EUCO.L's 3.26% 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% |
GBPC.L L&G ESG GBP Corporate Bond UCITS ETF | 5.14% | 5.00% | 4.86% | 3.58% | 2.16% | 0.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBPC.L and EUCO.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBPC.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBPC.L is cheaper with a 0.09% expense ratio, compared with 0.12% for EUCO.L.
GBPC.L tracks Markit iBoxx GBP NonGilts TR, while EUCO.L tracks Bloomberg Euro Corp TR EUR. They also come from different issuers: Legal & General and State Street. Their fees differ too: 0.09% for GBPC.L and 0.12% for EUCO.L.
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