GBPC.L vs. IGCB.L
GBPC.L (L&G ESG GBP Corporate Bond UCITS ETF) and IGCB.L (Invesco GBP Corporate Bond UCITS ETF Dist) are both European Corporate Bonds funds tracking the Markit iBoxx GBP NonGilts TR, from Legal & General and Invesco respectively. Both are passively managed. Over the past 5 years, GBPC.L returned -0.17%/yr vs -0.66%/yr for IGCB.L. A 0.54 correlation means they provide meaningful diversification when combined. GBPC.L charges 0.09%/yr vs 0.10%/yr for IGCB.L.
Performance
GBPC.L vs. IGCB.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GBPC.L achieves a 0.12% return, which is significantly higher than IGCB.L's -0.24% 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*
- —
IGCB.L
- 1D
- 0.24%
- 1M
- 1.78%
- YTD
- -0.24%
- 6M
- 0.09%
- 1Y
- 4.63%
- 3Y*
- 6.06%
- 5Y*
- -0.66%
- 10Y*
- —
GBPC.L vs. IGCB.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% |
IGCB.L Invesco GBP Corporate Bond UCITS ETF Dist | -0.24% | 6.83% | 1.93% | 9.20% | -18.57% | -4.00% | 0.94% |
Correlation
The correlation between GBPC.L and IGCB.L is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020 | 0.54 |
The correlation between GBPC.L and IGCB.L shifts across timeframes, from 0.54 (all time) to 0.77 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GBPC.L vs. IGCB.L — Risk / Return Rank
GBPC.L
IGCB.L
GBPC.L vs. IGCB.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 Invesco GBP Corporate Bond UCITS ETF Dist (IGCB.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 | IGCB.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 | 1.15 | 1.14 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 1.15 | +0.03 |
| Martin ratioReturn relative to average drawdown | 3.91 | 3.35 | +0.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GBPC.L | IGCB.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 0.78 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | -0.09 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.02 | -0.12 |
Drawdowns
GBPC.L vs. IGCB.L - Drawdown Comparison
The maximum GBPC.L drawdown since its inception was -28.18%, smaller than the maximum IGCB.L drawdown of -30.44%. Use the drawdown chart below to compare losses from any high point for GBPC.L and IGCB.L.
Loading charts...
Drawdown Indicators
| GBPC.L | IGCB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.18% | -30.44% | +2.26% |
Max Drawdown (1Y)Largest decline over 1 year | -4.14% | -4.00% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -4.14% | -4.00% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -27.49% | -29.39% | +1.90% |
Current DrawdownCurrent decline from peak | -4.53% | -7.54% | +3.01% |
Average DrawdownAverage peak-to-trough decline | -11.46% | -11.31% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 1.38% | -0.13% |
Volatility
GBPC.L vs. IGCB.L - Volatility Comparison
L&G ESG GBP Corporate Bond UCITS ETF (GBPC.L) has a higher volatility of 3.33% compared to Invesco GBP Corporate Bond UCITS ETF Dist (IGCB.L) at 2.17%. This indicates that GBPC.L's price experiences larger fluctuations and is considered to be riskier than IGCB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GBPC.L | IGCB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.33% | 2.17% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 5.09% | 4.95% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.23% | 5.93% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.19% | 7.65% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.15% | 7.73% | +0.42% |
GBPC.L vs. IGCB.L - Expense Ratio Comparison
GBPC.L has a 0.09% expense ratio, which is lower than IGCB.L's 0.10% 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. IGCB.L - Dividend Comparison
GBPC.L's dividend yield for the trailing twelve months is around 5.14%, less than IGCB.L's 5.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GBPC.L L&G ESG GBP Corporate Bond UCITS ETF | 5.14% | 5.00% | 4.86% | 3.58% | 2.16% | 0.87% | 0.00% |
IGCB.L Invesco GBP Corporate Bond UCITS ETF Dist | 5.27% | 5.18% | 5.18% | 4.26% | 2.54% | 1.74% | 1.22% |
Frequently Asked Questions
GBPC.L and IGCB.L have a correlation of 0.68, 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 0.10% for IGCB.L.
Both ETFs track Markit iBoxx GBP NonGilts TR. They also come from different issuers: Legal & General and Invesco. Their fees differ too: 0.09% for GBPC.L and 0.10% for IGCB.L.
Find the right allocation for GBPC.L and IGCB.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer