IBCN.DE vs. IAGG
IBCN.DE (iShares Euro Government Bond 3-5yr UCITS ETF) and IAGG (iShares Core International Aggregate Bond ETF) are both exchange-traded funds - IBCN.DE is a European Government Bonds fund tracking the Bloomberg Euro Government Bond 5, while IAGG is a Global Bonds fund tracking the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index. Both are passively managed. Over the past 10 years, IBCN.DE returned 0.17%/yr vs 2.02%/yr for IAGG. At a 0.27 correlation, their price movements are largely independent. IBCN.DE charges 0.15%/yr vs 0.07%/yr for IAGG.
Performance
IBCN.DE vs. IAGG - Performance Comparison
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Different Trading Currencies
IBCN.DE is traded in EUR, while IAGG is traded in USD. To make them comparable, the IAGG values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBCN.DE achieves a 0.05% return, which is significantly lower than IAGG's 2.84% return. Over the past 10 years, IBCN.DE has underperformed IAGG with an annualized return of 0.17%, while IAGG has yielded a comparatively higher 2.02% annualized return.
IBCN.DE
- 1D
- 0.06%
- 1M
- 0.01%
- YTD
- 0.05%
- 6M
- -0.06%
- 1Y
- 0.68%
- 3Y*
- 2.68%
- 5Y*
- -0.39%
- 10Y*
- 0.17%
IAGG
- 1D
- 0.64%
- 1M
- 2.01%
- YTD
- 2.84%
- 6M
- 1.91%
- 1Y
- 1.70%
- 3Y*
- 2.02%
- 5Y*
- 2.20%
- 10Y*
- 2.02%
IBCN.DE vs. IAGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBCN.DE iShares Euro Government Bond 3-5yr UCITS ETF | 0.05% | 2.24% | 2.15% | 5.23% | -10.13% | -1.37% | 1.01% | 1.69% | 0.69% | 0.45% |
IAGG iShares Core International Aggregate Bond ETF | 2.84% | -8.99% | 11.41% | 5.24% | -5.34% | 5.47% | -3.99% | 10.43% | 8.23% | -10.45% |
Correlation
The correlation between IBCN.DE and IAGG is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2015 | 0.27 |
Over the past year, the correlation between IBCN.DE and IAGG has dropped to 0.04 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.
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Return for Risk
IBCN.DE vs. IAGG — Risk / Return Rank
IBCN.DE
IAGG
IBCN.DE vs. IAGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 3-5yr UCITS ETF (IBCN.DE) and iShares Core International Aggregate Bond ETF (IAGG). 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.
| IBCN.DE | IAGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.06 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 0.38 | -0.23 |
| Martin ratioReturn relative to average drawdown | 0.40 | 0.93 | -0.53 |
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
| IBCN.DE | IAGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.14 | 0.29 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | 0.27 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.06 | 0.25 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.23 | +0.22 |
Drawdowns
IBCN.DE vs. IAGG - Drawdown Comparison
The maximum IBCN.DE drawdown since its inception was -12.52%, smaller than the maximum IAGG drawdown of -15.49%. Use the drawdown chart below to compare losses from any high point for IBCN.DE and IAGG.
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Drawdown Indicators
| IBCN.DE | IAGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.52% | -15.49% | +2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -4.53% | +2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -2.41% | -12.04% | +9.63% |
Max Drawdown (5Y)Largest decline over 5 years | -12.15% | -12.04% | -0.11% |
Max Drawdown (10Y)Largest decline over 10 years | -12.52% | -15.49% | +2.97% |
Current DrawdownCurrent decline from peak | -2.93% | -7.65% | +4.72% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -5.69% | +3.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 1.83% | -0.97% |
Volatility
IBCN.DE vs. IAGG - Volatility Comparison
The current volatility for iShares Euro Government Bond 3-5yr UCITS ETF (IBCN.DE) is 0.91%, while iShares Core International Aggregate Bond ETF (IAGG) has a volatility of 1.01%. This indicates that IBCN.DE experiences smaller price fluctuations and is considered to be less risky than IAGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBCN.DE | IAGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 1.01% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 4.20% | -1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.53% | 5.92% | -3.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.63% | 8.23% | -4.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.96% | 8.05% | -5.09% |
IBCN.DE vs. IAGG - Expense Ratio Comparison
IBCN.DE has a 0.15% expense ratio, which is higher than IAGG's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBCN.DE vs. IAGG - Dividend Comparison
IBCN.DE's dividend yield for the trailing twelve months is around 2.44%, less than IAGG's 3.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAGG iShares Core International Aggregate Bond ETF | 3.66% | 3.08% | 4.28% | 3.55% | 2.27% | 1.16% | 1.95% | 2.82% | 3.02% | 1.74% | 1.56% | 0.13% |
IBCN.DE iShares Euro Government Bond 3-5yr UCITS ETF | 2.44% | 2.51% | 2.61% | 0.80% | 0.00% | 0.00% | 0.00% | 0.07% | 0.12% | 0.08% | 0.13% | 0.61% |
Frequently Asked Questions
IBCN.DE and IAGG have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IAGG is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IAGG is cheaper with a 0.07% expense ratio, compared with 0.15% for IBCN.DE.
IBCN.DE is categorized as European Government Bonds, while IAGG is Global Bonds. IBCN.DE tracks Bloomberg Euro Government Bond 5, while IAGG tracks Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index. Their fees differ too: 0.15% for IBCN.DE and 0.07% for IAGG.
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