IBCS.DE vs. COVR.DE
IBCS.DE (iShares Euro Corporate Bond Large Cap UCITS ETF) and COVR.DE (PIMCO Covered Bond UCITS ETF Dist) are both European Corporate Bonds funds - IBCS.DE tracks the iBoxx® EUR Liquid Corporates Large Cap while COVR.DE tracks the PIMCO Covered Bond. Both are passively managed. Over the past 10 years, IBCS.DE returned 0.73%/yr vs 0.53%/yr for COVR.DE. A 0.65 correlation means they provide meaningful diversification when combined. IBCS.DE charges 0.20%/yr vs 0.43%/yr for COVR.DE.
Performance
IBCS.DE vs. COVR.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IBCS.DE achieves a 0.64% return, which is significantly higher than COVR.DE's -0.22% return. Over the past 10 years, IBCS.DE has outperformed COVR.DE with an annualized return of 0.73%, while COVR.DE has yielded a comparatively lower 0.53% annualized return.
IBCS.DE
- 1D
- 0.12%
- 1M
- 0.29%
- YTD
- 0.64%
- 6M
- 0.59%
- 1Y
- 2.11%
- 3Y*
- 4.29%
- 5Y*
- -0.27%
- 10Y*
- 0.73%
COVR.DE
- 1D
- -0.00%
- 1M
- 0.10%
- YTD
- -0.22%
- 6M
- -0.38%
- 1Y
- 0.96%
- 3Y*
- 3.61%
- 5Y*
- -0.49%
- 10Y*
- 0.53%
IBCS.DE vs. COVR.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBCS.DE iShares Euro Corporate Bond Large Cap UCITS ETF | 0.64% | 2.84% | 3.66% | 7.36% | -14.02% | -1.42% | 2.71% | 6.17% | -1.32% | 1.59% |
COVR.DE PIMCO Covered Bond UCITS ETF Dist | -0.22% | 2.66% | 3.80% | 6.11% | -12.85% | -2.27% | 3.03% | 3.98% | 0.05% | 2.43% |
Correlation
The correlation between IBCS.DE and COVR.DE is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2014 | 0.65 |
The correlation between IBCS.DE and COVR.DE shifts across timeframes, from 0.65 (all time) to 0.76 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBCS.DE vs. COVR.DE — Risk / Return Rank
IBCS.DE
COVR.DE
IBCS.DE vs. COVR.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Corporate Bond Large Cap UCITS ETF (IBCS.DE) and PIMCO Covered Bond UCITS ETF Dist (COVR.DE). 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.
| IBCS.DE | COVR.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.05 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 0.23 | +0.39 |
| Martin ratioReturn relative to average drawdown | 2.13 | 0.65 | +1.48 |
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
| IBCS.DE | COVR.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | 0.26 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | -0.13 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 0.18 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.21 | -0.05 |
Drawdowns
IBCS.DE vs. COVR.DE - Drawdown Comparison
The maximum IBCS.DE drawdown since its inception was -31.12%, which is greater than COVR.DE's maximum drawdown of -16.36%. Use the drawdown chart below to compare losses from any high point for IBCS.DE and COVR.DE.
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Drawdown Indicators
| IBCS.DE | COVR.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.12% | -16.36% | -14.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.85% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -2.79% | -2.85% | +0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -17.87% | -15.69% | -2.18% |
Max Drawdown (10Y)Largest decline over 10 years | -17.87% | -16.36% | -1.51% |
Current DrawdownCurrent decline from peak | -2.79% | -4.21% | +1.42% |
Average DrawdownAverage peak-to-trough decline | -8.35% | -4.10% | -4.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 1.00% | -0.19% |
Volatility
IBCS.DE vs. COVR.DE - Volatility Comparison
iShares Euro Corporate Bond Large Cap UCITS ETF (IBCS.DE) has a higher volatility of 1.18% compared to PIMCO Covered Bond UCITS ETF Dist (COVR.DE) at 0.92%. This indicates that IBCS.DE's price experiences larger fluctuations and is considered to be riskier than COVR.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBCS.DE | COVR.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 0.92% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 2.11% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 2.48% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.74% | 3.77% | +0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.47% | 2.98% | +1.49% |
IBCS.DE vs. COVR.DE - Expense Ratio Comparison
IBCS.DE has a 0.20% expense ratio, which is lower than COVR.DE's 0.43% expense ratio.
Dividends
IBCS.DE vs. COVR.DE - Dividend Comparison
IBCS.DE's dividend yield for the trailing twelve months is around 3.07%, more than COVR.DE's 2.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COVR.DE PIMCO Covered Bond UCITS ETF Dist | 2.49% | 2.43% | 1.66% | 0.56% | 0.00% | 0.00% | 0.42% | 1.20% | 0.78% | 0.57% | 0.74% | 0.86% |
IBCS.DE iShares Euro Corporate Bond Large Cap UCITS ETF | 3.07% | 3.03% | 2.74% | 2.31% | 1.05% | 0.73% | 0.85% | 0.99% | 1.10% | 1.09% | 1.27% | 1.57% |
Frequently Asked Questions
IBCS.DE and COVR.DE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBCS.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBCS.DE is cheaper with a 0.20% expense ratio, compared with 0.43% for COVR.DE.
IBCS.DE tracks iBoxx® EUR Liquid Corporates Large Cap, while COVR.DE tracks PIMCO Covered Bond. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.20% for IBCS.DE and 0.43% for COVR.DE.
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