IBCS.DE vs. EL48.DE
IBCS.DE (iShares Euro Corporate Bond Large Cap UCITS ETF) and EL48.DE (Deka iBoxx EUR Liquid Germany Covered Diversified UCITS ETF) are both European Corporate Bonds funds - IBCS.DE tracks the iBoxx® EUR Liquid Corporates Large Cap while EL48.DE tracks the iBoxx® EUR Liquid Germany Covered Diversified. Both are passively managed. Over the past 10 years, IBCS.DE returned 0.79%/yr vs -0.39%/yr for EL48.DE. A 0.66 correlation means they provide meaningful diversification when combined. IBCS.DE charges 0.20%/yr vs 0.09%/yr for EL48.DE.
Performance
IBCS.DE vs. EL48.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IBCS.DE achieves a 1.40% return, which is significantly higher than EL48.DE's 0.82% return. Over the past 10 years, IBCS.DE has outperformed EL48.DE with an annualized return of 0.79%, while EL48.DE has yielded a comparatively lower -0.39% annualized return.
IBCS.DE
- 1D
- 0.10%
- 1M
- 0.70%
- YTD
- 1.40%
- 6M
- 1.59%
- 1Y
- 2.39%
- 3Y*
- 4.46%
- 5Y*
- -0.10%
- 10Y*
- 0.79%
EL48.DE
- 1D
- 0.00%
- 1M
- 0.48%
- YTD
- 0.82%
- 6M
- 0.92%
- 1Y
- 1.38%
- 3Y*
- 3.27%
- 5Y*
- -1.15%
- 10Y*
- -0.39%
IBCS.DE vs. EL48.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 | 1.40% | 2.83% | 3.66% | 7.36% | -14.02% | -1.42% | 2.71% | 6.17% | -1.32% | 1.59% |
EL48.DE Deka iBoxx EUR Liquid Germany Covered Diversified UCITS ETF | 0.82% | 2.29% | 2.96% | 5.22% | -14.74% | -2.30% | 1.63% | 2.29% | 0.39% | -0.02% |
Correlation
The correlation between IBCS.DE and EL48.DE is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2009 | 0.66 |
The correlation between IBCS.DE and EL48.DE shifts across timeframes, from 0.56 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBCS.DE vs. EL48.DE — Risk / Return Rank
IBCS.DE
EL48.DE
IBCS.DE vs. EL48.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 Deka iBoxx EUR Liquid Germany Covered Diversified UCITS ETF (EL48.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IBCS.DE | EL48.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.10 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 0.62 | +0.24 |
| Martin ratioReturn relative to average drawdown | 2.92 | 1.53 | +1.39 |
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Drawdowns
IBCS.DE vs. EL48.DE - Drawdown Comparison
The maximum IBCS.DE drawdown since its inception was -17.87%, roughly equal to the maximum EL48.DE drawdown of -18.24%. Use the drawdown chart below to compare losses from any high point for IBCS.DE and EL48.DE.
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Drawdown Indicators
| IBCS.DE | EL48.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.87% | -18.24% | +0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.78% | -2.22% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -2.78% | -2.22% | -0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -17.87% | -17.05% | -0.82% |
Max Drawdown (10Y)Largest decline over 10 years | -17.87% | -18.24% | +0.37% |
Current DrawdownCurrent decline from peak | -2.06% | -7.89% | +5.83% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -4.24% | +1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 0.90% | -0.08% |
Volatility
IBCS.DE vs. EL48.DE - Volatility Comparison
iShares Euro Corporate Bond Large Cap UCITS ETF (IBCS.DE) has a higher volatility of 0.83% compared to Deka iBoxx EUR Liquid Germany Covered Diversified UCITS ETF (EL48.DE) at 0.59%. This indicates that IBCS.DE's price experiences larger fluctuations and is considered to be riskier than EL48.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 | EL48.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.59% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 2.09% | +0.85% |
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% | 4.15% | +0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.47% | 3.23% | +1.24% |
IBCS.DE vs. EL48.DE - Expense Ratio Comparison
IBCS.DE has a 0.20% expense ratio, which is higher than EL48.DE's 0.09% 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
IBCS.DE vs. EL48.DE - Dividend Comparison
IBCS.DE's dividend yield for the trailing twelve months is around 3.11%, more than EL48.DE's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EL48.DE Deka iBoxx EUR Liquid Germany Covered Diversified UCITS ETF | 2.06% | 2.45% | 1.70% | 1.66% | 0.19% | 0.15% | 0.19% | 0.28% | 0.28% | 0.87% | 0.90% | 0.94% |
IBCS.DE iShares Euro Corporate Bond Large Cap UCITS ETF | 3.11% | 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 EL48.DE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EL48.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EL48.DE is cheaper with a 0.09% expense ratio, compared with 0.20% for IBCS.DE.
IBCS.DE tracks iBoxx® EUR Liquid Corporates Large Cap, while EL48.DE tracks iBoxx® EUR Liquid Germany Covered Diversified. They also come from different issuers: iShares and Deka. Their fees differ too: 0.20% for IBCS.DE and 0.09% for EL48.DE.
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