IBCX.L vs. CBSE.L
IBCX.L (iShares Euro Corporate Bond Large Cap UCITS ETF) and CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) are both European Corporate Bonds funds tracking the Bloomberg Euro Corp TR EUR, from iShares and UBS respectively. Both are passively managed. Over the past 5 years, IBCX.L returned -0.09%/yr vs -0.02%/yr for CBSE.L. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
IBCX.L vs. CBSE.L - Performance Comparison
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Different Trading Currencies
IBCX.L is traded in EUR, while CBSE.L is traded in GBp. To make them comparable, the CBSE.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBCX.L achieves a 1.24% return, which is significantly higher than CBSE.L's 1.15% return.
IBCX.L
- 1D
- 0.10%
- 1M
- 0.75%
- YTD
- 1.24%
- 6M
- 1.56%
- 1Y
- 2.42%
- 3Y*
- 4.47%
- 5Y*
- -0.09%
- 10Y*
- 0.79%
CBSE.L
- 1D
- 0.13%
- 1M
- 0.69%
- YTD
- 1.15%
- 6M
- 1.36%
- 1Y
- 2.45%
- 3Y*
- 5.18%
- 5Y*
- -0.02%
- 10Y*
- —
IBCX.L vs. CBSE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | 1.24% | 3.15% | 3.48% | 7.33% | -13.95% | -1.48% | 2.83% | 6.04% | -1.28% | 1.96% |
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | 1.15% | 2.93% | 4.82% | 8.20% | -15.54% | -1.69% | 3.01% | 8.89% | -2.26% | -10.46% |
Correlation
The correlation between IBCX.L and CBSE.L 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 | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2017 | 0.61 |
The correlation between IBCX.L and CBSE.L shifts across timeframes, from 0.61 (all time) to 0.77 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBCX.L vs. CBSE.L — Risk / Return Rank
IBCX.L
CBSE.L
IBCX.L vs. CBSE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.L) and UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.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.
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.
| IBCX.L | CBSE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.12 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.77 | +0.12 |
| Martin ratioReturn relative to average drawdown | 3.08 | 2.56 | +0.52 |
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Drawdowns
IBCX.L vs. CBSE.L - Drawdown Comparison
The maximum IBCX.L drawdown since its inception was -17.79%, smaller than the maximum CBSE.L drawdown of -22.46%. Use the drawdown chart below to compare losses from any high point for IBCX.L and CBSE.L.
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Drawdown Indicators
| IBCX.L | CBSE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.79% | -22.46% | +4.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -3.17% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -2.73% | -3.17% | +0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -20.44% | +2.65% |
Max Drawdown (10Y)Largest decline over 10 years | -17.79% | — | — |
Current DrawdownCurrent decline from peak | -2.03% | -4.73% | +2.70% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -10.17% | +7.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.95% | -0.17% |
Volatility
IBCX.L vs. CBSE.L - Volatility Comparison
The current volatility for iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.L) is 0.83%, while UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) has a volatility of 1.05%. This indicates that IBCX.L experiences smaller price fluctuations and is considered to be less risky than CBSE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBCX.L | CBSE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 1.05% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 3.21% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 3.70% | -0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.65% | 5.69% | -1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.79% | 7.93% | -3.14% |
IBCX.L vs. CBSE.L - Expense Ratio Comparison
Both IBCX.L and CBSE.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IBCX.L vs. CBSE.L - Dividend Comparison
IBCX.L's dividend yield for the trailing twelve months is around 3.11%, less than CBSE.L's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | 3.49% | 3.72% | 3.18% | 1.80% | 0.58% | 0.59% | 0.61% | 1.03% | 1.42% | 0.48% | 0.00% | 0.00% |
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | 3.11% | 3.02% | 2.74% | 2.31% | 1.05% | 0.73% | 0.84% | 0.99% | 1.10% | 1.09% | 1.27% | 1.57% |
Frequently Asked Questions
IBCX.L and CBSE.L 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.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IBCX.L and CBSE.L have the same expense ratio: 0.20% per year.
Both ETFs track Bloomberg Euro Corp TR EUR. They also come from different issuers: iShares and UBS.
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