IBCX.L vs. IRCP.L
IBCX.L (iShares Euro Corporate Bond Large Cap UCITS ETF) and IRCP.L (iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist)) are both European Corporate Bonds funds from iShares - IBCX.L tracks the Bloomberg Euro Corp TR EUR while IRCP.L tracks the Bloomberg MSCI EUR Corporate Interest Rate Hedged ESG SRI Index. Both are passively managed. Over the past 10 years, IBCX.L returned 0.53%/yr vs 1.57%/yr for IRCP.L. At a 0.17 correlation, their price movements are largely independent. IBCX.L charges 0.20%/yr vs 0.25%/yr for IRCP.L.
Performance
IBCX.L vs. IRCP.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBCX.L achieves a 0.41% return, which is significantly lower than IRCP.L's 1.43% return. Over the past 10 years, IBCX.L has underperformed IRCP.L with an annualized return of 0.53%, while IRCP.L has yielded a comparatively higher 1.57% annualized return.
IBCX.L
- 1D
- 0.03%
- 1M
- -0.43%
- 6M
- 0.09%
- YTD
- 0.41%
- 1Y
- 1.30%
- 3Y*
- 3.95%
- 5Y*
- -0.44%
- 10Y*
- 0.53%
IRCP.L
- 1D
- -0.01%
- 1M
- 0.50%
- 6M
- 1.32%
- YTD
- 1.43%
- 1Y
- 3.03%
- 3Y*
- 5.13%
- 5Y*
- 2.73%
- 10Y*
- 1.57%
IBCX.L vs. IRCP.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 | 0.41% | 3.15% | 3.48% | 7.33% | -13.95% | -1.48% | 2.83% | 6.04% | -1.28% | 1.61% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | 1.43% | 4.21% | 6.47% | 5.14% | -2.74% | -0.24% | 0.84% | 4.00% | -3.63% | 1.46% |
Correlation
The correlation between IBCX.L and IRCP.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2012 | 0.17 |
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Return for Risk
IBCX.L vs. IRCP.L — Risk / Return Rank
IBCX.L
IRCP.L
IBCX.L vs. IRCP.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 iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.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 | IRCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.24 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 2.94 | -2.46 |
| Martin ratioReturn relative to average drawdown | 1.63 | 12.04 | -10.40 |
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Drawdowns
IBCX.L vs. IRCP.L - Drawdown Comparison
The maximum IBCX.L drawdown since its inception was -17.79%, which is greater than IRCP.L's maximum drawdown of -14.44%. Use the drawdown chart below to compare losses from any high point for IBCX.L and IRCP.L.
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Drawdown Indicators
| IBCX.L | IRCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.79% | -14.44% | -3.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -1.03% | -1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -2.73% | -1.96% | -0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -7.06% | -10.73% |
Max Drawdown (10Y)Largest decline over 10 years | -17.79% | -14.44% | -3.35% |
Current DrawdownCurrent decline from peak | -2.84% | -0.19% | -2.65% |
Average DrawdownAverage peak-to-trough decline | -2.94% | -1.31% | -1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.25% | +0.54% |
Volatility
IBCX.L vs. IRCP.L - Volatility Comparison
iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.L) has a higher volatility of 0.85% compared to iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.L) at 0.60%. This indicates that IBCX.L's price experiences larger fluctuations and is considered to be riskier than IRCP.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 | IRCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.60% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 2.45% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 2.67% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.66% | 2.96% | +1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.79% | 3.79% | +1.00% |
IBCX.L vs. IRCP.L - Expense Ratio Comparison
IBCX.L has a 0.20% expense ratio, which is lower than IRCP.L's 0.25% 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
IBCX.L vs. IRCP.L - Dividend Comparison
IBCX.L's dividend yield for the trailing twelve months is around 3.14%, more than IRCP.L's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | 3.14% | 3.02% | 2.74% | 2.31% | 1.05% | 0.73% | 0.84% | 0.99% | 1.10% | 1.09% | 1.27% | 1.57% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | 2.58% | 2.91% | 3.70% | 2.52% | 0.43% | 0.70% | 0.82% | 0.92% | 0.58% | 0.71% | 1.35% | 1.47% |
Frequently Asked Questions
IBCX.L and IRCP.L have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBCX.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBCX.L is cheaper with a 0.20% expense ratio, compared with 0.25% for IRCP.L.
IBCX.L tracks Bloomberg Euro Corp TR EUR, while IRCP.L tracks Bloomberg MSCI EUR Corporate Interest Rate Hedged ESG SRI Index. Their fees differ too: 0.20% for IBCX.L and 0.25% for IRCP.L.
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