IBCX.L vs. SEUC.L
IBCX.L (iShares Euro Corporate Bond Large Cap UCITS ETF) and SEUC.L (SPDR Bloomberg 0-3 Year Corporate Bond UCITS ETF) are both European Corporate Bonds funds - IBCX.L tracks the Bloomberg Euro Corp TR EUR while SEUC.L tracks the Bloomberg Euro Agg Corp 1-3 Yr TR EUR. Both are passively managed. Over the past 10 years, IBCX.L returned 0.73%/yr vs 0.86%/yr for SEUC.L. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
IBCX.L vs. SEUC.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBCX.L achieves a 0.49% return, which is significantly lower than SEUC.L's 0.55% return. Over the past 10 years, IBCX.L has underperformed SEUC.L with an annualized return of 0.73%, while SEUC.L has yielded a comparatively higher 0.86% annualized return.
IBCX.L
- 1D
- 0.06%
- 1M
- 0.76%
- YTD
- 0.49%
- 6M
- 0.44%
- 1Y
- 1.83%
- 3Y*
- 4.28%
- 5Y*
- -0.26%
- 10Y*
- 0.73%
SEUC.L
- 1D
- 0.05%
- 1M
- 0.35%
- YTD
- 0.55%
- 6M
- 0.70%
- 1Y
- 1.91%
- 3Y*
- 3.72%
- 5Y*
- 1.59%
- 10Y*
- 0.86%
IBCX.L vs. SEUC.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 | 0.49% | 3.14% | 3.48% | 7.33% | -13.95% | -1.48% | 2.83% | 6.04% | -1.28% | 1.60% |
SEUC.L SPDR Bloomberg 0-3 Year Corporate Bond UCITS ETF | 0.55% | 3.03% | 4.21% | 4.17% | -3.54% | -0.27% | 0.22% | 0.79% | -0.53% | 0.06% |
Correlation
The correlation between IBCX.L and SEUC.L is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2013 | 0.60 |
The correlation between IBCX.L and SEUC.L shifts across timeframes, from 0.60 (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. SEUC.L — Risk / Return Rank
IBCX.L
SEUC.L
IBCX.L vs. SEUC.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 SPDR Bloomberg 0-3 Year Corporate Bond UCITS ETF (SEUC.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.
| IBCX.L | SEUC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.40 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 2.28 | -1.62 |
| Martin ratioReturn relative to average drawdown | 2.36 | 9.27 | -6.91 |
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
| IBCX.L | SEUC.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.58 | 1.77 | -1.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.05 | 1.18 | -1.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.15 | 0.40 | -0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.47 | -0.18 |
Drawdowns
IBCX.L vs. SEUC.L - Drawdown Comparison
The maximum IBCX.L drawdown since its inception was -23.17%, which is greater than SEUC.L's maximum drawdown of -7.82%. Use the drawdown chart below to compare losses from any high point for IBCX.L and SEUC.L.
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Drawdown Indicators
| IBCX.L | SEUC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.17% | -7.82% | -15.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -0.83% | -1.90% |
Max Drawdown (3Y)Largest decline over 3 years | -2.73% | -0.83% | -1.90% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -4.90% | -12.89% |
Max Drawdown (10Y)Largest decline over 10 years | -17.79% | -7.82% | -9.97% |
Current DrawdownCurrent decline from peak | -2.76% | -0.10% | -2.66% |
Average DrawdownAverage peak-to-trough decline | -2.99% | -0.65% | -2.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.21% | +0.56% |
Volatility
IBCX.L vs. SEUC.L - Volatility Comparison
iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.L) has a higher volatility of 1.08% compared to SPDR Bloomberg 0-3 Year Corporate Bond UCITS ETF (SEUC.L) at 0.36%. This indicates that IBCX.L's price experiences larger fluctuations and is considered to be riskier than SEUC.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 | SEUC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.36% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 2.67% | 0.95% | +1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.12% | 1.08% | +2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.65% | 1.35% | +3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.79% | 2.15% | +2.64% |
IBCX.L vs. SEUC.L - Expense Ratio Comparison
Both IBCX.L and SEUC.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. SEUC.L - Dividend Comparison
IBCX.L's dividend yield for the trailing twelve months is around 3.07%, more than SEUC.L's 2.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | 3.07% | 3.02% | 2.74% | 2.31% | 1.05% | 0.73% | 0.84% | 0.99% | 1.10% | 1.09% | 1.27% | 1.57% |
SEUC.L SPDR Bloomberg 0-3 Year Corporate Bond UCITS ETF | 2.96% | 3.05% | 2.59% | 1.27% | 0.19% | 0.30% | 0.23% | 0.17% | 0.11% | 0.28% | 0.50% | 0.72% |
Frequently Asked Questions
IBCX.L and SEUC.L have a correlation of 0.70, 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 SEUC.L have the same expense ratio: 0.20% per year.
IBCX.L tracks Bloomberg Euro Corp TR EUR, while SEUC.L tracks Bloomberg Euro Agg Corp 1-3 Yr TR EUR. They also come from different issuers: iShares and State Street.
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