IBDT vs. CE31.L

Last updated Jun 4, 2026

IBDT (iShares iBonds Dec 2028 Term Corporate ETF) and CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) are both exchange-traded funds - IBDT is a Corporate Bonds fund tracking the Bloomberg December 2028 Maturity Corporate Index, while CE31.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR. Both are passively managed. Over the past 5 years, IBDT returned 1.39%/yr vs -0.14%/yr for CE31.L. At a 0.28 correlation, their price movements are largely independent. IBDT charges 0.10%/yr vs 0.15%/yr for CE31.L.

Performance

IBDT vs. CE31.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2028 Term Corporate ETF (IBDT) and iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IBDT is traded in USD, while CE31.L is traded in GBp. To make them comparable, the CE31.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IBDT achieves a 0.78% return, which is significantly higher than CE31.L's -1.10% return.

IBDT

• 1D: -0.06%
• 1M: 0.27%
• YTD: 0.78%
• 6M: 1.15%
• 1Y: 4.55%
• 3Y*: 5.51%
• 5Y*: 1.39%
• 10Y*: —

CE31.L

• 1D: -0.33%
• 1M: -0.81%
• YTD: -1.10%
• 6M: -0.45%
• 1Y: 2.87%
• 3Y*: 5.42%
• 5Y*: -0.14%
• 10Y*: 0.59%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IBDT vs. CE31.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IBDT iShares iBonds Dec 2028 Term Corporate ETF	0.78%	7.02%	3.97%	7.72%	-11.42%	-1.90%	9.62%	15.15%	1.19%
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc)	-1.10%	15.67%	-3.25%	6.81%	-9.44%	-8.45%	8.62%	-0.98%	-2.72%

Correlation

The correlation between IBDT and CE31.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 21, 2018	0.28

The correlation between IBDT and CE31.L shifts across timeframes, from 0.28 (all time) to 0.42 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

IBDT vs. CE31.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IBDT

IBDT Risk / Return Rank: 88
IBDT Sharpe Ratio Rank: 85
IBDT Sortino Ratio Rank: 92
IBDT Omega Ratio Rank: 90
IBDT Calmar Ratio Rank: 83
IBDT Martin Ratio Rank: 89

CE31.L

CE31.L Risk / Return Rank: 24
CE31.L Sharpe Ratio Rank: 24
CE31.L Sortino Ratio Rank: 24
CE31.L Omega Ratio Rank: 22
CE31.L Calmar Ratio Rank: 27
CE31.L Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IBDT vs. CE31.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2028 Term Corporate ETF (IBDT) and iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.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.

	IBDT	CE31.L	Difference
Sharpe ratio Return per unit of total volatility	2.81	0.42	+2.39
Sortino ratio Return per unit of downside risk	4.50	0.66	+3.84
Omega ratio Gain probability vs. loss probability	1.59	1.08	+0.51
Calmar ratio Return relative to maximum drawdown	4.44	0.52	+3.92
Martin ratio Return relative to average drawdown	20.21	1.32	+18.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBDT vs. CE31.L - Sharpe Ratio Comparison

The current IBDT Sharpe Ratio is 2.81, which is higher than the CE31.L Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of IBDT and CE31.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IBDT	CE31.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	0.42	+2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	-0.02	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	-0.04	+0.65

Drawdowns

IBDT vs. CE31.L - Drawdown Comparison

The maximum IBDT drawdown since its inception was -17.79%, smaller than the maximum CE31.L drawdown of -33.98%. Use the drawdown chart below to compare losses from any high point for IBDT and CE31.L.

Drawdown Indicators

	IBDT	CE31.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-33.98%	+16.19%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-5.51%	+4.48%
Max Drawdown (3Y) Largest decline over 3 years	-3.19%	-8.15%	+4.96%
Max Drawdown (5Y) Largest decline over 5 years	-17.68%	-25.51%	+7.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.88%	—
Current Drawdown Current decline from peak	-0.09%	-12.27%	+12.18%
Average Drawdown Average peak-to-trough decline	-4.16%	-16.48%	+12.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	2.17%	-1.94%

Volatility

IBDT vs. CE31.L - Volatility Comparison

The current volatility for iShares iBonds Dec 2028 Term Corporate ETF (IBDT) is 0.34%, while iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) has a volatility of 1.85%. This indicates that IBDT experiences smaller price fluctuations and is considered to be less risky than CE31.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBDT	CE31.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	1.85%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	1.04%	4.99%	-3.95%
Volatility (1Y) Calculated over the trailing 1-year period	1.62%	6.80%	-5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.07%	8.20%	-3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.37%	8.04%	-1.67%

IBDT vs. CE31.L - Expense Ratio Comparison

IBDT has a 0.10% expense ratio, which is lower than CE31.L's 0.15% 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

IBDT vs. CE31.L - Dividend Comparison

IBDT's dividend yield for the trailing twelve months is around 4.55%, while CE31.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IBDT iShares iBonds Dec 2028 Term Corporate ETF	4.55%	4.56%	4.67%	4.10%	3.25%	2.45%	2.80%	3.32%	1.47%

Frequently Asked Questions

Can I hold both IBDT and CE31.L in my portfolio?

IBDT and CE31.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBDT or CE31.L?

On fees, IBDT is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBDT or CE31.L?

IBDT is cheaper with a 0.10% expense ratio, compared with 0.15% for CE31.L.

What is the main difference between IBDT and CE31.L?

IBDT is categorized as Corporate Bonds, while CE31.L is European Government Bonds. IBDT tracks Bloomberg December 2028 Maturity Corporate Index, while CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR. Their fees differ too: 0.10% for IBDT and 0.15% for CE31.L.