ICBU.L vs. BIL
ICBU.L (iShares USD Intermediate Credit Bond UCITS ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - ICBU.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, ICBU.L returned 1.73%/yr vs 3.41%/yr for BIL. At a 0.03 correlation, their price movements are largely independent. ICBU.L charges 0.15%/yr vs 0.14%/yr for BIL.
Performance
ICBU.L vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, ICBU.L achieves a 0.45% return, which is significantly lower than BIL's 1.49% return.
ICBU.L
- 1D
- 0.20%
- 1M
- 0.20%
- YTD
- 0.45%
- 6M
- 0.86%
- 1Y
- 4.93%
- 3Y*
- 5.47%
- 5Y*
- 1.73%
- 10Y*
- —
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.49%
- 6M
- 1.76%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
ICBU.L vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICBU.L iShares USD Intermediate Credit Bond UCITS ETF | 0.45% | 7.60% | 4.08% | 6.74% | -9.04% | -1.35% | 6.50% | 9.92% | -0.45% | 1.36% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.58% |
Correlation
The correlation between ICBU.L and BIL is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2017 | 0.03 |
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Return for Risk
ICBU.L vs. BIL — Risk / Return Rank
ICBU.L
BIL
ICBU.L vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| ICBU.L | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.08 | ||
| Sortino ratioReturn per unit of downside risk | -171.76 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 87.91 | -86.59 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 355.35 | -353.06 |
| Martin ratioReturn relative to average drawdown | 8.55 | 2,817.77 | -2,809.22 |
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
| ICBU.L | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 19.71 | -18.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 13.15 | -12.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.51 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 2.78 | -2.17 |
Drawdowns
ICBU.L vs. BIL - Drawdown Comparison
The maximum ICBU.L drawdown since its inception was -13.92%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for ICBU.L and BIL.
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Drawdown Indicators
| ICBU.L | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.92% | -0.78% | -13.14% |
Max Drawdown (1Y)Largest decline over 1 year | -2.14% | -0.01% | -2.13% |
Max Drawdown (3Y)Largest decline over 3 years | -3.24% | -0.01% | -3.23% |
Max Drawdown (5Y)Largest decline over 5 years | -13.92% | -0.10% | -13.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -0.67% | 0.00% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -0.26% | -2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.00% | +0.57% |
Volatility
ICBU.L vs. BIL - Volatility Comparison
iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) has a higher volatility of 1.35% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that ICBU.L's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICBU.L | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 0.06% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 0.13% | +2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.03% | 0.20% | +2.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 0.26% | +4.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 0.26% | +4.16% |
ICBU.L vs. BIL - Expense Ratio Comparison
ICBU.L has a 0.15% expense ratio, which is higher than BIL's 0.14% 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
ICBU.L vs. BIL - Dividend Comparison
ICBU.L's dividend yield for the trailing twelve months is around 5.54%, more than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
ICBU.L iShares USD Intermediate Credit Bond UCITS ETF | 5.54% | 4.21% | 3.78% | 2.77% | 1.93% | 1.93% | 2.78% | 2.93% | 2.65% | 0.44% | 0.00% |
Frequently Asked Questions
ICBU.L and BIL have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BIL is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BIL is cheaper with a 0.14% expense ratio, compared with 0.15% for ICBU.L.
ICBU.L is categorized as Corporate Bonds, while BIL is Government Bonds. ICBU.L tracks Bloomberg US Corp Bond TR USD, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for ICBU.L and 0.14% for BIL.
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