ICBU.L vs. EWZ
ICBU.L (iShares USD Intermediate Credit Bond UCITS ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - ICBU.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 5 years, ICBU.L returned 1.73%/yr vs 4.39%/yr for EWZ. At a 0.07 correlation, their price movements are largely independent. ICBU.L charges 0.15%/yr vs 0.59%/yr for EWZ.
Performance
ICBU.L vs. EWZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ICBU.L achieves a 0.45% return, which is significantly lower than EWZ's 9.47% 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*
- —
EWZ
- 1D
- 0.40%
- 1M
- -12.42%
- YTD
- 9.47%
- 6M
- 3.68%
- 1Y
- 33.64%
- 3Y*
- 11.00%
- 5Y*
- 4.39%
- 10Y*
- 7.83%
ICBU.L vs. EWZ - 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% |
EWZ iShares MSCI Brazil ETF | 9.47% | 48.81% | -30.41% | 32.62% | 12.09% | -17.32% | -20.35% | 27.67% | -2.52% | 12.30% |
Correlation
The correlation between ICBU.L and EWZ is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2017 | 0.07 |
The correlation between ICBU.L and EWZ shifts across timeframes, from 0.07 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ICBU.L vs. EWZ — Risk / Return Rank
ICBU.L
EWZ
ICBU.L vs. EWZ - 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 iShares MSCI Brazil ETF (EWZ). 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 | EWZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.24 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 1.99 | +0.30 |
| Martin ratioReturn relative to average drawdown | 8.55 | 6.21 | +2.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ICBU.L | EWZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 1.35 | +0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.16 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.23 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.17 | +0.44 |
Drawdowns
ICBU.L vs. EWZ - Drawdown Comparison
The maximum ICBU.L drawdown since its inception was -13.92%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for ICBU.L and EWZ.
Loading charts...
Drawdown Indicators
| ICBU.L | EWZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.92% | -77.25% | +63.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.14% | -16.99% | +14.85% |
Max Drawdown (3Y)Largest decline over 3 years | -3.24% | -31.36% | +28.12% |
Max Drawdown (5Y)Largest decline over 5 years | -13.92% | -32.24% | +18.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.99% | — |
Current DrawdownCurrent decline from peak | -0.67% | -23.76% | +23.09% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -35.95% | +33.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 5.43% | -4.86% |
Volatility
ICBU.L vs. EWZ - Volatility Comparison
The current volatility for iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) is 1.35%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 7.55%. This indicates that ICBU.L experiences smaller price fluctuations and is considered to be less risky than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ICBU.L | EWZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 7.55% | -6.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 20.70% | -18.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.03% | 24.95% | -21.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 27.66% | -23.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 34.09% | -29.67% |
ICBU.L vs. EWZ - Expense Ratio Comparison
ICBU.L has a 0.15% expense ratio, which is lower than EWZ's 0.59% expense ratio.
Dividends
ICBU.L vs. EWZ - Dividend Comparison
ICBU.L's dividend yield for the trailing twelve months is around 5.54%, more than EWZ's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWZ iShares MSCI Brazil ETF | 4.74% | 5.19% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% |
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% | 0.00% |
Frequently Asked Questions
ICBU.L and EWZ have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICBU.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICBU.L is cheaper with a 0.15% expense ratio, compared with 0.59% for EWZ.
ICBU.L is categorized as Corporate Bonds, while EWZ is Latin America Equities. ICBU.L tracks Bloomberg US Corp Bond TR USD, while EWZ tracks MSCI Brazil 25/50 Index. Their fees differ too: 0.15% for ICBU.L and 0.59% for EWZ.
Find the right allocation for ICBU.L and EWZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer