ICBU.L vs. GUNR
ICBU.L (iShares USD Intermediate Credit Bond UCITS ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - ICBU.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 5 years, ICBU.L returned 1.73%/yr vs 9.87%/yr for GUNR. At a 0.06 correlation, their price movements are largely independent. ICBU.L charges 0.15%/yr vs 0.46%/yr for GUNR.
Performance
ICBU.L vs. GUNR - 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 GUNR's 18.89% 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*
- —
GUNR
- 1D
- -0.26%
- 1M
- -1.34%
- YTD
- 18.89%
- 6M
- 20.95%
- 1Y
- 41.20%
- 3Y*
- 14.43%
- 5Y*
- 9.87%
- 10Y*
- 10.94%
ICBU.L vs. GUNR - 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% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 18.89% | 30.03% | -8.37% | -2.40% | 14.83% | 26.06% | 0.46% | 18.41% | -9.42% | 16.03% |
Correlation
The correlation between ICBU.L and GUNR is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
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 | 0.06 |
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Return for Risk
ICBU.L vs. GUNR — Risk / Return Rank
ICBU.L
GUNR
ICBU.L vs. GUNR - 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 FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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 | GUNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.48 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 6.08 | -3.79 |
| Martin ratioReturn relative to average drawdown | 8.55 | 22.95 | -14.40 |
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 | GUNR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 2.73 | -1.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.52 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.32 | +0.29 |
Drawdowns
ICBU.L vs. GUNR - Drawdown Comparison
The maximum ICBU.L drawdown since its inception was -13.92%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for ICBU.L and GUNR.
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Drawdown Indicators
| ICBU.L | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.92% | -45.64% | +31.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.14% | -6.81% | +4.67% |
Max Drawdown (3Y)Largest decline over 3 years | -3.24% | -19.59% | +16.35% |
Max Drawdown (5Y)Largest decline over 5 years | -13.92% | -24.06% | +10.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.04% | — |
Current DrawdownCurrent decline from peak | -0.67% | -2.81% | +2.14% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -10.40% | +7.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 1.80% | -1.23% |
Volatility
ICBU.L vs. GUNR - Volatility Comparison
The current volatility for iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) is 1.35%, while FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a volatility of 4.23%. This indicates that ICBU.L experiences smaller price fluctuations and is considered to be less risky than GUNR 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 | GUNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 4.23% | -2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 12.55% | -10.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.03% | 15.14% | -12.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 18.98% | -14.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 20.42% | -16.00% |
ICBU.L vs. GUNR - Expense Ratio Comparison
ICBU.L has a 0.15% expense ratio, which is lower than GUNR's 0.46% expense ratio.
Dividends
ICBU.L vs. GUNR - Dividend Comparison
ICBU.L's dividend yield for the trailing twelve months is around 5.54%, more than GUNR's 2.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.25% | 2.81% | 3.39% | 3.55% | 4.12% | 3.61% | 2.79% | 3.25% | 3.27% | 2.00% | 1.73% | 4.50% |
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 GUNR have a correlation of 0.11, 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 0.46% for GUNR.
ICBU.L is categorized as Corporate Bonds, while GUNR is Commodity Producers Equities. ICBU.L tracks Bloomberg US Corp Bond TR USD, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.15% for ICBU.L and 0.46% for GUNR.
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