ICBU.L vs. IEF
ICBU.L (iShares USD Intermediate Credit Bond UCITS ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - ICBU.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 5 years, ICBU.L returned 1.73%/yr vs -1.11%/yr for IEF. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.15% expense ratio.
Performance
ICBU.L vs. IEF - 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 higher than IEF's -0.53% 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*
- —
IEF
- 1D
- 0.13%
- 1M
- -0.10%
- YTD
- -0.53%
- 6M
- -0.73%
- 1Y
- 3.44%
- 3Y*
- 2.52%
- 5Y*
- -1.11%
- 10Y*
- 0.67%
ICBU.L vs. IEF - 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% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.53% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 0.50% |
Correlation
The correlation between ICBU.L and IEF is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2017 | 0.55 |
The correlation between ICBU.L and IEF has been stable across timeframes, ranging from 0.55 to 0.62 - a consistent structural relationship.
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Return for Risk
ICBU.L vs. IEF — Risk / Return Rank
ICBU.L
IEF
ICBU.L vs. IEF - 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 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.89 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.12 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 0.85 | +1.44 |
| Martin ratioReturn relative to average drawdown | 8.55 | 2.50 | +6.05 |
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 | IEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 0.73 | +0.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | -0.14 | +0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.50 | +0.11 |
Drawdowns
ICBU.L vs. IEF - Drawdown Comparison
The maximum ICBU.L drawdown since its inception was -13.92%, smaller than the maximum IEF drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for ICBU.L and IEF.
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Drawdown Indicators
| ICBU.L | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.92% | -23.93% | +10.01% |
Max Drawdown (1Y)Largest decline over 1 year | -2.14% | -4.07% | +1.93% |
Max Drawdown (3Y)Largest decline over 3 years | -3.24% | -7.74% | +4.50% |
Max Drawdown (5Y)Largest decline over 5 years | -13.92% | -21.40% | +7.48% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.93% | — |
Current DrawdownCurrent decline from peak | -0.67% | -11.23% | +10.56% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -5.35% | +2.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 1.38% | -0.81% |
Volatility
ICBU.L vs. IEF - Volatility Comparison
The current volatility for iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) is 1.35%, while iShares 7-10 Year Treasury Bond ETF (IEF) has a volatility of 1.54%. This indicates that ICBU.L experiences smaller price fluctuations and is considered to be less risky than IEF 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 | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.54% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 3.34% | -0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.03% | 4.78% | -1.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 7.71% | -3.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 6.62% | -2.20% |
ICBU.L vs. IEF - Expense Ratio Comparison
Both ICBU.L and IEF have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ICBU.L vs. IEF - Dividend Comparison
ICBU.L's dividend yield for the trailing twelve months is around 5.54%, more than IEF's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IEF iShares 7-10 Year Treasury Bond ETF | 3.90% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
Frequently Asked Questions
ICBU.L and IEF have a correlation of 0.57, 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 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ICBU.L and IEF have the same expense ratio: 0.15% per year.
ICBU.L is categorized as Corporate Bonds, while IEF is Government Bonds. ICBU.L tracks Bloomberg US Corp Bond TR USD, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index.
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