ICBU.L vs. IUCB.L

Last updated Jun 5, 2026

ICBU.L (iShares USD Intermediate Credit Bond UCITS ETF) and IUCB.L (SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF) are both Corporate Bonds funds tracking the Bloomberg US Corp Bond TR USD, from iShares and State Street respectively. Both are passively managed. Over the past 5 years, ICBU.L returned 1.73%/yr vs 1.88%/yr for IUCB.L. At a 0.44 correlation, their price movements are largely independent. ICBU.L charges 0.15%/yr vs 0.12%/yr for IUCB.L.

Performance

ICBU.L vs. IUCB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) and SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ICBU.L having a 0.45% return and IUCB.L slightly lower at 0.43%.

ICBU.L

• 1D: 0.20%
• 1M: 0.20%
• YTD: 0.45%
• 6M: 0.86%
• 1Y: 4.93%
• 3Y*: 5.47%
• 5Y*: 1.73%
• 10Y*: —

IUCB.L

• 1D: 0.18%
• 1M: 0.27%
• YTD: 0.43%
• 6M: 0.88%
• 1Y: 5.11%
• 3Y*: 5.84%
• 5Y*: 1.88%
• 10Y*: —

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

ICBU.L vs. IUCB.L - 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%
IUCB.L SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF	0.43%	7.84%	4.54%	7.17%	-9.26%	-1.61%	7.94%	8.74%	-3.80%	-0.02%

Correlation

The correlation between ICBU.L and IUCB.L is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Apr 28, 2017	0.44

The correlation between ICBU.L and IUCB.L shifts across timeframes, from 0.44 (all time) to 0.65 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ICBU.L vs. IUCB.L — Risk / Return Rank

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

ICBU.L

ICBU.L Risk / Return Rank: 49
ICBU.L Sharpe Ratio Rank: 48
ICBU.L Sortino Ratio Rank: 50
ICBU.L Omega Ratio Rank: 51
ICBU.L Calmar Ratio Rank: 47
ICBU.L Martin Ratio Rank: 51

IUCB.L

IUCB.L Risk / Return Rank: 45
IUCB.L Sharpe Ratio Rank: 40
IUCB.L Sortino Ratio Rank: 40
IUCB.L Omega Ratio Rank: 41
IUCB.L Calmar Ratio Rank: 54
IUCB.L Martin Ratio Rank: 51

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.

ICBU.L vs. IUCB.L - 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 1-10 Year US Corporate Bond UCITS ETF (IUCB.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.

	ICBU.L	IUCB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.38	+0.24
Sortino ratio: Return per unit of downside risk	2.40	2.02	+0.38
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	2.29	2.60	-0.31
Martin ratio: Return relative to average drawdown	8.55	8.50	+0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICBU.L vs. IUCB.L - Sharpe Ratio Comparison

The current ICBU.L Sharpe Ratio is 1.62, which is comparable to the IUCB.L Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of ICBU.L and IUCB.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

	ICBU.L	IUCB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.38	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.47	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.48	+0.13

Drawdowns

ICBU.L vs. IUCB.L - Drawdown Comparison

The maximum ICBU.L drawdown since its inception was -13.92%, roughly equal to the maximum IUCB.L drawdown of -14.12%. Use the drawdown chart below to compare losses from any high point for ICBU.L and IUCB.L.

Drawdown Indicators

	ICBU.L	IUCB.L	Difference
Max Drawdown Largest peak-to-trough decline	-13.92%	-14.12%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.14%	-2.00%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-3.24%	-3.53%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-13.92%	-14.00%	+0.08%
Current Drawdown Current decline from peak	-0.67%	-0.61%	-0.06%
Average Drawdown Average peak-to-trough decline	-2.78%	-3.64%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.61%	-0.04%

Volatility

ICBU.L vs. IUCB.L - Volatility Comparison

iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) has a higher volatility of 1.35% compared to SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.L) at 1.09%. This indicates that ICBU.L's price experiences larger fluctuations and is considered to be riskier than IUCB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICBU.L	IUCB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	1.09%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	2.46%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.03%	3.77%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.31%	5.24%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	7.66%	-3.24%

ICBU.L vs. IUCB.L - Expense Ratio Comparison

ICBU.L has a 0.15% expense ratio, which is higher than IUCB.L's 0.12% 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. IUCB.L - Dividend Comparison

ICBU.L's dividend yield for the trailing twelve months is around 5.54%, more than IUCB.L's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
IUCB.L SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF	4.67%	4.66%	4.70%	3.89%	2.62%	2.37%	2.67%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICBU.L and IUCB.L in my portfolio?

ICBU.L and IUCB.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICBU.L or IUCB.L?

On fees, IUCB.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICBU.L or IUCB.L?

IUCB.L is cheaper with a 0.12% expense ratio, compared with 0.15% for ICBU.L.

What is the main difference between ICBU.L and IUCB.L?

Both ETFs track Bloomberg US Corp Bond TR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for ICBU.L and 0.12% for IUCB.L.