ICBU.L vs. USDC.L
ICBU.L (iShares USD Intermediate Credit Bond UCITS ETF) and USDC.L (L&G USD Corporate Bond Screened UCITS ETF USD Distributing) are both Corporate Bonds funds - ICBU.L tracks the Bloomberg US Corp Bond TR USD while USDC.L tracks the L&G USD Corporate Bond Screened UCITS ETF USD Distributing. Both are passively managed. Over the past 5 years, ICBU.L returned 1.61%/yr vs 0.12%/yr for USDC.L. A 0.70 correlation means they provide meaningful diversification when combined. ICBU.L charges 0.15%/yr vs 0.09%/yr for USDC.L.
Performance
ICBU.L vs. USDC.L - Performance Comparison
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Returns By Period
In the year-to-date period, ICBU.L achieves a 0.34% return, which is significantly higher than USDC.L's -2.18% return.
ICBU.L
- 1D
- 0.08%
- 1M
- -0.12%
- 6M
- 0.53%
- YTD
- 0.34%
- 1Y
- 4.22%
- 3Y*
- 5.40%
- 5Y*
- 1.61%
- 10Y*
- —
USDC.L
- 1D
- -0.04%
- 1M
- -0.61%
- 6M
- 0.19%
- YTD
- -2.18%
- 1Y
- 2.22%
- 3Y*
- 4.39%
- 5Y*
- 0.12%
- 10Y*
- —
ICBU.L vs. USDC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ICBU.L iShares USD Intermediate Credit Bond UCITS ETF | 0.34% | 7.68% | 4.11% | 6.64% | -9.03% | -0.92% |
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD Distributing | -2.18% | 7.42% | 3.13% | 8.35% | -13.91% | -0.43% |
Correlation
The correlation between ICBU.L and USDC.L is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.70 |
The correlation between ICBU.L and USDC.L has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.
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Return for Risk
ICBU.L vs. USDC.L — Risk / Return Rank
ICBU.L
USDC.L
ICBU.L vs. USDC.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 L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ICBU.L | USDC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.08 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 0.45 | +1.44 |
| Martin ratioReturn relative to average drawdown | 6.74 | 1.05 | +5.70 |
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Drawdowns
ICBU.L vs. USDC.L - Drawdown Comparison
The maximum ICBU.L drawdown since its inception was -14.04%, smaller than the maximum USDC.L drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for ICBU.L and USDC.L.
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Drawdown Indicators
| ICBU.L | USDC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.04% | -20.07% | +6.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.22% | -4.92% | +2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -3.42% | -4.92% | +1.50% |
Max Drawdown (5Y)Largest decline over 5 years | -14.04% | -20.07% | +6.03% |
Current DrawdownCurrent decline from peak | -0.69% | -2.94% | +2.25% |
Average DrawdownAverage peak-to-trough decline | -2.75% | -6.75% | +4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 2.12% | -1.50% |
Volatility
ICBU.L vs. USDC.L - Volatility Comparison
The current volatility for iShares USD Intermediate Credit Bond UCITS ETF (ICBU.L) is 0.87%, while L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.L) has a volatility of 1.13%. This indicates that ICBU.L experiences smaller price fluctuations and is considered to be less risky than USDC.L 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 | USDC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 1.13% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.71% | 3.80% | -1.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 5.88% | -2.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.57% | 6.28% | -1.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.61% | 6.12% | -1.51% |
ICBU.L vs. USDC.L - Expense Ratio Comparison
ICBU.L has a 0.15% expense ratio, which is higher than USDC.L's 0.09% 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. USDC.L - Dividend Comparison
ICBU.L's dividend yield for the trailing twelve months is around 6.72%, more than USDC.L's 4.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ICBU.L iShares USD Intermediate Credit Bond UCITS ETF | 6.72% | 4.21% | 3.78% | 2.78% | 1.93% | 1.93% | 2.78% | 2.93% | 2.65% | 0.44% |
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD Distributing | 4.82% | 4.47% | 4.08% | 3.24% | 2.36% | 0.78% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICBU.L and USDC.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USDC.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USDC.L is cheaper with a 0.09% expense ratio, compared with 0.15% for ICBU.L.
ICBU.L tracks Bloomberg US Corp Bond TR USD, while USDC.L tracks L&G USD Corporate Bond Screened UCITS ETF USD Distributing. They also come from different issuers: iShares and L&G. Their fees differ too: 0.15% for ICBU.L and 0.09% for USDC.L.
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