IEAA.L vs. IBCX.L
IEAA.L (iShares Core Euro Corporate Bond UCITS ETF (Acc)) and IBCX.L (iShares Euro Corporate Bond Large Cap UCITS ETF) are both European Corporate Bonds funds from iShares tracking the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 5 years, IEAA.L returned 0.09%/yr vs -0.26%/yr for IBCX.L. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
IEAA.L vs. IBCX.L - Performance Comparison
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Returns By Period
In the year-to-date period, IEAA.L achieves a 0.56% return, which is significantly higher than IBCX.L's 0.49% return.
IEAA.L
- 1D
- 0.13%
- 1M
- 0.35%
- YTD
- 0.56%
- 6M
- 0.50%
- 1Y
- 2.22%
- 3Y*
- 4.59%
- 5Y*
- 0.09%
- 10Y*
- —
IBCX.L
- 1D
- 0.06%
- 1M
- 0.33%
- YTD
- 0.49%
- 6M
- 0.55%
- 1Y
- 2.19%
- 3Y*
- 4.28%
- 5Y*
- -0.26%
- 10Y*
- 0.73%
IEAA.L vs. IBCX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEAA.L iShares Core Euro Corporate Bond UCITS ETF (Acc) | 0.56% | 3.10% | 4.31% | 7.51% | -13.40% | -1.11% | 2.70% | 6.24% | -1.48% | 0.45% |
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | 0.49% | 3.14% | 3.48% | 7.33% | -13.95% | -1.48% | 2.83% | 6.04% | -1.28% | 0.35% |
Correlation
The correlation between IEAA.L and IBCX.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2017 | 0.89 |
The correlation between IEAA.L and IBCX.L has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
IEAA.L vs. IBCX.L — Risk / Return Rank
IEAA.L
IBCX.L
IEAA.L vs. IBCX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.L) and iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.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.
| IEAA.L | IBCX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.11 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 0.67 | +0.05 |
| Martin ratioReturn relative to average drawdown | 2.55 | 2.36 | +0.19 |
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
| IEAA.L | IBCX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 0.58 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | -0.05 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 0.29 | -0.11 |
Drawdowns
IEAA.L vs. IBCX.L - Drawdown Comparison
The maximum IEAA.L drawdown since its inception was -17.29%, smaller than the maximum IBCX.L drawdown of -23.17%. Use the drawdown chart below to compare losses from any high point for IEAA.L and IBCX.L.
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Drawdown Indicators
| IEAA.L | IBCX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.29% | -23.17% | +5.88% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -2.73% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -2.73% | -2.73% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -17.29% | -17.79% | +0.50% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.79% | — |
Current DrawdownCurrent decline from peak | -1.07% | -2.76% | +1.69% |
Average DrawdownAverage peak-to-trough decline | -4.56% | -2.99% | -1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.77% | 0.00% |
Volatility
IEAA.L vs. IBCX.L - Volatility Comparison
iShares Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.L) has a higher volatility of 1.30% compared to iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.L) at 1.08%. This indicates that IEAA.L's price experiences larger fluctuations and is considered to be riskier than IBCX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEAA.L | IBCX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | 1.08% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 2.67% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 3.12% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.47% | 4.65% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 4.79% | -0.11% |
IEAA.L vs. IBCX.L - Expense Ratio Comparison
Both IEAA.L and IBCX.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IEAA.L vs. IBCX.L - Dividend Comparison
IEAA.L has not paid dividends to shareholders, while IBCX.L's dividend yield for the trailing twelve months is around 3.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | 3.07% | 3.02% | 2.74% | 2.31% | 1.05% | 0.73% | 0.84% | 0.99% | 1.10% | 1.09% | 1.27% | 1.57% |
IEAA.L iShares Core Euro Corporate Bond UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, IEAA.L and IBCX.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IEAA.L and IBCX.L have the same expense ratio: 0.20% per year.
Both ETFs track Bloomberg Euro Corp TR EUR.
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