IEAA.L vs. UKCO.L
IEAA.L (iShares Core Euro Corporate Bond UCITS ETF (Acc)) and UKCO.L (SPDR Bloomberg Sterling Corporate Bond UCITS ETF) are both European Corporate Bonds funds - IEAA.L tracks the Bloomberg Euro Corp TR EUR while UKCO.L tracks the Markit iBoxx GBP NonGilts TR. Both are passively managed. Over the past 5 years, IEAA.L returned 0.09%/yr vs -1.89%/yr for UKCO.L. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
IEAA.L vs. UKCO.L - Performance Comparison
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Different Trading Currencies
IEAA.L is traded in EUR, while UKCO.L is traded in GBP. To make them comparable, the UKCO.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IEAA.L achieves a 0.56% return, which is significantly higher than UKCO.L's -1.54% 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*
- —
UKCO.L
- 1D
- 0.23%
- 1M
- 1.55%
- YTD
- -1.54%
- 6M
- -1.31%
- 1Y
- -2.67%
- 3Y*
- 4.17%
- 5Y*
- -1.89%
- 10Y*
- 0.38%
IEAA.L vs. UKCO.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% |
UKCO.L SPDR Bloomberg Sterling Corporate Bond UCITS ETF | -1.52% | -1.02% | 6.55% | 11.15% | -23.50% | 2.93% | 2.85% | 18.36% | -3.64% | 1.09% |
Correlation
The correlation between IEAA.L and UKCO.L is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2017 | 0.50 |
The correlation between IEAA.L and UKCO.L has been stable across timeframes, ranging from 0.50 to 0.59 - a consistent structural relationship.
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Return for Risk
IEAA.L vs. UKCO.L — Risk / Return Rank
IEAA.L
UKCO.L
IEAA.L vs. UKCO.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 SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.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 | UKCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.95 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | -0.43 | +1.15 |
| Martin ratioReturn relative to average drawdown | 2.55 | -0.81 | +3.36 |
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 | UKCO.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | -0.34 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | -0.19 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.03 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 0.24 | -0.06 |
Drawdowns
IEAA.L vs. UKCO.L - Drawdown Comparison
The maximum IEAA.L drawdown since its inception was -17.29%, smaller than the maximum UKCO.L drawdown of -32.65%. Use the drawdown chart below to compare losses from any high point for IEAA.L and UKCO.L.
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Drawdown Indicators
| IEAA.L | UKCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.29% | -32.65% | +15.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -6.18% | +3.45% |
Max Drawdown (3Y)Largest decline over 3 years | -2.73% | -7.40% | +4.67% |
Max Drawdown (5Y)Largest decline over 5 years | -17.29% | -32.65% | +15.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.65% | — |
Current DrawdownCurrent decline from peak | -1.07% | -12.88% | +11.81% |
Average DrawdownAverage peak-to-trough decline | -4.56% | -8.40% | +3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 3.29% | -2.52% |
Volatility
IEAA.L vs. UKCO.L - Volatility Comparison
The current volatility for iShares Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.L) is 1.30%, while SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) has a volatility of 2.56%. This indicates that IEAA.L experiences smaller price fluctuations and is considered to be less risky than UKCO.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 | UKCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | 2.56% | -1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 5.76% | -2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 7.81% | -4.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.47% | 9.84% | -5.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 10.93% | -6.25% |
IEAA.L vs. UKCO.L - Expense Ratio Comparison
Both IEAA.L and UKCO.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. UKCO.L - Dividend Comparison
Neither IEAA.L nor UKCO.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UKCO.L SPDR Bloomberg Sterling Corporate Bond UCITS ETF | 0.00% | 2.16% | 4.11% | 3.30% | 2.79% | 2.28% | 2.40% | 2.51% | 2.69% | 3.09% | 3.17% | 3.50% |
Frequently Asked Questions
IEAA.L and UKCO.L have a correlation of 0.53, 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 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IEAA.L and UKCO.L have the same expense ratio: 0.20% per year.
IEAA.L tracks Bloomberg Euro Corp TR EUR, while UKCO.L tracks Markit iBoxx GBP NonGilts TR. They also come from different issuers: iShares and State Street.
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