IGBE.L vs. CBSE.L
IGBE.L (Invesco GBP Corporate Bond ESG UCITS ETF Dist) and CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) are both European Corporate Bonds funds - IGBE.L tracks the Markit iBoxx GBP NonGilts TR while CBSE.L tracks the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 5 years, IGBE.L returned -0.70%/yr vs -0.36%/yr for CBSE.L. At a 0.47 correlation, their price movements are largely independent. IGBE.L charges 0.10%/yr vs 0.20%/yr for CBSE.L.
Performance
IGBE.L vs. CBSE.L - Performance Comparison
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Returns By Period
In the year-to-date period, IGBE.L achieves a -0.06% return, which is significantly higher than CBSE.L's -1.66% return.
IGBE.L
- 1D
- 0.04%
- 1M
- -0.47%
- 6M
- -0.61%
- YTD
- -0.06%
- 1Y
- 3.86%
- 3Y*
- 6.42%
- 5Y*
- -0.70%
- 10Y*
- —
CBSE.L
- 1D
- 0.23%
- 1M
- -1.53%
- 6M
- -1.32%
- YTD
- -1.66%
- 1Y
- 0.15%
- 3Y*
- 4.67%
- 5Y*
- -0.36%
- 10Y*
- —
IGBE.L vs. CBSE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IGBE.L Invesco GBP Corporate Bond ESG UCITS ETF Dist | -0.06% | 7.23% | 2.45% | 9.16% | -18.23% | -3.62% | 6.31% |
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | -1.66% | 8.60% | -0.01% | 5.96% | -10.95% | -7.70% | 9.44% |
Correlation
The correlation between IGBE.L and CBSE.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2020 | 0.47 |
The correlation between IGBE.L and CBSE.L shifts across timeframes, from 0.40 (1 year) to 0.52 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IGBE.L vs. CBSE.L — Risk / Return Rank
IGBE.L
CBSE.L
IGBE.L vs. CBSE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco GBP Corporate Bond ESG UCITS ETF Dist (IGBE.L) and UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.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.
| IGBE.L | CBSE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.00 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | -0.00 | +1.00 |
| Martin ratioReturn relative to average drawdown | 3.01 | -0.00 | +3.01 |
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Drawdowns
IGBE.L vs. CBSE.L - Drawdown Comparison
The maximum IGBE.L drawdown since its inception was -30.19%, which is greater than CBSE.L's maximum drawdown of -24.02%. Use the drawdown chart below to compare losses from any high point for IGBE.L and CBSE.L.
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Drawdown Indicators
| IGBE.L | CBSE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.19% | -24.02% | -6.17% |
Max Drawdown (1Y)Largest decline over 1 year | -3.86% | -4.12% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.86% | -4.12% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -29.11% | -19.55% | -9.56% |
Current DrawdownCurrent decline from peak | -5.96% | -8.81% | +2.85% |
Average DrawdownAverage peak-to-trough decline | -10.66% | -11.03% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.81% | -0.53% |
Volatility
IGBE.L vs. CBSE.L - Volatility Comparison
Invesco GBP Corporate Bond ESG UCITS ETF Dist (IGBE.L) has a higher volatility of 1.45% compared to UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) at 1.11%. This indicates that IGBE.L's price experiences larger fluctuations and is considered to be riskier than CBSE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGBE.L | CBSE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 1.11% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 4.37% | 3.82% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.08% | 4.74% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.45% | 6.42% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.56% | 8.67% | -1.11% |
IGBE.L vs. CBSE.L - Expense Ratio Comparison
IGBE.L has a 0.10% expense ratio, which is lower than CBSE.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IGBE.L vs. CBSE.L - Dividend Comparison
IGBE.L's dividend yield for the trailing twelve months is around 5.02%, more than CBSE.L's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | 3.54% | 3.72% | 3.18% | 1.80% | 0.58% | 0.59% | 0.61% | 1.03% | 1.42% | 0.48% |
IGBE.L Invesco GBP Corporate Bond ESG UCITS ETF Dist | 5.02% | 4.81% | 4.59% | 3.85% | 2.47% | 1.76% | 1.31% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IGBE.L and CBSE.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IGBE.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGBE.L is cheaper with a 0.10% expense ratio, compared with 0.20% for CBSE.L.
IGBE.L tracks Markit iBoxx GBP NonGilts TR, while CBSE.L tracks Bloomberg Euro Corp TR EUR. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.10% for IGBE.L and 0.20% for CBSE.L.
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