IGCB.L vs. IBCX.L
IGCB.L (Invesco GBP Corporate Bond UCITS ETF Dist) and IBCX.L (iShares Euro Corporate Bond Large Cap UCITS ETF) are both European Corporate Bonds funds - IGCB.L tracks the Markit iBoxx GBP NonGilts TR while IBCX.L tracks the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 5 years, IGCB.L returned -0.66%/yr vs -0.11%/yr for IBCX.L. At a 0.42 correlation, their price movements are largely independent. IGCB.L charges 0.10%/yr vs 0.20%/yr for IBCX.L.
Performance
IGCB.L vs. IBCX.L - Performance Comparison
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Different Trading Currencies
IGCB.L is traded in GBp, while IBCX.L is traded in EUR. To make them comparable, the IBCX.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with IGCB.L having a -0.24% return and IBCX.L slightly lower at -0.25%.
IGCB.L
- 1D
- 0.24%
- 1M
- 1.78%
- YTD
- -0.24%
- 6M
- 0.09%
- 1Y
- 4.63%
- 3Y*
- 6.06%
- 5Y*
- -0.66%
- 10Y*
- —
IBCX.L
- 1D
- 0.19%
- 1M
- 0.99%
- YTD
- -0.25%
- 6M
- -0.53%
- 1Y
- 4.58%
- 3Y*
- 4.43%
- 5Y*
- -0.11%
- 10Y*
- 1.71%
IGCB.L vs. IBCX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IGCB.L Invesco GBP Corporate Bond UCITS ETF Dist | -0.24% | 6.83% | 1.93% | 9.20% | -18.57% | -4.00% | 8.69% |
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | -0.25% | 8.66% | -1.22% | 5.19% | -9.50% | -7.33% | 6.49% |
Correlation
The correlation between IGCB.L and IBCX.L is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2020 | 0.42 |
The correlation between IGCB.L and IBCX.L shifts across timeframes, from 0.32 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IGCB.L vs. IBCX.L — Risk / Return Rank
IGCB.L
IBCX.L
IGCB.L vs. IBCX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco GBP Corporate Bond UCITS ETF Dist (IGCB.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.
| IGCB.L | IBCX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.16 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.21 | -0.06 |
| Martin ratioReturn relative to average drawdown | 3.35 | 3.16 | +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
| IGCB.L | IBCX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 0.93 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | -0.02 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.41 | -0.40 |
Drawdowns
IGCB.L vs. IBCX.L - Drawdown Comparison
The maximum IGCB.L drawdown since its inception was -30.44%, which is greater than IBCX.L's maximum drawdown of -22.27%. Use the drawdown chart below to compare losses from any high point for IGCB.L and IBCX.L.
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Drawdown Indicators
| IGCB.L | IBCX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.44% | -22.27% | -8.17% |
Max Drawdown (1Y)Largest decline over 1 year | -4.00% | -3.77% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -4.00% | -4.03% | +0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -29.39% | -17.46% | -11.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.27% | — |
Current DrawdownCurrent decline from peak | -7.54% | -7.87% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -11.31% | -6.89% | -4.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 1.45% | -0.07% |
Volatility
IGCB.L vs. IBCX.L - Volatility Comparison
Invesco GBP Corporate Bond UCITS ETF Dist (IGCB.L) has a higher volatility of 2.17% compared to iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.L) at 1.52%. This indicates that IGCB.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
| IGCB.L | IBCX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 1.52% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 3.74% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 4.92% | +1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.65% | 6.47% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.73% | 7.83% | -0.10% |
IGCB.L vs. IBCX.L - Expense Ratio Comparison
IGCB.L has a 0.10% expense ratio, which is lower than IBCX.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
IGCB.L vs. IBCX.L - Dividend Comparison
IGCB.L's dividend yield for the trailing twelve months is around 5.27%, more than IBCX.L's 3.07% yield.
| 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% |
IGCB.L Invesco GBP Corporate Bond UCITS ETF Dist | 5.27% | 5.18% | 5.18% | 4.26% | 2.54% | 1.74% | 1.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IGCB.L and IBCX.L have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IGCB.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGCB.L is cheaper with a 0.10% expense ratio, compared with 0.20% for IBCX.L.
IGCB.L tracks Markit iBoxx GBP NonGilts TR, while IBCX.L tracks Bloomberg Euro Corp TR EUR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.10% for IGCB.L and 0.20% for IBCX.L.
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