IGCB.L vs. IRCP.L
IGCB.L (Invesco GBP Corporate Bond UCITS ETF Dist) and IRCP.L (iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist)) are both European Corporate Bonds funds - IGCB.L tracks the Markit iBoxx GBP NonGilts TR while IRCP.L tracks the Bloomberg MSCI EUR Corporate Interest Rate Hedged ESG SRI Index. Both are passively managed. Over the past 5 years, IGCB.L returned -1.06%/yr vs 2.55%/yr for IRCP.L. At a 0.05 correlation, their price movements are largely independent. IGCB.L charges 0.10%/yr vs 0.25%/yr for IRCP.L.
Performance
IGCB.L vs. IRCP.L - Performance Comparison
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Different Trading Currencies
IGCB.L is traded in GBp, while IRCP.L is traded in EUR. To make them comparable, the IRCP.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, IGCB.L achieves a -0.42% return, which is significantly higher than IRCP.L's -1.09% return.
IGCB.L
- 1D
- -0.44%
- 1M
- -0.96%
- 6M
- -1.51%
- YTD
- -0.42%
- 1Y
- 3.88%
- 3Y*
- 5.87%
- 5Y*
- -1.06%
- 10Y*
- —
IRCP.L
- 1D
- 0.11%
- 1M
- -1.28%
- 6M
- -0.66%
- YTD
- -1.09%
- 1Y
- 1.33%
- 3Y*
- 4.68%
- 5Y*
- 2.55%
- 10Y*
- 1.68%
IGCB.L vs. IRCP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IGCB.L Invesco GBP Corporate Bond UCITS ETF Dist | -0.42% | 6.83% | 1.93% | 9.20% | -18.57% | -4.00% | 6.95% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | -1.09% | 9.79% | 1.63% | 3.04% | 2.28% | -6.16% | 5.79% |
Correlation
The correlation between IGCB.L and IRCP.L is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2020 | 0.05 |
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Return for Risk
IGCB.L vs. IRCP.L — Risk / Return Rank
IGCB.L
IRCP.L
IGCB.L vs. IRCP.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 € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.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.
| IGCB.L | IRCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.05 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 0.52 | +0.44 |
| Martin ratioReturn relative to average drawdown | 2.73 | 1.51 | +1.23 |
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Drawdowns
IGCB.L vs. IRCP.L - Drawdown Comparison
The maximum IGCB.L drawdown since its inception was -30.44%, which is greater than IRCP.L's maximum drawdown of -19.15%. Use the drawdown chart below to compare losses from any high point for IGCB.L and IRCP.L.
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Drawdown Indicators
| IGCB.L | IRCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.44% | -19.15% | -11.29% |
Max Drawdown (1Y)Largest decline over 1 year | -4.00% | -2.55% | -1.45% |
Max Drawdown (3Y)Largest decline over 3 years | -4.00% | -2.55% | -1.45% |
Max Drawdown (5Y)Largest decline over 5 years | -29.39% | -8.09% | -21.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.86% | — |
Current DrawdownCurrent decline from peak | -7.70% | -2.16% | -5.54% |
Average DrawdownAverage peak-to-trough decline | -11.27% | -5.61% | -5.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 0.88% | +0.53% |
Volatility
IGCB.L vs. IRCP.L - Volatility Comparison
Invesco GBP Corporate Bond UCITS ETF Dist (IGCB.L) has a higher volatility of 1.54% compared to iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.L) at 1.09%. This indicates that IGCB.L's price experiences larger fluctuations and is considered to be riskier than IRCP.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 | IRCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 1.09% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 4.88% | 3.51% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.90% | 4.65% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.65% | 6.05% | +1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.71% | 7.09% | +0.62% |
IGCB.L vs. IRCP.L - Expense Ratio Comparison
IGCB.L has a 0.10% expense ratio, which is lower than IRCP.L's 0.25% 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. IRCP.L - Dividend Comparison
IGCB.L's dividend yield for the trailing twelve months is around 5.36%, more than IRCP.L's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGCB.L Invesco GBP Corporate Bond UCITS ETF Dist | 5.36% | 5.18% | 5.18% | 4.26% | 2.54% | 1.74% | 1.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | 2.58% | 2.91% | 3.70% | 2.52% | 0.43% | 0.70% | 0.82% | 0.92% | 0.58% | 0.71% | 1.35% | 1.47% |
Frequently Asked Questions
IGCB.L and IRCP.L have a correlation of 0.05, 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 0.25% for IRCP.L.
IGCB.L tracks Markit iBoxx GBP NonGilts TR, while IRCP.L tracks Bloomberg MSCI EUR Corporate Interest Rate Hedged ESG SRI Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.10% for IGCB.L and 0.25% for IRCP.L.
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