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IGCB.L vs. XZE5.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGCB.L vs. XZE5.L

Last updated Jun 5, 2026

IGCB.L (Invesco GBP Corporate Bond UCITS ETF Dist) and XZE5.L (Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C) are both European Corporate Bonds funds - IGCB.L tracks the Markit iBoxx GBP NonGilts TR while XZE5.L tracks the Bloomberg Euro Corp TR EUR. Both are passively managed. At a 0.25 correlation, their price movements are largely independent. IGCB.L charges 0.10%/yr vs 0.16%/yr for XZE5.L.

Performance

IGCB.L vs. XZE5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco GBP Corporate Bond UCITS ETF Dist (IGCB.L) and Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C (XZE5.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IGCB.L is traded in GBp, while XZE5.L is traded in GBP. To make them comparable, the XZE5.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

IGCB.L

1D
0.24%
1M
1.78%
YTD
-0.24%
6M
0.09%
1Y
4.63%
3Y*
6.06%
5Y*
-0.66%
10Y*
—

XZE5.L

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGCB.L vs. XZE5.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
IGCB.L
Invesco GBP Corporate Bond UCITS ETF Dist		-0.24%6.83%1.93%9.20%-18.57%-4.00%3.74%
XZE5.L
Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C		-0.42%8.64%-0.59%3.12%-1.52%-6.82%-0.17%

Correlation

The correlation between IGCB.L and XZE5.L is 0.10, 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

0.10

Correlation (3Y)
Calculated over the trailing 3-year period

0.22

Correlation (5Y)
Calculated over the trailing 5-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Jul 30, 2020

0.25

The correlation between IGCB.L and XZE5.L shifts across timeframes, from 0.10 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

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Invesco GBP Corporate Bond UCITS ETF Dist

Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C

Often compared with IGCB.L:
IGCB.L vs. SUKC.LIGCB.L vs. VUGIGCB.L vs. ERNS.LIGCB.L vs. VMID.LIGCB.L vs. J15R.LIGCB.L vs. EUCO.LIGCB.L vs. SEUC.L
Often compared with XZE5.L:
XZE5.L vs. IGBE.LXZE5.L vs. IS15.LXZE5.L vs. GBP5.LXZE5.L vs. SEUC.LXZE5.L vs. IEAA.LXZE5.L vs. J15R.LXZE5.L vs. EXUS.L

Return for Risk

IGCB.L vs. XZE5.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGCB.L
IGCB.L Risk / Return Rank: 2323
Overall Rank
IGCB.L Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
IGCB.L Sortino Ratio Rank: 2222
Sortino Ratio Rank
IGCB.L Omega Ratio Rank: 2222
Omega Ratio Rank
IGCB.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
IGCB.L Martin Ratio Rank: 2525
Martin Ratio Rank
XZE5.L
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IGCB.L vs. XZE5.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 Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C (XZE5.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.LXZE5.LDifference
Sharpe ratioReturn per unit of total volatility
0.78

—

—

Sortino ratioReturn per unit of downside risk
1.11

—

—

Omega ratioGain probability vs. loss probability

1.14

—

—

Calmar ratioReturn relative to maximum drawdown

1.15

—

—

Martin ratioReturn relative to average drawdown

3.35

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGCB.L vs. XZE5.L - Sharpe Ratio Comparison

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Sharpe Ratios by Period

IGCB.LXZE5.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.78

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.09

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

—

—

Drawdowns

IGCB.L vs. XZE5.L - Drawdown Comparison

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Drawdown Indicators

IGCB.LXZE5.LDifference

Max Drawdown

Largest peak-to-trough decline

-30.44%

—

—

Max Drawdown (1Y)

Largest decline over 1 year

-4.00%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-4.00%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-29.39%

—

—

Current Drawdown

Current decline from peak

-7.54%

—

—

Average Drawdown

Average peak-to-trough decline

-11.31%

—

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.38%

—

—

Volatility

IGCB.L vs. XZE5.L - Volatility Comparison

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Volatility by Period

IGCB.LXZE5.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.17%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

4.95%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

5.93%

—

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.65%

—

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.73%

—

—

IGCB.L vs. XZE5.L - Expense Ratio Comparison

IGCB.L has a 0.10% expense ratio, which is lower than XZE5.L's 0.16% 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. XZE5.L - Dividend Comparison

IGCB.L's dividend yield for the trailing twelve months is around 5.27%, while XZE5.L has not paid dividends to shareholders.

PositionTTM202520242023202220212020
IGCB.L
Invesco GBP Corporate Bond UCITS ETF Dist		5.27%5.18%5.18%4.26%2.54%1.74%1.22%
XZE5.L
Xtrackers II EUR Corporate Bond Short Duration SRI PAB UCITS ETF 1C		0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IGCB.L and XZE5.L have a correlation of 0.10, 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 0.16% for XZE5.L.

IGCB.L tracks Markit iBoxx GBP NonGilts TR, while XZE5.L tracks Bloomberg Euro Corp TR EUR. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.10% for IGCB.L and 0.16% for XZE5.L.

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