ISXF.L vs. EUCO.L
ISXF.L (iShares GBP Corporate Bond ex-Financials UCITS ETF) and EUCO.L (SPDR Bloomberg Euro Corporate Bond UCITS ETF) are both European Corporate Bonds funds - ISXF.L tracks the Markit iBoxx GBP NonGilts TR while EUCO.L tracks the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 10 years, ISXF.L returned 1.39%/yr vs 2.01%/yr for EUCO.L. At a 0.38 correlation, their price movements are largely independent. ISXF.L charges 0.20%/yr vs 0.12%/yr for EUCO.L.
Performance
ISXF.L vs. EUCO.L - Performance Comparison
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Different Trading Currencies
ISXF.L is traded in GBP, while EUCO.L is traded in EUR. To make them comparable, the EUCO.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, ISXF.L achieves a -0.58% return, which is significantly lower than EUCO.L's -0.20% return. Over the past 10 years, ISXF.L has underperformed EUCO.L with an annualized return of 1.39%, while EUCO.L has yielded a comparatively higher 2.01% annualized return.
ISXF.L
- 1D
- 0.33%
- 1M
- 2.17%
- YTD
- -0.58%
- 6M
- -0.21%
- 1Y
- 4.58%
- 3Y*
- 5.20%
- 5Y*
- -1.41%
- 10Y*
- 1.39%
EUCO.L
- 1D
- 0.22%
- 1M
- 0.93%
- YTD
- -0.20%
- 6M
- -0.56%
- 1Y
- 4.66%
- 3Y*
- 4.72%
- 5Y*
- 0.15%
- 10Y*
- 2.01%
ISXF.L vs. EUCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISXF.L iShares GBP Corporate Bond ex-Financials UCITS ETF | -0.58% | 6.93% | -0.18% | 8.72% | -19.96% | -4.01% | 8.54% | 11.27% | -2.05% | 3.40% |
EUCO.L SPDR Bloomberg Euro Corporate Bond UCITS ETF | -0.20% | 8.42% | -0.29% | 5.49% | -9.21% | -7.07% | 8.44% | 0.68% | -0.41% | 6.44% |
Correlation
The correlation between ISXF.L and EUCO.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2014 | 0.38 |
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Return for Risk
ISXF.L vs. EUCO.L — Risk / Return Rank
ISXF.L
EUCO.L
ISXF.L vs. EUCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GBP Corporate Bond ex-Financials UCITS ETF (ISXF.L) and SPDR Bloomberg Euro Corporate Bond UCITS ETF (EUCO.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.
| ISXF.L | EUCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.26 | -0.29 |
| Martin ratioReturn relative to average drawdown | 2.74 | 3.19 | -0.45 |
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
| ISXF.L | EUCO.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.96 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.18 | 0.02 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.26 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.25 | +0.29 |
Drawdowns
ISXF.L vs. EUCO.L - Drawdown Comparison
The maximum ISXF.L drawdown since its inception was -32.38%, which is greater than EUCO.L's maximum drawdown of -21.73%. Use the drawdown chart below to compare losses from any high point for ISXF.L and EUCO.L.
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Drawdown Indicators
| ISXF.L | EUCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.38% | -21.73% | -10.65% |
Max Drawdown (1Y)Largest decline over 1 year | -4.73% | -3.69% | -1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -4.73% | -3.69% | -1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -31.23% | -17.15% | -14.08% |
Max Drawdown (10Y)Largest decline over 10 years | -32.38% | -21.73% | -10.65% |
Current DrawdownCurrent decline from peak | -11.65% | -6.32% | -5.33% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -8.51% | +1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 1.46% | +0.21% |
Volatility
ISXF.L vs. EUCO.L - Volatility Comparison
iShares GBP Corporate Bond ex-Financials UCITS ETF (ISXF.L) has a higher volatility of 2.43% compared to SPDR Bloomberg Euro Corporate Bond UCITS ETF (EUCO.L) at 1.53%. This indicates that ISXF.L's price experiences larger fluctuations and is considered to be riskier than EUCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISXF.L | EUCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.43% | 1.53% | +0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 3.73% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.77% | 4.85% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.92% | 6.33% | +1.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.28% | 7.69% | -0.41% |
ISXF.L vs. EUCO.L - Expense Ratio Comparison
ISXF.L has a 0.20% expense ratio, which is higher than EUCO.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ISXF.L vs. EUCO.L - Dividend Comparison
ISXF.L's dividend yield for the trailing twelve months is around 4.54%, more than EUCO.L's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUCO.L SPDR Bloomberg Euro Corporate Bond UCITS ETF | 3.26% | 3.25% | 3.07% | 2.13% | 0.96% | 0.89% | 0.86% | 1.38% | 0.89% | 1.21% | 1.36% | 1.71% |
ISXF.L iShares GBP Corporate Bond ex-Financials UCITS ETF | 4.54% | 4.23% | 3.97% | 3.15% | 2.93% | 2.31% | 2.30% | 2.66% | 2.87% | 2.87% | 3.48% | 1.95% |
Frequently Asked Questions
ISXF.L and EUCO.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EUCO.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUCO.L is cheaper with a 0.12% expense ratio, compared with 0.20% for ISXF.L.
ISXF.L tracks Markit iBoxx GBP NonGilts TR, while EUCO.L tracks Bloomberg Euro Corp TR EUR. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for ISXF.L and 0.12% for EUCO.L.
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