ISXF.L vs. IGBE.L
ISXF.L (iShares GBP Corporate Bond ex-Financials UCITS ETF) and IGBE.L (Invesco GBP Corporate Bond ESG UCITS ETF Dist) are both European Corporate Bonds funds tracking the Markit iBoxx GBP NonGilts TR, from iShares and Invesco respectively. Both are passively managed. Over the past 5 years, ISXF.L returned -1.41%/yr vs -0.35%/yr for IGBE.L. Their correlation of 0.90 suggests significant overlap in exposure. ISXF.L charges 0.20%/yr vs 0.10%/yr for IGBE.L.
Performance
ISXF.L vs. IGBE.L - Performance Comparison
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Different Trading Currencies
ISXF.L is traded in GBP, while IGBE.L is traded in GBp. To make them comparable, the IGBE.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 IGBE.L's -0.20% 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%
IGBE.L
- 1D
- 0.05%
- 1M
- 1.80%
- YTD
- -0.20%
- 6M
- 0.18%
- 1Y
- 4.79%
- 3Y*
- 6.33%
- 5Y*
- -0.35%
- 10Y*
- —
ISXF.L vs. IGBE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ISXF.L iShares GBP Corporate Bond ex-Financials UCITS ETF | -0.58% | 6.93% | -0.18% | 8.72% | -19.96% | -4.01% | 5.87% |
IGBE.L Invesco GBP Corporate Bond ESG UCITS ETF Dist | -0.20% | 7.23% | 2.45% | 9.16% | -18.23% | -3.62% | 6.31% |
Correlation
The correlation between ISXF.L and IGBE.L is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2020 | 0.90 |
The correlation between ISXF.L and IGBE.L has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.
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Return for Risk
ISXF.L vs. IGBE.L — Risk / Return Rank
ISXF.L
IGBE.L
ISXF.L vs. IGBE.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 Invesco GBP Corporate Bond ESG UCITS ETF Dist (IGBE.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 | IGBE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.24 | -0.27 |
| Martin ratioReturn relative to average drawdown | 2.74 | 3.81 | -1.07 |
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 | IGBE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.95 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.18 | -0.05 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.01 | +0.53 |
Drawdowns
ISXF.L vs. IGBE.L - Drawdown Comparison
The maximum ISXF.L drawdown since its inception was -32.38%, which is greater than IGBE.L's maximum drawdown of -30.19%. Use the drawdown chart below to compare losses from any high point for ISXF.L and IGBE.L.
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Drawdown Indicators
| ISXF.L | IGBE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.38% | -30.19% | -2.19% |
Max Drawdown (1Y)Largest decline over 1 year | -4.73% | -3.86% | -0.87% |
Max Drawdown (3Y)Largest decline over 3 years | -4.73% | -3.86% | -0.87% |
Max Drawdown (5Y)Largest decline over 5 years | -31.23% | -29.11% | -2.12% |
Max Drawdown (10Y)Largest decline over 10 years | -32.38% | — | — |
Current DrawdownCurrent decline from peak | -11.65% | -6.10% | -5.55% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -10.79% | +4.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 1.25% | +0.42% |
Volatility
ISXF.L vs. IGBE.L - Volatility Comparison
iShares GBP Corporate Bond ex-Financials UCITS ETF (ISXF.L) has a higher volatility of 2.43% compared to Invesco GBP Corporate Bond ESG UCITS ETF Dist (IGBE.L) at 1.97%. This indicates that ISXF.L's price experiences larger fluctuations and is considered to be riskier than IGBE.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 | IGBE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.43% | 1.97% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 4.20% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.77% | 5.03% | +0.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.92% | 7.44% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.28% | 7.62% | -0.34% |
ISXF.L vs. IGBE.L - Expense Ratio Comparison
ISXF.L has a 0.20% expense ratio, which is higher than IGBE.L's 0.10% 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. IGBE.L - Dividend Comparison
ISXF.L's dividend yield for the trailing twelve months is around 4.54%, less than IGBE.L's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGBE.L Invesco GBP Corporate Bond ESG UCITS ETF Dist | 4.93% | 4.81% | 4.59% | 3.85% | 2.47% | 1.76% | 1.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 IGBE.L have a correlation of 0.83, 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 ISXF.L.
Both ETFs track Markit iBoxx GBP NonGilts TR. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for ISXF.L and 0.10% for IGBE.L.
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