IUCB.L vs. FRUC.L

Last updated Jun 5, 2026

IUCB.L (SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF) and FRUC.L (Franklin USD Investment Grade Corporate Bond UCITS ETF) are both Corporate Bonds funds tracking the Bloomberg US Corp Bond TR USD, from State Street and Franklin Templeton respectively. Both are passively managed. Over the past 5 years, IUCB.L returned 1.88%/yr vs 0.18%/yr for FRUC.L. At a 0.40 correlation, their price movements are largely independent. IUCB.L charges 0.12%/yr vs 0.35%/yr for FRUC.L.

Performance

IUCB.L vs. FRUC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.L) and Franklin USD Investment Grade Corporate Bond UCITS ETF (FRUC.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IUCB.L is traded in USD, while FRUC.L is traded in GBP. To make them comparable, the FRUC.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IUCB.L achieves a 0.43% return, which is significantly higher than FRUC.L's -0.10% return.

IUCB.L

• 1D: 0.18%
• 1M: 0.27%
• YTD: 0.43%
• 6M: 0.88%
• 1Y: 5.11%
• 3Y*: 5.84%
• 5Y*: 1.88%
• 10Y*: —

FRUC.L

• 1D: 0.22%
• 1M: 0.79%
• YTD: -0.10%
• 6M: 0.68%
• 1Y: 5.25%
• 3Y*: 4.88%
• 5Y*: 0.18%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IUCB.L vs. FRUC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IUCB.L SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF	0.43%	7.84%	4.54%	7.17%	-9.26%	-1.61%	7.94%	8.74%	-0.57%
FRUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF	-0.10%	7.80%	2.02%	7.11%	-15.54%	-1.91%	9.31%	15.38%	0.20%

Correlation

The correlation between IUCB.L and FRUC.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018	0.40

The correlation between IUCB.L and FRUC.L shifts across timeframes, from 0.40 (all time) to 0.61 (3 years), reflecting how their relationship changes across market environments.

IUCB.L vs. FRUC.L - Sectors Allocation Comparison

Sectors	IUCB.L	FRUC.L
Financial Services	26.3%	0.7%
Healthcare	5.8%	3.2%
Technology	5.0%	1.2%
Consumer Cyclical	4.6%	-
Energy	4.0%	0.5%
Communication Services	4.0%	1.3%
Industrials	3.7%	-
Utilities	3.1%	-
Consumer Defensive	3.0%	-
Real Estate	2.2%	-
Basic Materials	1.1%	-

Return for Risk

IUCB.L vs. FRUC.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IUCB.L

IUCB.L Risk / Return Rank: 45
IUCB.L Sharpe Ratio Rank: 40
IUCB.L Sortino Ratio Rank: 40
IUCB.L Omega Ratio Rank: 41
IUCB.L Calmar Ratio Rank: 54
IUCB.L Martin Ratio Rank: 51

FRUC.L

FRUC.L Risk / Return Rank: 27
FRUC.L Sharpe Ratio Rank: 28
FRUC.L Sortino Ratio Rank: 29
FRUC.L Omega Ratio Rank: 27
FRUC.L Calmar Ratio Rank: 28
FRUC.L Martin Ratio Rank: 25

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.

IUCB.L vs. FRUC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.L) and Franklin USD Investment Grade Corporate Bond UCITS ETF (FRUC.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.

	IUCB.L	FRUC.L	Difference
Sharpe ratio: Return per unit of total volatility	1.38	0.94	+0.44
Sortino ratio: Return per unit of downside risk	2.02	1.42	+0.60
Omega ratio: Gain probability vs. loss probability	1.26	1.16	+0.10
Calmar ratio: Return relative to maximum drawdown	2.60	1.68	+0.92
Martin ratio: Return relative to average drawdown	8.50	5.24	+3.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUCB.L vs. FRUC.L - Sharpe Ratio Comparison

The current IUCB.L Sharpe Ratio is 1.38, which is higher than the FRUC.L Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of IUCB.L and FRUC.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IUCB.L	FRUC.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	0.94	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.02	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.32	+0.16

Drawdowns

IUCB.L vs. FRUC.L - Drawdown Comparison

The maximum IUCB.L drawdown since its inception was -14.12%, smaller than the maximum FRUC.L drawdown of -22.64%. Use the drawdown chart below to compare losses from any high point for IUCB.L and FRUC.L.

Drawdown Indicators

	IUCB.L	FRUC.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.12%	-22.64%	+8.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-3.11%	+1.11%
Max Drawdown (3Y) Largest decline over 3 years	-3.53%	-6.51%	+2.98%
Max Drawdown (5Y) Largest decline over 5 years	-14.00%	-22.33%	+8.33%
Current Drawdown Current decline from peak	-0.61%	-2.75%	+2.14%
Average Drawdown Average peak-to-trough decline	-3.64%	-6.86%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	1.00%	-0.39%

Volatility

IUCB.L vs. FRUC.L - Volatility Comparison

The current volatility for SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.L) is 1.09%, while Franklin USD Investment Grade Corporate Bond UCITS ETF (FRUC.L) has a volatility of 1.95%. This indicates that IUCB.L experiences smaller price fluctuations and is considered to be less risky than FRUC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUCB.L	FRUC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.95%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	4.16%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.77%	5.58%	-1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.24%	7.56%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	8.30%	-0.64%

IUCB.L vs. FRUC.L - Expense Ratio Comparison

IUCB.L has a 0.12% expense ratio, which is lower than FRUC.L's 0.35% expense ratio.

Dividends

IUCB.L vs. FRUC.L - Dividend Comparison

IUCB.L's dividend yield for the trailing twelve months is around 4.67%, more than FRUC.L's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FRUC.L Franklin USD Investment Grade Corporate Bond UCITS ETF	4.01%	4.02%	4.19%	3.44%	2.71%	2.13%	2.42%	3.45%	1.64%
IUCB.L SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF	4.67%	4.66%	4.70%	3.89%	2.62%	2.37%	2.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IUCB.L and FRUC.L in my portfolio?

IUCB.L and FRUC.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IUCB.L or FRUC.L?

On fees, IUCB.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IUCB.L or FRUC.L?

IUCB.L is cheaper with a 0.12% expense ratio, compared with 0.35% for FRUC.L.

What is the main difference between IUCB.L and FRUC.L?

Both ETFs track Bloomberg US Corp Bond TR USD. They also come from different issuers: State Street and Franklin Templeton. Their fees differ too: 0.12% for IUCB.L and 0.35% for FRUC.L.