IUCB.L vs. UC84.L
IUCB.L (SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF) and UC84.L (UBS ETF (LU) Bloomberg US Liquid Corporates UCITS ETF (USD) A-dis) are both Corporate Bonds funds tracking the Bloomberg US Corp Bond TR USD, from State Street and UBS respectively. Both are passively managed. Over the past 5 years, IUCB.L returned 1.88%/yr vs 0.15%/yr for UC84.L. At a 0.37 correlation, their price movements are largely independent. IUCB.L charges 0.12%/yr vs 0.18%/yr for UC84.L.
Performance
IUCB.L vs. UC84.L - Performance Comparison
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Different Trading Currencies
IUCB.L is traded in USD, while UC84.L is traded in GBp. To make them comparable, the UC84.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 UC84.L's 0.07% 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*
- —
UC84.L
- 1D
- 0.28%
- 1M
- 0.68%
- YTD
- 0.07%
- 6M
- 0.59%
- 1Y
- 5.35%
- 3Y*
- 5.04%
- 5Y*
- 0.15%
- 10Y*
- 2.40%
IUCB.L vs. UC84.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | -3.80% | 0.80% |
UC84.L UBS ETF (LU) Bloomberg US Liquid Corporates UCITS ETF (USD) A-dis | 0.07% | 7.99% | 2.23% | 7.84% | -17.63% | -1.74% | 9.27% | 18.20% | -3.36% | 5.83% |
Correlation
The correlation between IUCB.L and UC84.L is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2016 | 0.37 |
The correlation between IUCB.L and UC84.L shifts across timeframes, from 0.37 (all time) to 0.64 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IUCB.L vs. UC84.L — Risk / Return Rank
IUCB.L
UC84.L
IUCB.L vs. UC84.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 UBS ETF (LU) Bloomberg US Liquid Corporates UCITS ETF (USD) A-dis (UC84.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 | UC84.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.16 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 1.65 | +0.94 |
| Martin ratioReturn relative to average drawdown | 8.50 | 5.20 | +3.30 |
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
| IUCB.L | UC84.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 0.96 | +0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.02 | +0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.31 | +0.17 |
Drawdowns
IUCB.L vs. UC84.L - Drawdown Comparison
The maximum IUCB.L drawdown since its inception was -14.12%, smaller than the maximum UC84.L drawdown of -24.31%. Use the drawdown chart below to compare losses from any high point for IUCB.L and UC84.L.
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Drawdown Indicators
| IUCB.L | UC84.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.12% | -24.31% | +10.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.00% | -3.22% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.53% | -6.54% | +3.01% |
Max Drawdown (5Y)Largest decline over 5 years | -14.00% | -24.01% | +10.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.31% | — |
Current DrawdownCurrent decline from peak | -0.61% | -3.58% | +2.97% |
Average DrawdownAverage peak-to-trough decline | -3.64% | -6.07% | +2.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 1.03% | -0.42% |
Volatility
IUCB.L vs. UC84.L - Volatility Comparison
The current volatility for SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.L) is 1.09%, while UBS ETF (LU) Bloomberg US Liquid Corporates UCITS ETF (USD) A-dis (UC84.L) has a volatility of 1.80%. This indicates that IUCB.L experiences smaller price fluctuations and is considered to be less risky than UC84.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IUCB.L | UC84.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.80% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 4.17% | -1.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 5.56% | -1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.24% | 8.53% | -3.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.66% | 8.60% | -0.94% |
IUCB.L vs. UC84.L - Expense Ratio Comparison
IUCB.L has a 0.12% expense ratio, which is lower than UC84.L's 0.18% 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
IUCB.L vs. UC84.L - Dividend Comparison
IUCB.L's dividend yield for the trailing twelve months is around 4.67%, less than UC84.L's 5.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
UC84.L UBS ETF (LU) Bloomberg US Liquid Corporates UCITS ETF (USD) A-dis | 5.52% | 4.82% | 4.55% | 4.27% | 2.69% | 2.28% | 3.02% | 3.48% | 3.37% | 2.98% | 3.21% | 1.40% |
Frequently Asked Questions
IUCB.L and UC84.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
IUCB.L is cheaper with a 0.12% expense ratio, compared with 0.18% for UC84.L.
Both ETFs track Bloomberg US Corp Bond TR USD. They also come from different issuers: State Street and UBS. Their fees differ too: 0.12% for IUCB.L and 0.18% for UC84.L.
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