SE15.L vs. CBSE.L
SE15.L (iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist)) and CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) are both European Corporate Bonds funds - SE15.L tracks the Bloomberg Euro Agg Corp 1-3 Yr TR EUR while CBSE.L tracks the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 5 years, SE15.L returned 1.50%/yr vs -0.11%/yr for CBSE.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
SE15.L vs. CBSE.L - Performance Comparison
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Different Trading Currencies
SE15.L is traded in GBP, while CBSE.L is traded in GBp. To make them comparable, the CBSE.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SE15.L achieves a -0.33% return, which is significantly higher than CBSE.L's -0.42% return.
SE15.L
- 1D
- 0.22%
- 1M
- 0.73%
- YTD
- -0.33%
- 6M
- -0.28%
- 1Y
- 5.05%
- 3Y*
- 4.84%
- 5Y*
- 1.50%
- 10Y*
- 2.18%
CBSE.L
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -0.42%
- 6M
- -0.53%
- 1Y
- 4.75%
- 3Y*
- 5.05%
- 5Y*
- -0.11%
- 10Y*
- —
SE15.L vs. CBSE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SE15.L iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist) | -0.33% | 9.40% | 0.01% | 4.04% | -2.64% | -6.64% | 6.70% | -2.39% | 0.34% | 4.51% |
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | -0.42% | 8.60% | -0.00% | 5.96% | -10.95% | -7.70% | 8.93% | 2.37% | -1.04% | 8.00% |
Correlation
The correlation between SE15.L and CBSE.L is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.92 |
The correlation between SE15.L and CBSE.L has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
SE15.L vs. CBSE.L — Risk / Return Rank
SE15.L
CBSE.L
SE15.L vs. CBSE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist) (SE15.L) and UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.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.
| SE15.L | CBSE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.17 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.15 | +0.40 |
| Martin ratioReturn relative to average drawdown | 3.96 | 2.96 | +1.00 |
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
| SE15.L | CBSE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 0.97 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | -0.02 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.17 | +0.08 |
Drawdowns
SE15.L vs. CBSE.L - Drawdown Comparison
The maximum SE15.L drawdown since its inception was -15.78%, smaller than the maximum CBSE.L drawdown of -24.02%. Use the drawdown chart below to compare losses from any high point for SE15.L and CBSE.L.
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Drawdown Indicators
| SE15.L | CBSE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.78% | -24.02% | +8.24% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -4.12% | +0.87% |
Max Drawdown (3Y)Largest decline over 3 years | -3.25% | -4.12% | +0.87% |
Max Drawdown (5Y)Largest decline over 5 years | -10.15% | -19.55% | +9.40% |
Max Drawdown (10Y)Largest decline over 10 years | -15.55% | — | — |
Current DrawdownCurrent decline from peak | -1.85% | -7.66% | +5.81% |
Average DrawdownAverage peak-to-trough decline | -6.32% | -9.73% | +3.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.27% | 1.60% | -0.33% |
Volatility
SE15.L vs. CBSE.L - Volatility Comparison
The current volatility for iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist) (SE15.L) is 1.31%, while UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) has a volatility of 1.58%. This indicates that SE15.L experiences smaller price fluctuations and is considered to be less risky than CBSE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SE15.L | CBSE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 1.58% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 3.79% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | 4.87% | -0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.48% | 6.43% | -0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.05% | 7.44% | -0.39% |
SE15.L vs. CBSE.L - Expense Ratio Comparison
Both SE15.L and CBSE.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SE15.L vs. CBSE.L - Dividend Comparison
SE15.L's dividend yield for the trailing twelve months is around 3.51%, which matches CBSE.L's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | 3.50% | 3.72% | 3.18% | 1.80% | 0.58% | 0.59% | 0.61% | 1.03% | 1.42% | 0.48% | 0.00% | 0.00% |
SE15.L iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist) | 3.51% | 3.34% | 3.02% | 1.62% | 0.58% | 0.68% | 0.66% | 0.73% | 0.69% | 0.77% | 1.05% | 0.77% |
Frequently Asked Questions
With a correlation of 0.95, SE15.L and CBSE.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SE15.L and CBSE.L have the same expense ratio: 0.20% per year.
SE15.L tracks Bloomberg Euro Agg Corp 1-3 Yr TR EUR, while CBSE.L tracks Bloomberg Euro Corp TR EUR. They also come from different issuers: iShares and UBS.
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