SE15.L vs. CE31.L
SE15.L (iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist)) and CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) are both exchange-traded funds - SE15.L is a European Corporate Bonds fund tracking the Bloomberg Euro Agg Corp 1-3 Yr TR EUR, while CE31.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR. Both are passively managed. Over the past 10 years, SE15.L returned 2.18%/yr vs 1.34%/yr for CE31.L. With a 0.96 correlation, they move nearly in lockstep. SE15.L charges 0.20%/yr vs 0.15%/yr for CE31.L.
Performance
SE15.L vs. CE31.L - Performance Comparison
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Different Trading Currencies
SE15.L is traded in GBP, while CE31.L is traded in GBp. To make them comparable, the CE31.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 CE31.L's -0.69% return. Over the past 10 years, SE15.L has outperformed CE31.L with an annualized return of 2.18%, while CE31.L has yielded a comparatively lower 1.34% annualized 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%
CE31.L
- 1D
- 0.18%
- 1M
- 0.53%
- YTD
- -0.69%
- 6M
- -0.65%
- 1Y
- 3.69%
- 3Y*
- 2.80%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
SE15.L vs. CE31.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% |
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.69% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.80% | 0.64% | 3.54% |
Correlation
The correlation between SE15.L and CE31.L is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2013 | 0.96 |
The correlation between SE15.L and CE31.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
SE15.L vs. CE31.L — Risk / Return Rank
SE15.L
CE31.L
SE15.L vs. CE31.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 iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.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 | CE31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.15 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.40 | +0.15 |
| Martin ratioReturn relative to average drawdown | 3.96 | 3.13 | +0.83 |
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 | CE31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 0.88 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.18 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.19 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.08 | +0.17 |
Drawdowns
SE15.L vs. CE31.L - Drawdown Comparison
The maximum SE15.L drawdown since its inception was -15.78%, smaller than the maximum CE31.L drawdown of -18.33%. Use the drawdown chart below to compare losses from any high point for SE15.L and CE31.L.
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Drawdown Indicators
| SE15.L | CE31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.78% | -18.33% | +2.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -2.62% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -3.25% | -3.05% | -0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -10.15% | -5.98% | -4.17% |
Max Drawdown (10Y)Largest decline over 10 years | -15.55% | -13.14% | -2.41% |
Current DrawdownCurrent decline from peak | -1.85% | -3.78% | +1.93% |
Average DrawdownAverage peak-to-trough decline | -6.32% | -7.24% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.27% | 1.17% | +0.10% |
Volatility
SE15.L vs. CE31.L - Volatility Comparison
iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist) (SE15.L) and iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) have volatilities of 1.31% and 1.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SE15.L | CE31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 1.27% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 2.87% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | 4.18% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.48% | 5.29% | +0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.05% | 7.07% | -0.02% |
SE15.L vs. CE31.L - Expense Ratio Comparison
SE15.L has a 0.20% expense ratio, which is higher than CE31.L's 0.15% 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
SE15.L vs. CE31.L - Dividend Comparison
SE15.L's dividend yield for the trailing twelve months is around 3.51%, while CE31.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 0.96, SE15.L and CE31.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.
On fees, CE31.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CE31.L is cheaper with a 0.15% expense ratio, compared with 0.20% for SE15.L.
SE15.L is categorized as European Corporate Bonds, while CE31.L is European Government Bonds. SE15.L tracks Bloomberg Euro Agg Corp 1-3 Yr TR EUR, while CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR. Their fees differ too: 0.20% for SE15.L and 0.15% for CE31.L.
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