SE15.L vs. CU31.L
SE15.L (iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist)) and CU31.L (iShares USD Treasury 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 CU31.L is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, SE15.L returned 2.18%/yr vs 2.48%/yr for CU31.L. At a 0.47 correlation, their price movements are largely independent. SE15.L charges 0.20%/yr vs 0.07%/yr for CU31.L.
Performance
SE15.L vs. CU31.L - Performance Comparison
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Different Trading Currencies
SE15.L is traded in GBP, while CU31.L is traded in GBp. To make them comparable, the CU31.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 lower than CU31.L's 0.66% return. Over the past 10 years, SE15.L has underperformed CU31.L with an annualized return of 2.18%, while CU31.L has yielded a comparatively higher 2.48% 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%
CU31.L
- 1D
- 0.11%
- 1M
- 1.13%
- YTD
- 0.66%
- 6M
- 0.30%
- 1Y
- 4.42%
- 3Y*
- 1.49%
- 5Y*
- 2.92%
- 10Y*
- 2.48%
SE15.L vs. CU31.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% |
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.66% | -1.98% | 5.81% | -1.58% | 7.82% | 0.48% | -0.40% | 0.29% | 7.25% | -8.69% |
Correlation
The correlation between SE15.L and CU31.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since May 14, 2013 | 0.47 |
Over the past year, the correlation between SE15.L and CU31.L has dropped to 0.26 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
SE15.L vs. CU31.L — Risk / Return Rank
SE15.L
CU31.L
SE15.L vs. CU31.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 USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.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 | CU31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.12 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 0.97 | +0.57 |
| Martin ratioReturn relative to average drawdown | 3.96 | 2.47 | +1.49 |
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 | CU31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 0.72 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.36 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.27 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.28 | -0.03 |
Drawdowns
SE15.L vs. CU31.L - Drawdown Comparison
The maximum SE15.L drawdown since its inception was -15.78%, smaller than the maximum CU31.L drawdown of -18.80%. Use the drawdown chart below to compare losses from any high point for SE15.L and CU31.L.
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Drawdown Indicators
| SE15.L | CU31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.78% | -18.80% | +3.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | -4.51% | +1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.25% | -8.91% | +5.66% |
Max Drawdown (5Y)Largest decline over 5 years | -10.15% | -16.29% | +6.14% |
Max Drawdown (10Y)Largest decline over 10 years | -15.55% | -18.80% | +3.25% |
Current DrawdownCurrent decline from peak | -1.85% | -7.61% | +5.76% |
Average DrawdownAverage peak-to-trough decline | -6.32% | -8.23% | +1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.27% | 1.78% | -0.51% |
Volatility
SE15.L vs. CU31.L - Volatility Comparison
The current volatility for iShares EUR Corporate Bond 1-5yr UCITS ETF EUR (Dist) (SE15.L) is 1.31%, while iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) has a volatility of 1.63%. This indicates that SE15.L experiences smaller price fluctuations and is considered to be less risky than CU31.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 | CU31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 1.63% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 4.46% | -1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | 6.11% | -1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.48% | 8.05% | -2.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.05% | 9.19% | -2.14% |
SE15.L vs. CU31.L - Expense Ratio Comparison
SE15.L has a 0.20% expense ratio, which is higher than CU31.L's 0.07% 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. CU31.L - Dividend Comparison
SE15.L's dividend yield for the trailing twelve months is around 3.51%, while CU31.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CU31.L iShares USD Treasury 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
SE15.L and CU31.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CU31.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CU31.L is cheaper with a 0.07% expense ratio, compared with 0.20% for SE15.L.
SE15.L is categorized as European Corporate Bonds, while CU31.L is Government Bonds. SE15.L tracks Bloomberg Euro Agg Corp 1-3 Yr TR EUR, while CU31.L tracks ICE US Treasury 1-3 Year Index. Their fees differ too: 0.20% for SE15.L and 0.07% for CU31.L.
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