TCBT.DE vs. ^TNX
TCBT.DE (VanEck iBoxx EUR Corporates UCITS ETF) is European Corporate Bonds fund tracking the iBoxx® SD-KPI EUR Liquid Corporates, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 5 years, TCBT.DE returned -0.33%/yr vs 29.24%/yr for ^TNX. At a correlation of -0.39, they often move in opposite directions.
Performance
TCBT.DE vs. ^TNX - Performance Comparison
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Different Trading Currencies
TCBT.DE is traded in EUR, while ^TNX is traded in USD. To make them comparable, the ^TNX values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, TCBT.DE achieves a 0.17% return, which is significantly lower than ^TNX's 12.01% return.
TCBT.DE
- 1D
- 0.00%
- 1M
- -0.83%
- 6M
- -0.30%
- YTD
- 0.17%
- 1Y
- 0.75%
- 3Y*
- 3.58%
- 5Y*
- -0.33%
- 10Y*
- —
^TNX
- 1D
- -0.58%
- 1M
- 2.31%
- 6M
- 8.83%
- YTD
- 12.01%
- 1Y
- 3.14%
- 3Y*
- 5.57%
- 5Y*
- 29.24%
- 10Y*
- 10.87%
TCBT.DE vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TCBT.DE VanEck iBoxx EUR Corporates UCITS ETF | 0.17% | 2.41% | 3.36% | 8.26% | -13.48% | -1.32% | 2.33% | 6.97% | 0.62% |
^TNX Cboe 10-Year Treasury Note Yield Index | 12.01% | -19.77% | 26.10% | -3.32% | 172.45% | 77.22% | -56.15% | -26.94% | -6.85% |
Correlation
The correlation between TCBT.DE and ^TNX is -0.48, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since Dec 11, 2018 | -0.39 |
The correlation between TCBT.DE and ^TNX shifts across timeframes, from -0.52 (5 years) to -0.39 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TCBT.DE vs. ^TNX — Risk / Return Rank
TCBT.DE
^TNX
TCBT.DE vs. ^TNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck iBoxx EUR Corporates UCITS ETF (TCBT.DE) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TCBT.DE | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.04 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 0.25 | -0.02 |
| Martin ratioReturn relative to average drawdown | 0.62 | 0.48 | +0.15 |
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Drawdowns
TCBT.DE vs. ^TNX - Drawdown Comparison
The maximum TCBT.DE drawdown since its inception was -16.87%, smaller than the maximum ^TNX drawdown of -86.68%. Use the drawdown chart below to compare losses from any high point for TCBT.DE and ^TNX.
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Drawdown Indicators
| TCBT.DE | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.87% | -86.68% | +69.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.34% | -12.69% | +9.35% |
Max Drawdown (3Y)Largest decline over 3 years | -3.34% | -30.99% | +27.65% |
Max Drawdown (5Y)Largest decline over 5 years | -16.84% | -30.99% | +14.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -84.69% | — |
Current DrawdownCurrent decline from peak | -2.26% | -15.78% | +13.52% |
Average DrawdownAverage peak-to-trough decline | -5.05% | -36.59% | +31.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 6.77% | -5.57% |
Volatility
TCBT.DE vs. ^TNX - Volatility Comparison
The current volatility for VanEck iBoxx EUR Corporates UCITS ETF (TCBT.DE) is 1.89%, while Cboe 10-Year Treasury Note Yield Index (^TNX) has a volatility of 4.65%. This indicates that TCBT.DE experiences smaller price fluctuations and is considered to be less risky than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TCBT.DE | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 4.65% | -2.76% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 13.20% | -8.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 18.28% | -13.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.27% | 34.36% | -29.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.55% | 49.52% | -43.97% |
Frequently Asked Questions
TCBT.DE and ^TNX have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for TCBT.DE and ^TNX
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