UC84.L vs. IUCB.L
UC84.L (UBS ETF (LU) Bloomberg US Liquid Corporates UCITS ETF (USD) A-dis) and IUCB.L (SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF) are both Corporate Bonds funds tracking the Bloomberg US Corp Bond TR USD, from UBS and State Street respectively. Both are passively managed. Over the past 5 years, UC84.L returned 1.22%/yr vs 3.03%/yr for IUCB.L. At a 0.40 correlation, their price movements are largely independent. UC84.L charges 0.18%/yr vs 0.12%/yr for IUCB.L.
Performance
UC84.L vs. IUCB.L - Performance Comparison
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Different Trading Currencies
UC84.L is traded in GBp, while IUCB.L is traded in USD. To make them comparable, the IUCB.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, UC84.L achieves a 0.32% return, which is significantly lower than IUCB.L's 0.84% return.
UC84.L
- 1D
- 0.23%
- 1M
- 1.54%
- YTD
- 0.32%
- 6M
- -0.15%
- 1Y
- 6.36%
- 3Y*
- 2.40%
- 5Y*
- 1.22%
- 10Y*
- 3.15%
IUCB.L
- 1D
- 0.18%
- 1M
- 1.19%
- YTD
- 0.84%
- 6M
- 0.18%
- 1Y
- 6.13%
- 3Y*
- 3.23%
- 5Y*
- 3.03%
- 10Y*
- —
UC84.L vs. IUCB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UC84.L UBS ETF (LU) Bloomberg US Liquid Corporates UCITS ETF (USD) A-dis | 0.32% | 0.41% | 3.96% | 2.43% | -7.77% | -0.84% | 6.02% | 13.64% | 2.44% | -3.36% |
IUCB.L SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF | 0.84% | 0.15% | 6.37% | 1.48% | 1.51% | -1.48% | 4.81% | 5.31% | 1.41% | -4.69% |
Correlation
The correlation between UC84.L and IUCB.L is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2016 | 0.40 |
Over the past year, UC84.L and IUCB.L have become more correlated (0.72) than their long-term average of 0.40, meaning their price movements have been converging.
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Return for Risk
UC84.L vs. IUCB.L — Risk / Return Rank
UC84.L
IUCB.L
UC84.L vs. IUCB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg US Liquid Corporates UCITS ETF (USD) A-dis (UC84.L) and SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.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.
| UC84.L | IUCB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.16 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 1.24 | +0.07 |
| Martin ratioReturn relative to average drawdown | 3.20 | 3.48 | -0.27 |
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
| UC84.L | IUCB.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.04 | 0.87 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.42 | -0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.27 | +0.12 |
Drawdowns
UC84.L vs. IUCB.L - Drawdown Comparison
The maximum UC84.L drawdown since its inception was -18.73%, which is greater than IUCB.L's maximum drawdown of -16.72%. Use the drawdown chart below to compare losses from any high point for UC84.L and IUCB.L.
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Drawdown Indicators
| UC84.L | IUCB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.73% | -16.72% | -2.01% |
Max Drawdown (1Y)Largest decline over 1 year | -4.83% | -5.02% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -7.91% | -0.61% |
Max Drawdown (5Y)Largest decline over 5 years | -14.49% | -13.22% | -1.27% |
Max Drawdown (10Y)Largest decline over 10 years | -18.73% | — | — |
Current DrawdownCurrent decline from peak | -8.33% | -1.74% | -6.59% |
Average DrawdownAverage peak-to-trough decline | -8.19% | -5.69% | -2.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.78% | +0.20% |
Volatility
UC84.L vs. IUCB.L - Volatility Comparison
The current volatility for UBS ETF (LU) Bloomberg US Liquid Corporates UCITS ETF (USD) A-dis (UC84.L) is 1.50%, while SPDR Bloomberg 1-10 Year US Corporate Bond UCITS ETF (IUCB.L) has a volatility of 1.77%. This indicates that UC84.L experiences smaller price fluctuations and is considered to be less risky than IUCB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UC84.L | IUCB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | 1.77% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 5.19% | -0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 7.16% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.08% | 9.52% | -0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.40% | 12.33% | -1.93% |
UC84.L vs. IUCB.L - Expense Ratio Comparison
UC84.L has a 0.18% expense ratio, which is higher than IUCB.L's 0.12% 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
UC84.L vs. IUCB.L - Dividend Comparison
UC84.L's dividend yield for the trailing twelve months is around 5.52%, more than IUCB.L's 4.67% 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
UC84.L and IUCB.L have a correlation of 0.72, 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: UBS and State Street. Their fees differ too: 0.18% for UC84.L and 0.12% for IUCB.L.
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