UKCO.L vs. CBSE.L
UKCO.L (SPDR Bloomberg Sterling Corporate Bond UCITS ETF) and CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) are both European Corporate Bonds funds - UKCO.L tracks the Markit iBoxx GBP NonGilts TR while CBSE.L tracks the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 5 years, UKCO.L returned -1.19%/yr vs -0.36%/yr for CBSE.L. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.
Performance
UKCO.L vs. CBSE.L - Performance Comparison
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Different Trading Currencies
UKCO.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, UKCO.L achieves a -0.21% return, which is significantly higher than CBSE.L's -1.66% return.
UKCO.L
- 1D
- -0.12%
- 1M
- -0.70%
- 6M
- -1.32%
- YTD
- -0.21%
- 1Y
- 3.80%
- 3Y*
- 6.01%
- 5Y*
- -1.19%
- 10Y*
- 1.30%
CBSE.L
- 1D
- 0.23%
- 1M
- -1.53%
- 6M
- -1.32%
- YTD
- -1.66%
- 1Y
- 0.15%
- 3Y*
- 4.67%
- 5Y*
- -0.36%
- 10Y*
- —
UKCO.L vs. CBSE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UKCO.L SPDR Bloomberg Sterling Corporate Bond UCITS ETF | -0.21% | 6.81% | 1.66% | 8.84% | -19.34% | -3.36% | 8.76% | 11.27% | -2.43% | 4.99% |
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | -1.66% | 8.60% | -0.01% | 5.96% | -10.95% | -7.70% | 8.93% | 2.37% | -1.04% | -7.75% |
Correlation
The correlation between UKCO.L and CBSE.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2017 | 0.42 |
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Return for Risk
UKCO.L vs. CBSE.L — Risk / Return Rank
UKCO.L
CBSE.L
UKCO.L vs. CBSE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.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.
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.
| UKCO.L | CBSE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.00 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | -0.00 | +0.90 |
| Martin ratioReturn relative to average drawdown | 2.53 | -0.00 | +2.53 |
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Drawdowns
UKCO.L vs. CBSE.L - Drawdown Comparison
The maximum UKCO.L drawdown since its inception was -30.78%, which is greater than CBSE.L's maximum drawdown of -24.02%. Use the drawdown chart below to compare losses from any high point for UKCO.L and CBSE.L.
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Drawdown Indicators
| UKCO.L | CBSE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.78% | -24.02% | -6.76% |
Max Drawdown (1Y)Largest decline over 1 year | -4.19% | -4.12% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -4.19% | -4.12% | -0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -29.89% | -19.55% | -10.34% |
Max Drawdown (10Y)Largest decline over 10 years | -30.78% | — | — |
Current DrawdownCurrent decline from peak | -8.34% | -8.81% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -6.38% | -11.03% | +4.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.50% | 1.81% | -0.31% |
Volatility
UKCO.L vs. CBSE.L - Volatility Comparison
SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) has a higher volatility of 1.56% compared to UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) at 1.11%. This indicates that UKCO.L's price experiences larger fluctuations and is considered to be riskier 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
| UKCO.L | CBSE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 1.11% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 4.93% | 3.82% | +1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.76% | 4.74% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.84% | 6.42% | +1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.22% | 8.67% | -0.45% |
UKCO.L vs. CBSE.L - Expense Ratio Comparison
Both UKCO.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
UKCO.L vs. CBSE.L - Dividend Comparison
UKCO.L's dividend yield for the trailing twelve months is around 4.62%, more than CBSE.L's 3.54% 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 | 3.54% | 3.72% | 3.18% | 1.80% | 0.58% | 0.59% | 0.61% | 1.03% | 1.42% | 0.48% | 0.00% | 0.00% |
UKCO.L SPDR Bloomberg Sterling Corporate Bond UCITS ETF | 4.62% | 4.39% | 4.11% | 3.30% | 2.79% | 2.28% | 2.40% | 2.51% | 2.69% | 3.09% | 3.17% | 3.50% |
Frequently Asked Questions
UKCO.L and CBSE.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
UKCO.L and CBSE.L have the same expense ratio: 0.20% per year.
UKCO.L tracks Markit iBoxx GBP NonGilts TR, while CBSE.L tracks Bloomberg Euro Corp TR EUR. They also come from different issuers: State Street and UBS.
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