UKCO.L vs. IEAA.L
UKCO.L (SPDR Bloomberg Sterling Corporate Bond UCITS ETF) and IEAA.L (iShares Core Euro Corporate Bond UCITS ETF (Acc)) are both European Corporate Bonds funds - UKCO.L tracks the Markit iBoxx GBP NonGilts TR while IEAA.L tracks the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 5 years, UKCO.L returned -1.76%/yr vs 0.23%/yr for IEAA.L. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.
Performance
UKCO.L vs. IEAA.L - Performance Comparison
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Different Trading Currencies
UKCO.L is traded in GBP, while IEAA.L is traded in EUR. To make them comparable, the IEAA.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 -2.41% return, which is significantly lower than IEAA.L's -0.18% return.
UKCO.L
- 1D
- 0.32%
- 1M
- 1.74%
- YTD
- -2.41%
- 6M
- -2.30%
- 1Y
- -0.06%
- 3Y*
- 4.33%
- 5Y*
- -1.76%
- 10Y*
- 1.34%
IEAA.L
- 1D
- 0.25%
- 1M
- 1.01%
- YTD
- -0.18%
- 6M
- -0.54%
- 1Y
- 4.72%
- 3Y*
- 4.74%
- 5Y*
- 0.23%
- 10Y*
- —
UKCO.L vs. IEAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UKCO.L SPDR Bloomberg Sterling Corporate Bond UCITS ETF | -2.41% | 4.42% | 1.65% | 8.85% | -19.34% | -3.36% | 8.76% | 11.28% | -2.44% | 2.11% |
IEAA.L iShares Core Euro Corporate Bond UCITS ETF (Acc) | -0.18% | 8.62% | -0.44% | 5.36% | -8.93% | -6.97% | 8.50% | 0.21% | -0.51% | 1.42% |
Correlation
The correlation between UKCO.L and IEAA.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2017 | 0.37 |
The correlation between UKCO.L and IEAA.L shifts across timeframes, from 0.30 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UKCO.L vs. IEAA.L — Risk / Return Rank
UKCO.L
IEAA.L
UKCO.L vs. IEAA.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 iShares Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.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.
| UKCO.L | IEAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.17 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 1.25 | -1.26 |
| Martin ratioReturn relative to average drawdown | -0.02 | 3.22 | -3.24 |
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
| UKCO.L | IEAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.01 | 0.96 | -0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | 0.04 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.09 | +0.31 |
Drawdowns
UKCO.L vs. IEAA.L - Drawdown Comparison
The maximum UKCO.L drawdown since its inception was -30.79%, which is greater than IEAA.L's maximum drawdown of -21.43%. Use the drawdown chart below to compare losses from any high point for UKCO.L and IEAA.L.
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Drawdown Indicators
| UKCO.L | IEAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.79% | -21.43% | -9.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.99% | -3.75% | -2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -3.75% | -2.24% |
Max Drawdown (5Y)Largest decline over 5 years | -29.89% | -16.80% | -13.09% |
Max Drawdown (10Y)Largest decline over 10 years | -30.79% | — | — |
Current DrawdownCurrent decline from peak | -12.38% | -5.98% | -6.40% |
Average DrawdownAverage peak-to-trough decline | -6.60% | -8.94% | +2.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 1.46% | +1.24% |
Volatility
UKCO.L vs. IEAA.L - Volatility Comparison
SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) has a higher volatility of 2.30% compared to iShares Core Euro Corporate Bond UCITS ETF (Acc) (IEAA.L) at 1.67%. This indicates that UKCO.L's price experiences larger fluctuations and is considered to be riskier than IEAA.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 | IEAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 1.67% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 5.16% | 3.74% | +1.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.55% | 4.90% | +1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.96% | 6.31% | +1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 6.91% | +1.38% |
UKCO.L vs. IEAA.L - Expense Ratio Comparison
Both UKCO.L and IEAA.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. IEAA.L - Dividend Comparison
Neither UKCO.L nor IEAA.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEAA.L iShares Core Euro Corporate Bond 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% |
UKCO.L SPDR Bloomberg Sterling Corporate Bond UCITS ETF | 0.00% | 2.16% | 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 IEAA.L have a correlation of 0.30, 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 IEAA.L have the same expense ratio: 0.20% per year.
UKCO.L tracks Markit iBoxx GBP NonGilts TR, while IEAA.L tracks Bloomberg Euro Corp TR EUR. They also come from different issuers: State Street and iShares.
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