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UKCO.L vs. IS15.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UKCO.L vs. IS15.L

Last updated Jun 5, 2026

UKCO.L (SPDR Bloomberg Sterling Corporate Bond UCITS ETF) and IS15.L (iShares GBP Corporate Bond 0-5yr UCITS ETF) are both European Corporate Bonds funds - UKCO.L tracks the Markit iBoxx GBP NonGilts TR while IS15.L tracks the Markit iBoxx GBP NonGilts 1-5 TR. Both are passively managed. Over the past 10 years, UKCO.L returned 1.34%/yr vs 2.28%/yr for IS15.L. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

UKCO.L vs. IS15.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) and iShares GBP Corporate Bond 0-5yr UCITS ETF (IS15.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UKCO.L achieves a -2.41% return, which is significantly lower than IS15.L's 0.59% return. Over the past 10 years, UKCO.L has underperformed IS15.L with an annualized return of 1.34%, while IS15.L has yielded a comparatively higher 2.28% annualized 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%

IS15.L

1D
-0.19%
1M
0.81%
YTD
0.59%
6M
1.03%
1Y
4.47%
3Y*
6.08%
5Y*
2.33%
10Y*
2.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UKCO.L vs. IS15.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%4.28%
IS15.L
iShares GBP Corporate Bond 0-5yr UCITS ETF		0.59%6.24%4.89%7.16%-6.09%-0.84%3.38%4.54%-0.48%1.76%

Correlation

The correlation between UKCO.L and IS15.L is 0.57, 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

0.57

Correlation (3Y)
Calculated over the trailing 3-year period

0.63

Correlation (5Y)
Calculated over the trailing 5-year period

0.67

Correlation (10Y)
Calculated over the trailing 10-year period

0.58

Correlation (All Time)
Calculated using the full available price history since May 28, 2012

0.58

The correlation between UKCO.L and IS15.L has been stable across timeframes, ranging from 0.57 to 0.67 - a consistent structural relationship.

UKCO.L vs. IS15.L - Sectors Allocation Comparison

Sectors
UKCO.L
IS15.L

Financial Services

25.2%
28.6%

Communication Services

5.2%
3.9%

Real Estate

3.7%
6.0%

Consumer Defensive

2.4%
8.5%

Utilities

2.4%
1.5%

Consumer Cyclical

2.0%
17.6%

Healthcare

1.8%

-

Industrials

1.7%
25.2%

Technology

0.7%
5.9%

Basic Materials

0.7%
2.8%

Energy

0.1%

-

Financial Services

UKCO.L
25.2%
IS15.L
28.6%

Communication Services

UKCO.L
5.2%
IS15.L
3.9%

Real Estate

UKCO.L
3.7%
IS15.L
6.0%

Consumer Defensive

UKCO.L
2.4%
IS15.L
8.5%

Utilities

UKCO.L
2.4%
IS15.L
1.5%

Consumer Cyclical

UKCO.L
2.0%
IS15.L
17.6%

Healthcare

UKCO.L
1.8%
IS15.L

-

Industrials

UKCO.L
1.7%
IS15.L
25.2%

Technology

UKCO.L
0.7%
IS15.L
5.9%

Basic Materials

UKCO.L
0.7%
IS15.L
2.8%

Energy

UKCO.L
0.1%
IS15.L

-

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SPDR Bloomberg Sterling Corporate Bond UCITS ETF

iShares GBP Corporate Bond 0-5yr UCITS ETF

Often compared with UKCO.L:
UKCO.L vs. CSH2.LUKCO.L vs. EUCO.LUKCO.L vs. IBCX.LUKCO.L vs. XBLC.LUKCO.L vs. VECA.LUKCO.L vs. IEAA.LUKCO.L vs. JRBE.L
Often compared with IS15.L:
IS15.L vs. ERNS.LIS15.L vs. GHYS.LIS15.L vs. SWDA.LIS15.L vs. IGLS.LIS15.L vs. IEAA.LIS15.L vs. SUSS.LIS15.L vs. JRBE.L

Return for Risk

UKCO.L vs. IS15.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UKCO.L
UKCO.L Risk / Return Rank: 99
Overall Rank
UKCO.L Sharpe Ratio Rank: 99
Sharpe Ratio Rank
UKCO.L Sortino Ratio Rank: 88
Sortino Ratio Rank
UKCO.L Omega Ratio Rank: 88
Omega Ratio Rank
UKCO.L Calmar Ratio Rank: 99
Calmar Ratio Rank
UKCO.L Martin Ratio Rank: 99
Martin Ratio Rank
IS15.L
IS15.L Risk / Return Rank: 5454
Overall Rank
IS15.L Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
IS15.L Sortino Ratio Rank: 5454
Sortino Ratio Rank
IS15.L Omega Ratio Rank: 6363
Omega Ratio Rank
IS15.L Calmar Ratio Rank: 4949
Calmar Ratio Rank
IS15.L Martin Ratio Rank: 5353
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UKCO.L vs. IS15.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 GBP Corporate Bond 0-5yr UCITS ETF (IS15.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.LIS15.LDifference
Sharpe ratioReturn per unit of total volatility
-0.01
1.77

-1.78

Sortino ratioReturn per unit of downside risk
0.03
2.57

-2.54

Omega ratioGain probability vs. loss probability

1.00

1.38

-0.37

Calmar ratioReturn relative to maximum drawdown

-0.01

2.36

-2.37

Martin ratioReturn relative to average drawdown

-0.02

9.07

-9.09

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UKCO.L vs. IS15.L - Sharpe Ratio Comparison

The current UKCO.L Sharpe Ratio is -0.01, which is lower than the IS15.L Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of UKCO.L and IS15.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UKCO.LIS15.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.01

1.77

-1.78

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.22

0.70

-0.93

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

0.73

-0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.87

-0.47

Drawdowns

UKCO.L vs. IS15.L - Drawdown Comparison

The maximum UKCO.L drawdown since its inception was -30.79%, which is greater than IS15.L's maximum drawdown of -12.18%. Use the drawdown chart below to compare losses from any high point for UKCO.L and IS15.L.

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Drawdown Indicators

UKCO.LIS15.LDifference

Max Drawdown

Largest peak-to-trough decline

-30.79%

-12.18%

-18.61%

Max Drawdown (1Y)

Largest decline over 1 year

-5.99%

-1.94%

-4.05%

Max Drawdown (3Y)

Largest decline over 3 years

-5.99%

-1.94%

-4.05%

Max Drawdown (5Y)

Largest decline over 5 years

-29.89%

-12.18%

-17.71%

Max Drawdown (10Y)

Largest decline over 10 years

-30.79%

-12.18%

-18.61%

Current Drawdown

Current decline from peak

-12.38%

-0.30%

-12.08%

Average Drawdown

Average peak-to-trough decline

-6.60%

-1.12%

-5.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

0.50%

+2.20%

Volatility

UKCO.L vs. IS15.L - Volatility Comparison

SPDR Bloomberg Sterling Corporate Bond UCITS ETF (UKCO.L) has a higher volatility of 2.30% compared to iShares GBP Corporate Bond 0-5yr UCITS ETF (IS15.L) at 1.02%. This indicates that UKCO.L's price experiences larger fluctuations and is considered to be riskier than IS15.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.LIS15.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.30%

1.02%

+1.28%

Volatility (6M)

Calculated over the trailing 6-month period

5.16%

2.32%

+2.84%

Volatility (1Y)

Calculated over the trailing 1-year period

6.55%

2.58%

+3.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.96%

3.30%

+4.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.29%

3.13%

+5.16%

UKCO.L vs. IS15.L - Expense Ratio Comparison

Both UKCO.L and IS15.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. IS15.L - Dividend Comparison

UKCO.L has not paid dividends to shareholders, while IS15.L's dividend yield for the trailing twelve months is around 4.54%.

PositionTTM20252024202320222021202020192018201720162015
IS15.L
iShares GBP Corporate Bond 0-5yr UCITS ETF		4.54%4.35%4.06%3.05%1.80%1.72%1.81%2.03%2.08%2.15%2.55%2.91%
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 IS15.L have a correlation of 0.57, 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 IS15.L have the same expense ratio: 0.20% per year.

UKCO.L tracks Markit iBoxx GBP NonGilts TR, while IS15.L tracks Markit iBoxx GBP NonGilts 1-5 TR. They also come from different issuers: State Street and iShares.

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