VDCA.L vs. CBE3.L
VDCA.L (Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD Accumulation) and CBE3.L (iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc)) are both Short-Term Bond funds - VDCA.L tracks the Bloomberg Global Aggregate Corporate - United States Dollar Index 1-3 Year while CBE3.L tracks the Bloomberg Euro Government Bond 1-3 Year Index. Both are passively managed. Over the past 5 years, VDCA.L returned 2.56%/yr vs -0.15%/yr for CBE3.L. At a 0.25 correlation, their price movements are largely independent. VDCA.L charges 0.09%/yr vs 0.20%/yr for CBE3.L.
Performance
VDCA.L vs. CBE3.L - Performance Comparison
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Different Trading Currencies
VDCA.L is traded in USD, while CBE3.L is traded in EUR. To make them comparable, the CBE3.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VDCA.L achieves a 0.77% return, which is significantly higher than CBE3.L's -1.10% return.
VDCA.L
- 1D
- -0.10%
- 1M
- 0.18%
- YTD
- 0.77%
- 6M
- 1.23%
- 1Y
- 4.34%
- 3Y*
- 5.27%
- 5Y*
- 2.56%
- 10Y*
- —
CBE3.L
- 1D
- -0.35%
- 1M
- -0.70%
- YTD
- -1.10%
- 6M
- -0.37%
- 1Y
- 2.93%
- 3Y*
- 5.43%
- 5Y*
- -0.15%
- 10Y*
- 0.57%
VDCA.L vs. CBE3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VDCA.L Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD Accumulation | 0.77% | 5.87% | 5.54% | 5.39% | -3.80% | -0.21% | 3.56% | 4.32% |
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) | -1.10% | 16.01% | -3.26% | 6.72% | -10.01% | -7.58% | 8.69% | -0.73% |
Correlation
The correlation between VDCA.L and CBE3.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019 | 0.25 |
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Return for Risk
VDCA.L vs. CBE3.L — Risk / Return Rank
VDCA.L
CBE3.L
VDCA.L vs. CBE3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD Accumulation (VDCA.L) and iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.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.
| VDCA.L | CBE3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.29 | ||
| Sortino ratioReturn per unit of downside risk | +3.66 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.08 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 5.33 | 0.53 | +4.81 |
| Martin ratioReturn relative to average drawdown | 20.94 | 1.33 | +19.62 |
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
| VDCA.L | CBE3.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.74 | 0.44 | +2.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.22 | -0.02 | +1.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | -0.04 | +0.88 |
Drawdowns
VDCA.L vs. CBE3.L - Drawdown Comparison
The maximum VDCA.L drawdown since its inception was -9.85%, smaller than the maximum CBE3.L drawdown of -33.59%. Use the drawdown chart below to compare losses from any high point for VDCA.L and CBE3.L.
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Drawdown Indicators
| VDCA.L | CBE3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.85% | -33.59% | +23.74% |
Max Drawdown (1Y)Largest decline over 1 year | -0.80% | -5.53% | +4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -1.14% | -8.05% | +6.91% |
Max Drawdown (5Y)Largest decline over 5 years | -6.43% | -25.04% | +18.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.51% | — |
Current DrawdownCurrent decline from peak | -0.25% | -12.21% | +11.96% |
Average DrawdownAverage peak-to-trough decline | -1.06% | -16.47% | +15.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 2.20% | -2.00% |
Volatility
VDCA.L vs. CBE3.L - Volatility Comparison
The current volatility for Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD Accumulation (VDCA.L) is 0.56%, while iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) has a volatility of 1.49%. This indicates that VDCA.L experiences smaller price fluctuations and is considered to be less risky than CBE3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VDCA.L | CBE3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.56% | 1.49% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 1.10% | 4.72% | -3.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.57% | 6.64% | -5.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.11% | 7.83% | -5.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.46% | 7.46% | -4.00% |
VDCA.L vs. CBE3.L - Expense Ratio Comparison
VDCA.L has a 0.09% expense ratio, which is lower than CBE3.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VDCA.L vs. CBE3.L - Dividend Comparison
Neither VDCA.L nor CBE3.L has paid dividends to shareholders.
Frequently Asked Questions
VDCA.L and CBE3.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VDCA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDCA.L is cheaper with a 0.09% expense ratio, compared with 0.20% for CBE3.L.
VDCA.L tracks Bloomberg Global Aggregate Corporate - United States Dollar Index 1-3 Year, while CBE3.L tracks Bloomberg Euro Government Bond 1-3 Year Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.09% for VDCA.L and 0.20% for CBE3.L.
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