VECA.L vs. CBSE.L
VECA.L (Vanguard EUR Corporate Bond UCITS ETF Accumulating) and CBSE.L (UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis) are both European Corporate Bonds funds tracking the Bloomberg Euro Corp TR EUR, from Vanguard and UBS respectively. Both are passively managed. Over the past 5 years, VECA.L returned 0.22%/yr vs -0.11%/yr for CBSE.L. With a 0.97 correlation, they move nearly in lockstep. VECA.L charges 0.09%/yr vs 0.20%/yr for CBSE.L.
Performance
VECA.L vs. CBSE.L - Performance Comparison
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Different Trading Currencies
VECA.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
The year-to-date returns for both investments are quite close, with VECA.L having a -0.43% return and CBSE.L slightly higher at -0.42%.
VECA.L
- 1D
- 0.26%
- 1M
- 1.04%
- YTD
- -0.43%
- 6M
- -0.45%
- 1Y
- 4.67%
- 3Y*
- 4.66%
- 5Y*
- 0.22%
- 10Y*
- —
CBSE.L
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -0.42%
- 6M
- -0.53%
- 1Y
- 4.75%
- 3Y*
- 5.05%
- 5Y*
- -0.11%
- 10Y*
- —
VECA.L vs. CBSE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VECA.L Vanguard EUR Corporate Bond UCITS ETF Accumulating | -0.43% | 8.38% | -0.39% | 5.47% | -8.55% | -7.48% | 8.32% | 2.29% |
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | -0.42% | 8.60% | -0.00% | 5.96% | -10.95% | -7.70% | 8.93% | 3.38% |
Correlation
The correlation between VECA.L and CBSE.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019 | 0.97 |
The correlation between VECA.L and CBSE.L has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
VECA.L vs. CBSE.L — Risk / Return Rank
VECA.L
CBSE.L
VECA.L vs. CBSE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard EUR Corporate Bond UCITS ETF Accumulating (VECA.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.
| VECA.L | CBSE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | 1.15 | +0.05 |
| Martin ratioReturn relative to average drawdown | 3.07 | 2.96 | +0.11 |
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
| VECA.L | CBSE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | 0.97 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | -0.02 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.17 | -0.05 |
Drawdowns
VECA.L vs. CBSE.L - Drawdown Comparison
The maximum VECA.L drawdown since its inception was -21.36%, smaller than the maximum CBSE.L drawdown of -24.02%. Use the drawdown chart below to compare losses from any high point for VECA.L and CBSE.L.
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Drawdown Indicators
| VECA.L | CBSE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.36% | -24.02% | +2.66% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -4.12% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -4.12% | +0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -16.71% | -19.55% | +2.84% |
Current DrawdownCurrent decline from peak | -6.05% | -7.66% | +1.61% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -9.73% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 1.60% | -0.08% |
Volatility
VECA.L vs. CBSE.L - Volatility Comparison
The current volatility for Vanguard EUR Corporate Bond UCITS ETF Accumulating (VECA.L) is 1.48%, while UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis (CBSE.L) has a volatility of 1.58%. This indicates that VECA.L experiences smaller price fluctuations and is considered to be less risky 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
| VECA.L | CBSE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.58% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.62% | 3.79% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 4.87% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.16% | 6.43% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 7.44% | -0.51% |
VECA.L vs. CBSE.L - Expense Ratio Comparison
VECA.L has a 0.09% expense ratio, which is lower than CBSE.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
VECA.L vs. CBSE.L - Dividend Comparison
VECA.L has not paid dividends to shareholders, while CBSE.L's dividend yield for the trailing twelve months is around 3.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CBSE.L UBS ETF (LU) Bloomberg MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis | 3.50% | 3.72% | 3.18% | 1.80% | 0.58% | 0.59% | 0.61% | 1.03% | 1.42% | 0.48% |
VECA.L Vanguard EUR Corporate Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, VECA.L and CBSE.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, VECA.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VECA.L is cheaper with a 0.09% expense ratio, compared with 0.20% for CBSE.L.
Both ETFs track Bloomberg Euro Corp TR EUR. They also come from different issuers: Vanguard and UBS. Their fees differ too: 0.09% for VECA.L and 0.20% for CBSE.L.
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