X03B.DE vs. IBCN.DE
X03B.DE (Xtrackers Eurozone Government Bond 1-3 UCITS ETF) and IBCN.DE (iShares Euro Government Bond 3-5yr UCITS ETF) are both European Government Bonds funds - X03B.DE tracks the iBoxx® EUR Eurozone 1-3 while IBCN.DE tracks the Bloomberg Euro Government Bond 5. Both are passively managed. Over the past 10 years, X03B.DE returned 0.23%/yr vs 0.17%/yr for IBCN.DE. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.
Performance
X03B.DE vs. IBCN.DE - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with X03B.DE at 0.05% and IBCN.DE at 0.05%. Over the past 10 years, X03B.DE has outperformed IBCN.DE with an annualized return of 0.23%, while IBCN.DE has yielded a comparatively lower 0.17% annualized return.
X03B.DE
- 1D
- 0.04%
- 1M
- 0.05%
- YTD
- 0.05%
- 6M
- 0.20%
- 1Y
- 0.95%
- 3Y*
- 2.63%
- 5Y*
- 0.68%
- 10Y*
- 0.23%
IBCN.DE
- 1D
- 0.06%
- 1M
- 0.01%
- YTD
- 0.05%
- 6M
- -0.06%
- 1Y
- 0.68%
- 3Y*
- 2.68%
- 5Y*
- -0.39%
- 10Y*
- 0.17%
X03B.DE vs. IBCN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
X03B.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF | 0.05% | 2.25% | 3.05% | 3.35% | -4.64% | -0.79% | -0.13% | 0.14% | -0.34% | -0.48% |
IBCN.DE iShares Euro Government Bond 3-5yr UCITS ETF | 0.05% | 2.24% | 2.15% | 5.23% | -10.13% | -1.37% | 1.01% | 1.69% | 0.69% | 0.45% |
Correlation
The correlation between X03B.DE and IBCN.DE is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jan 10, 2012 | 0.86 |
The correlation between X03B.DE and IBCN.DE has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.
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Return for Risk
X03B.DE vs. IBCN.DE — Risk / Return Rank
X03B.DE
IBCN.DE
X03B.DE vs. IBCN.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers Eurozone Government Bond 1-3 UCITS ETF (X03B.DE) and iShares Euro Government Bond 3-5yr UCITS ETF (IBCN.DE). 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.
| X03B.DE | IBCN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.03 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.14 | +0.49 |
| Martin ratioReturn relative to average drawdown | 2.04 | 0.40 | +1.64 |
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
| X03B.DE | IBCN.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.62 | 0.14 | +0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | -0.11 | +0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.06 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.45 | +0.12 |
Drawdowns
X03B.DE vs. IBCN.DE - Drawdown Comparison
The maximum X03B.DE drawdown since its inception was -6.78%, smaller than the maximum IBCN.DE drawdown of -12.52%. Use the drawdown chart below to compare losses from any high point for X03B.DE and IBCN.DE.
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Drawdown Indicators
| X03B.DE | IBCN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.78% | -12.52% | +5.74% |
Max Drawdown (1Y)Largest decline over 1 year | -1.28% | -2.41% | +1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -1.28% | -2.41% | +1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -5.67% | -12.15% | +6.48% |
Max Drawdown (10Y)Largest decline over 10 years | -6.78% | -12.52% | +5.74% |
Current DrawdownCurrent decline from peak | -0.51% | -2.93% | +2.42% |
Average DrawdownAverage peak-to-trough decline | -1.19% | -2.32% | +1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.86% | -0.46% |
Volatility
X03B.DE vs. IBCN.DE - Volatility Comparison
The current volatility for Xtrackers Eurozone Government Bond 1-3 UCITS ETF (X03B.DE) is 0.50%, while iShares Euro Government Bond 3-5yr UCITS ETF (IBCN.DE) has a volatility of 0.91%. This indicates that X03B.DE experiences smaller price fluctuations and is considered to be less risky than IBCN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| X03B.DE | IBCN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 0.91% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 1.20% | 2.24% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.30% | 2.53% | -1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.63% | 3.63% | -2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.32% | 2.96% | -1.64% |
X03B.DE vs. IBCN.DE - Expense Ratio Comparison
Both X03B.DE and IBCN.DE have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
X03B.DE vs. IBCN.DE - Dividend Comparison
X03B.DE's dividend yield for the trailing twelve months is around 1.53%, less than IBCN.DE's 2.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBCN.DE iShares Euro Government Bond 3-5yr UCITS ETF | 2.44% | 2.51% | 2.61% | 0.80% | 0.00% | 0.00% | 0.00% | 0.07% | 0.12% | 0.08% | 0.13% | 0.61% |
X03B.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF | 1.53% | 1.39% | 0.98% | 0.28% | 0.12% | 0.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.65% | 0.66% |
Frequently Asked Questions
X03B.DE and IBCN.DE have a correlation of 0.86, 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 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
X03B.DE and IBCN.DE have the same expense ratio: 0.15% per year.
X03B.DE tracks iBoxx® EUR Eurozone 1-3, while IBCN.DE tracks Bloomberg Euro Government Bond 5. They also come from different issuers: Xtrackers and iShares.
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