IBCI: iShares € Inflation Linked Govt Bond UCITS ETF (Acc) returns, drawdowns and risk
Funds on government bonds whose principal rises with inflation (TIPS in the US, linkers in Europe).
Data updated October 2026
IBCI · Borsa Italiana · EURCategory: Inflation-linked bond ETFsData from January 2010
From January 2010 to October 2026 IBCI returned 1.5% a year on average with dividends reinvested, in euros: €10,000 invested at the start grew to €12,883.
Its deepest fall was 16.2%, from March 2022 to October 2022, and it has not yet returned to the previous high. Annual volatility was 6.1%; at the last close it was 9.1% below its high.
Against AGGH (iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc)), over the 88 months both have data, the correlation of monthly returns was 0.68: they moved together only in part. Beta was 1.01. In months when AGGH rose, IBCI moved 125% as much on average; in months when AGGH fell, 91% as much.
Key figures
- Annual return (CAGR)
- +1.5%
- 1-year return
- −1.6%
- 5 years, a year
- −0.8%
- 10 years, a year
- +0.9%
- Annual volatility
- 6.1%
- Maximum drawdown
- −16.2%
- Sharpe ratio
- 0.20
- Worst year
- 2022: −9.6%
Trailing returns
| Period | IBCI | AGGH |
|---|---|---|
| 1 year | −1.6% | −2.6% |
| 3 years, a year | +1.9% | +2.9% |
| 5 years, a year | −0.8% | −1.6% |
| 10 years, a year | +0.9% | — |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of €10,000: IBCI vs AGGH
Month-end values from July 2019, the first month both funds have data.
IBCI drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | IBCI | AGGH |
|---|---|---|
| 2026(partial) | −0.4% | −2.1% |
| 2025 | +0.8% | +2.4% |
| 2024 | +0.1% | +1.7% |
| 2023 | +5.6% | +4.5% |
| 2022 | −9.6% | −13.4% |
| 2021 | +6.2% | −2.7% |
| 2020 | +2.7% | +3.9% |
| 2019 | +6.5% | +1.3% |
| 2018 | −1.7% | — |
| 2017 | +1.1% | — |
| 2016 | +3.6% | — |
| 2015 | +0.7% | — |
| 2014 | +5.4% | — |
| 2013 | −4.2% | — |
| 2012 | +10.7% | — |
| 2011 | −1.2% | — |
| 2010(partial) | +1.0% | — |
IBCI compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of IBCI?
From January 2010 to October 2026 IBCI returned 1.5% a year on average (CAGR) with dividends reinvested, in EUR. Over the last 5 years: −0.8% a year. Over the last 12 months: −1.6%.
What was the worst drawdown of IBCI?
16.2%, from March 2022 to October 2022; it has not yet returned to the previous high.
How volatile is IBCI?
Annual volatility was 6.1% over the period. Its worst month was −6.8% and 57% of months were positive. Worst calendar year: 2022 (−9.6%).
How closely does IBCI follow AGGH?
Over 88 months the correlation of monthly returns was 0.68, so they moved together only in part, with a beta of 1.01.
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Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.