BCOG.L vs. GLTL.L
BCOG.L (L&G All Commodities UCITS ETF) and GLTL.L (SPDR Bloomberg 15+ Year Gilt UCITS ETF) are both exchange-traded funds - BCOG.L is a Commodities fund tracking the Bloomberg Commodity, while GLTL.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 5 years, BCOG.L returned 12.02%/yr vs -11.18%/yr for GLTL.L. At a correlation of -0.08, they often move in opposite directions. Both charge a 0.15% expense ratio.
Performance
BCOG.L vs. GLTL.L - Performance Comparison
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Different Trading Currencies
BCOG.L is traded in GBp, while GLTL.L is traded in GBP. To make them comparable, the GLTL.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, BCOG.L achieves a 23.52% return, which is significantly higher than GLTL.L's -4.08% return.
BCOG.L
- 1D
- 0.10%
- 1M
- -1.59%
- YTD
- 23.52%
- 6M
- 22.25%
- 1Y
- 34.88%
- 3Y*
- 12.12%
- 5Y*
- 12.02%
- 10Y*
- —
GLTL.L
- 1D
- -0.47%
- 1M
- -0.24%
- YTD
- -4.08%
- 6M
- -3.52%
- 1Y
- -0.16%
- 3Y*
- -1.22%
- 5Y*
- -11.18%
- 10Y*
- -3.77%
BCOG.L vs. GLTL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BCOG.L L&G All Commodities UCITS ETF | 23.52% | 8.16% | 6.13% | -12.32% | 29.36% | 29.04% | -6.24% | 1.82% | -1.43% | -23.52% |
GLTL.L SPDR Bloomberg 15+ Year Gilt UCITS ETF | -4.08% | 3.15% | -10.47% | 1.26% | -40.67% | -6.58% | 13.61% | 11.55% | 0.22% | 3.70% |
Correlation
The correlation between BCOG.L and GLTL.L is -0.36, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2017 | -0.08 |
Over the past year, the inverse relationship between BCOG.L and GLTL.L has strengthened: their correlation has moved from -0.08 to -0.36, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BCOG.L vs. GLTL.L — Risk / Return Rank
BCOG.L
GLTL.L
BCOG.L vs. GLTL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G All Commodities UCITS ETF (BCOG.L) and SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.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.
| BCOG.L | GLTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.89 | ||
| Sortino ratioReturn per unit of downside risk | +2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.01 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 4.05 | -0.01 | +4.07 |
| Martin ratioReturn relative to average drawdown | 9.26 | -0.04 | +9.30 |
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
| BCOG.L | GLTL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | -0.01 | +1.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | -0.57 | +1.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | -0.03 | +0.26 |
Drawdowns
BCOG.L vs. GLTL.L - Drawdown Comparison
The maximum BCOG.L drawdown since its inception was -40.03%, smaller than the maximum GLTL.L drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for BCOG.L and GLTL.L.
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Drawdown Indicators
| BCOG.L | GLTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.03% | -55.18% | +15.15% |
Max Drawdown (1Y)Largest decline over 1 year | -8.57% | -10.86% | +2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -26.54% | -16.55% | -9.99% |
Max Drawdown (5Y)Largest decline over 5 years | -27.76% | -52.99% | +25.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.18% | — |
Current DrawdownCurrent decline from peak | -6.27% | -52.32% | +46.05% |
Average DrawdownAverage peak-to-trough decline | -19.08% | -19.02% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.76% | 4.33% | -0.57% |
Volatility
BCOG.L vs. GLTL.L - Volatility Comparison
L&G All Commodities UCITS ETF (BCOG.L) has a higher volatility of 5.54% compared to SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.L) at 5.00%. This indicates that BCOG.L's price experiences larger fluctuations and is considered to be riskier than GLTL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCOG.L | GLTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.54% | 5.00% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 15.94% | 9.63% | +6.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.56% | 12.52% | +6.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.51% | 19.66% | +1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.89% | 16.96% | +2.93% |
BCOG.L vs. GLTL.L - Expense Ratio Comparison
Both BCOG.L and GLTL.L 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
BCOG.L vs. GLTL.L - Dividend Comparison
BCOG.L has not paid dividends to shareholders, while GLTL.L's dividend yield for the trailing twelve months is around 5.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BCOG.L L&G All Commodities UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GLTL.L SPDR Bloomberg 15+ Year Gilt UCITS ETF | 5.15% | 4.77% | 4.39% | 2.97% | 1.63% | 0.87% | 1.01% | 1.43% | 1.55% | 1.86% | 1.99% | 2.51% |
Frequently Asked Questions
BCOG.L and GLTL.L have a correlation of -0.36, 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.
BCOG.L and GLTL.L have the same expense ratio: 0.15% per year.
BCOG.L is categorized as Commodities, while GLTL.L is European Government Bonds. BCOG.L tracks Bloomberg Commodity, while GLTL.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Legal & General and State Street.
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