BCOG.L vs. IBTA.L
BCOG.L (L&G All Commodities UCITS ETF) and IBTA.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both exchange-traded funds - BCOG.L is a Commodities fund tracking the Bloomberg Commodity, while IBTA.L is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, BCOG.L returned 10.83%/yr vs 2.95%/yr for IBTA.L. At a 0.19 correlation, their price movements are largely independent. BCOG.L charges 0.15%/yr vs 0.07%/yr for IBTA.L.
Performance
BCOG.L vs. IBTA.L - Performance Comparison
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Different Trading Currencies
BCOG.L is traded in GBp, while IBTA.L is traded in USD. To make them comparable, the IBTA.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 16.06% return, which is significantly higher than IBTA.L's 2.61% return.
BCOG.L
- 1D
- 0.51%
- 1M
- -8.33%
- YTD
- 16.06%
- 6M
- 14.81%
- 1Y
- 28.57%
- 3Y*
- 9.80%
- 5Y*
- 10.83%
- 10Y*
- —
IBTA.L
- 1D
- -0.22%
- 1M
- 2.24%
- YTD
- 2.61%
- 6M
- 3.21%
- 1Y
- 6.74%
- 3Y*
- 3.03%
- 5Y*
- 2.95%
- 10Y*
- —
BCOG.L vs. IBTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BCOG.L L&G All Commodities UCITS ETF | 16.06% | 8.16% | 6.13% | -12.32% | 29.36% | 29.04% | -6.24% | 1.82% | -1.43% | -23.52% |
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 2.61% | -2.17% | 5.89% | -1.00% | 7.69% | 0.30% | 0.11% | -0.32% | 7.41% | -4.27% |
Correlation
The correlation between BCOG.L and IBTA.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
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 | 0.19 |
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Return for Risk
BCOG.L vs. IBTA.L — Risk / Return Rank
BCOG.L
IBTA.L
BCOG.L vs. IBTA.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 iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BCOG.L | IBTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.18 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 1.26 | +1.04 |
| Martin ratioReturn relative to average drawdown | 8.45 | 3.46 | +4.98 |
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Drawdowns
BCOG.L vs. IBTA.L - Drawdown Comparison
The maximum BCOG.L drawdown since its inception was -40.03%, which is greater than IBTA.L's maximum drawdown of -18.45%. Use the drawdown chart below to compare losses from any high point for BCOG.L and IBTA.L.
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Drawdown Indicators
| BCOG.L | IBTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.03% | -18.45% | -21.58% |
Max Drawdown (1Y)Largest decline over 1 year | -12.37% | -5.34% | -7.03% |
Max Drawdown (3Y)Largest decline over 3 years | -26.54% | -9.28% | -17.26% |
Max Drawdown (5Y)Largest decline over 5 years | -27.76% | -16.66% | -11.10% |
Current DrawdownCurrent decline from peak | -11.93% | -6.21% | -5.72% |
Average DrawdownAverage peak-to-trough decline | -19.02% | -8.99% | -10.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.37% | 1.94% | +1.43% |
Volatility
BCOG.L vs. IBTA.L - Volatility Comparison
L&G All Commodities UCITS ETF (BCOG.L) has a higher volatility of 4.08% compared to iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) at 1.59%. This indicates that BCOG.L's price experiences larger fluctuations and is considered to be riskier than IBTA.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 | IBTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 1.59% | +2.49% |
Volatility (6M)Calculated over the trailing 6-month period | 16.06% | 5.00% | +11.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 6.51% | +11.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.53% | 8.28% | +13.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.86% | 8.54% | +11.32% |
BCOG.L vs. IBTA.L - Expense Ratio Comparison
BCOG.L has a 0.15% expense ratio, which is higher than IBTA.L's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BCOG.L vs. IBTA.L - Dividend Comparison
Neither BCOG.L nor IBTA.L has paid dividends to shareholders.
Frequently Asked Questions
BCOG.L and IBTA.L have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTA.L is cheaper with a 0.07% expense ratio, compared with 0.15% for BCOG.L.
BCOG.L is categorized as Commodities, while IBTA.L is Government Bonds. BCOG.L tracks Bloomberg Commodity, while IBTA.L tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.15% for BCOG.L and 0.07% for IBTA.L.
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