CBE3.L vs. 4GLD.DE
CBE3.L (iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc)) and 4GLD.DE (Xetra-Gold) are both exchange-traded funds - CBE3.L is a Short-Term Bond fund tracking the Bloomberg Euro Government Bond 1-3 Year Index, while 4GLD.DE is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, CBE3.L returned 0.36%/yr vs 13.36%/yr for 4GLD.DE. At a 0.18 correlation, their price movements are largely independent. CBE3.L charges 0.20%/yr vs 0.00%/yr for 4GLD.DE.
Performance
CBE3.L vs. 4GLD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CBE3.L achieves a 0.13% return, which is significantly lower than 4GLD.DE's 2.80% return. Over the past 10 years, CBE3.L has underperformed 4GLD.DE with an annualized return of 0.36%, while 4GLD.DE has yielded a comparatively higher 13.36% annualized return.
CBE3.L
- 1D
- 0.04%
- 1M
- 0.24%
- YTD
- 0.13%
- 6M
- 0.25%
- 1Y
- 0.94%
- 3Y*
- 2.70%
- 5Y*
- 0.81%
- 10Y*
- 0.36%
4GLD.DE
- 1D
- 0.57%
- 1M
- -1.56%
- YTD
- 2.80%
- 6M
- 6.42%
- 1Y
- 30.27%
- 3Y*
- 28.18%
- 5Y*
- 19.85%
- 10Y*
- 13.36%
CBE3.L vs. 4GLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBE3.L iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) | 0.13% | 2.27% | 3.11% | 3.46% | -4.26% | -0.83% | -0.15% | 0.18% | -0.33% | 0.06% |
4GLD.DE Xetra-Gold | 2.80% | 49.32% | 34.57% | 9.32% | 7.12% | 4.03% | 13.05% | 21.25% | 3.20% | -1.67% |
Correlation
The correlation between CBE3.L and 4GLD.DE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 14, 2013 | 0.18 |
The correlation between CBE3.L and 4GLD.DE shifts across timeframes, from 0.18 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CBE3.L vs. 4GLD.DE — Risk / Return Rank
CBE3.L
4GLD.DE
CBE3.L vs. 4GLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) and Xetra-Gold (4GLD.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.
| CBE3.L | 4GLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.26 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 1.82 | -0.97 |
| Martin ratioReturn relative to average drawdown | 2.81 | 4.63 | -1.82 |
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
| CBE3.L | 4GLD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 1.31 | -0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 1.23 | -0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.92 | -0.64 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.65 | -0.21 |
Drawdowns
CBE3.L vs. 4GLD.DE - Drawdown Comparison
The maximum CBE3.L drawdown since its inception was -6.12%, smaller than the maximum 4GLD.DE drawdown of -36.79%. Use the drawdown chart below to compare losses from any high point for CBE3.L and 4GLD.DE.
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Drawdown Indicators
| CBE3.L | 4GLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.12% | -36.79% | +30.67% |
Max Drawdown (1Y)Largest decline over 1 year | -1.10% | -16.54% | +15.44% |
Max Drawdown (3Y)Largest decline over 3 years | -1.10% | -16.54% | +15.44% |
Max Drawdown (5Y)Largest decline over 5 years | -5.19% | -16.54% | +11.35% |
Max Drawdown (10Y)Largest decline over 10 years | -6.12% | -18.23% | +12.11% |
Current DrawdownCurrent decline from peak | -0.42% | -14.95% | +14.53% |
Average DrawdownAverage peak-to-trough decline | -1.06% | -11.83% | +10.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 6.52% | -6.18% |
Volatility
CBE3.L vs. 4GLD.DE - Volatility Comparison
The current volatility for iShares € Govt Bond 1-3yr UCITS ETF EUR (Acc) (CBE3.L) is 0.41%, while Xetra-Gold (4GLD.DE) has a volatility of 5.09%. This indicates that CBE3.L experiences smaller price fluctuations and is considered to be less risky than 4GLD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBE3.L | 4GLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 5.09% | -4.68% |
Volatility (6M)Calculated over the trailing 6-month period | 1.08% | 20.09% | -19.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.19% | 23.06% | -21.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.51% | 16.00% | -14.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.28% | 14.37% | -13.09% |
CBE3.L vs. 4GLD.DE - Expense Ratio Comparison
CBE3.L has a 0.20% expense ratio, which is higher than 4GLD.DE's 0.00% 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
CBE3.L vs. 4GLD.DE - Dividend Comparison
Neither CBE3.L nor 4GLD.DE has paid dividends to shareholders.
Frequently Asked Questions
CBE3.L and 4GLD.DE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 4GLD.DE is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
4GLD.DE is cheaper with a 0.00% expense ratio, compared with 0.20% for CBE3.L.
CBE3.L is categorized as Short-Term Bond, while 4GLD.DE is Gold. CBE3.L tracks Bloomberg Euro Government Bond 1-3 Year Index, while 4GLD.DE tracks LBMA Gold Price. They also come from different issuers: iShares and Deutsche Börse Commodities. Their fees differ too: 0.20% for CBE3.L and 0.00% for 4GLD.DE.
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