CE31.L vs. GILS.L
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and GILS.L (Lyxor Core UK Government Bond (DR) UCITS ETF - Dist) are both European Government Bonds funds - CE31.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR while GILS.L tracks the FTSE Actuaries UK Conventional Gilts All Stocks. Both are passively managed. Over the past 10 years, CE31.L returned 1.34%/yr vs -3.33%/yr for GILS.L. At a 0.17 correlation, their price movements are largely independent. CE31.L charges 0.15%/yr vs 0.05%/yr for GILS.L.
Performance
CE31.L vs. GILS.L - Performance Comparison
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Returns By Period
In the year-to-date period, CE31.L achieves a -0.69% return, which is significantly higher than GILS.L's -1.13% return. Over the past 10 years, CE31.L has outperformed GILS.L with an annualized return of 1.34%, while GILS.L has yielded a comparatively lower -3.33% annualized return.
CE31.L
- 1D
- 0.18%
- 1M
- 0.53%
- YTD
- -0.69%
- 6M
- -0.65%
- 1Y
- 3.69%
- 3Y*
- 2.80%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
GILS.L
- 1D
- 0.22%
- 1M
- 1.40%
- YTD
- -1.13%
- 6M
- -4.27%
- 1Y
- -0.95%
- 3Y*
- -0.26%
- 5Y*
- -6.53%
- 10Y*
- -3.33%
CE31.L vs. GILS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.69% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.80% | 0.64% | 3.54% |
GILS.L Lyxor Core UK Government Bond (DR) UCITS ETF - Dist | -1.13% | 1.70% | -5.79% | 1.51% | -25.53% | -6.84% | 5.96% | 4.09% | -2.08% | -1.13% |
Correlation
The correlation between CE31.L and GILS.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2013 | 0.17 |
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Return for Risk
CE31.L vs. GILS.L — Risk / Return Rank
CE31.L
GILS.L
CE31.L vs. GILS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) and Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.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.
| CE31.L | GILS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.98 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | -0.15 | +1.55 |
| Martin ratioReturn relative to average drawdown | 3.13 | -0.34 | +3.47 |
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
| CE31.L | GILS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | -0.14 | +1.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | -0.65 | +0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | -0.37 | +0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.01 | +0.07 |
Drawdowns
CE31.L vs. GILS.L - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, smaller than the maximum GILS.L drawdown of -38.75%. Use the drawdown chart below to compare losses from any high point for CE31.L and GILS.L.
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Drawdown Indicators
| CE31.L | GILS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -38.75% | +20.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -6.23% | +3.61% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -9.33% | +6.28% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -34.64% | +28.66% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | -38.75% | +25.61% |
Current DrawdownCurrent decline from peak | -3.78% | -35.86% | +32.08% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -12.02% | +4.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 2.78% | -1.61% |
Volatility
CE31.L vs. GILS.L - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.L) has a volatility of 2.44%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky than GILS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CE31.L | GILS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 2.44% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 5.64% | -2.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 6.67% | -2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 10.11% | -4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 9.06% | -1.99% |
CE31.L vs. GILS.L - Expense Ratio Comparison
CE31.L has a 0.15% expense ratio, which is higher than GILS.L's 0.05% 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
CE31.L vs. GILS.L - Dividend Comparison
Neither CE31.L nor GILS.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GILS.L Lyxor Core UK Government Bond (DR) UCITS ETF - Dist | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.02% | 0.02% | 0.03% | 0.03% | 0.03% | 0.03% |
Frequently Asked Questions
CE31.L and GILS.L have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GILS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GILS.L is cheaper with a 0.05% expense ratio, compared with 0.15% for CE31.L.
CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while GILS.L tracks FTSE Actuaries UK Conventional Gilts All Stocks. They also come from different issuers: iShares and Lyxor. Their fees differ too: 0.15% for CE31.L and 0.05% for GILS.L.
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