CE31.L vs. GLTA.L
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and GLTA.L (Invesco UK Gilts UCITS ETF Acc) are both European Government Bonds funds - CE31.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR while GLTA.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 5 years, CE31.L returned 0.96%/yr vs -4.77%/yr for GLTA.L. At a 0.17 correlation, their price movements are largely independent. CE31.L charges 0.15%/yr vs 0.06%/yr for GLTA.L.
Performance
CE31.L vs. GLTA.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 GLTA.L's -1.16% 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%
GLTA.L
- 1D
- 0.22%
- 1M
- 1.66%
- YTD
- -1.16%
- 6M
- -1.33%
- 1Y
- 1.96%
- 3Y*
- 2.19%
- 5Y*
- -4.77%
- 10Y*
- —
CE31.L vs. GLTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | -4.60% |
GLTA.L Invesco UK Gilts UCITS ETF Acc | -1.16% | 4.99% | -4.18% | 3.52% | -25.15% | -5.17% | 8.71% | 1.44% |
Correlation
The correlation between CE31.L and GLTA.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2019 | 0.17 |
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Return for Risk
CE31.L vs. GLTA.L — Risk / Return Rank
CE31.L
GLTA.L
CE31.L vs. GLTA.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 Invesco UK Gilts UCITS ETF Acc (GLTA.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 | GLTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.06 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 0.34 | +1.06 |
| Martin ratioReturn relative to average drawdown | 3.13 | 0.90 | +2.23 |
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 | GLTA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 0.30 | +0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | -0.45 | +0.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | -0.29 | +0.37 |
Drawdowns
CE31.L vs. GLTA.L - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, smaller than the maximum GLTA.L drawdown of -36.99%. Use the drawdown chart below to compare losses from any high point for CE31.L and GLTA.L.
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Drawdown Indicators
| CE31.L | GLTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -36.99% | +18.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -5.70% | +3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -7.70% | +4.65% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -34.87% | +28.89% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | — | — |
Current DrawdownCurrent decline from peak | -3.78% | -28.33% | +24.55% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -19.08% | +11.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 2.17% | -1.00% |
Volatility
CE31.L vs. GLTA.L - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while Invesco UK Gilts UCITS ETF Acc (GLTA.L) has a volatility of 2.77%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky than GLTA.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 | GLTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 2.77% | -1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 5.12% | -2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 6.47% | -2.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 10.56% | -5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 10.31% | -3.24% |
CE31.L vs. GLTA.L - Expense Ratio Comparison
CE31.L has a 0.15% expense ratio, which is higher than GLTA.L's 0.06% 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. GLTA.L - Dividend Comparison
Neither CE31.L nor GLTA.L has paid dividends to shareholders.
Frequently Asked Questions
CE31.L and GLTA.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLTA.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLTA.L is cheaper with a 0.06% expense ratio, compared with 0.15% for CE31.L.
CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while GLTA.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for CE31.L and 0.06% for GLTA.L.
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