CE31.L vs. GLTY.L
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and GLTY.L (SPDR Bloomberg UK Gilt UCITS ETF) are both European Government Bonds funds - CE31.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR while GLTY.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 10 years, CE31.L returned 1.34%/yr vs 283.96%/yr for GLTY.L. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
CE31.L vs. GLTY.L - Performance Comparison
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Different Trading Currencies
CE31.L is traded in GBp, while GLTY.L is traded in GBP. To make them comparable, the GLTY.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CE31.L achieves a -0.69% return, which is significantly higher than GLTY.L's -3.03% return. Over the past 10 years, CE31.L has underperformed GLTY.L with an annualized return of 1.34%, while GLTY.L has yielded a comparatively higher 283.96% 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%
GLTY.L
- 1D
- 0.18%
- 1M
- 1.50%
- YTD
- -3.03%
- 6M
- -3.19%
- 1Y
- -1.74%
- 3Y*
- 0.81%
- 5Y*
- 73.61%
- 10Y*
- 283.96%
CE31.L vs. GLTY.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% |
GLTY.L SPDR Bloomberg UK Gilt UCITS ETF | -3.03% | 3.10% | -4.48% | 279.86% | 158.03% | 169.82% | 413.90% | 596.36% | 632.13% | 2,267.04% |
Correlation
The correlation between CE31.L and GLTY.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2013 | 0.21 |
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Return for Risk
CE31.L vs. GLTY.L — Risk / Return Rank
CE31.L
GLTY.L
CE31.L vs. GLTY.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 SPDR Bloomberg UK Gilt UCITS ETF (GLTY.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 | GLTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.96 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | -0.27 | +1.67 |
| Martin ratioReturn relative to average drawdown | 3.13 | -0.62 | +3.75 |
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 | GLTY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | -0.25 | +1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.54 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 1.12 | -0.93 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.82 | -0.74 |
Drawdowns
CE31.L vs. GLTY.L - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, smaller than the maximum GLTY.L drawdown of -23.61%. Use the drawdown chart below to compare losses from any high point for CE31.L and GLTY.L.
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Drawdown Indicators
| CE31.L | GLTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -23.61% | +5.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -6.40% | +3.78% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -7.96% | +4.91% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -23.61% | +17.63% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | -23.61% | +10.47% |
Current DrawdownCurrent decline from peak | -3.78% | -6.40% | +2.62% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -3.92% | -3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 2.80% | -1.63% |
Volatility
CE31.L vs. GLTY.L - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while SPDR Bloomberg UK Gilt UCITS ETF (GLTY.L) has a volatility of 2.79%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky than GLTY.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 | GLTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 2.79% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 5.50% | -2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 6.94% | -2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 135.35% | -130.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 251.59% | -244.52% |
CE31.L vs. GLTY.L - Expense Ratio Comparison
Both CE31.L and GLTY.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
CE31.L vs. GLTY.L - Dividend Comparison
Neither CE31.L nor GLTY.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
GLTY.L SPDR Bloomberg UK Gilt UCITS ETF | 0.00% | 1.74% | 2.72% | 74.77% | 114.99% | 84.01% | 106.35% | 119.69% | 125.98% | 157.59% | 81.07% | 1.87% |
Frequently Asked Questions
CE31.L and GLTY.L have a correlation of 0.14, 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.
CE31.L and GLTY.L have the same expense ratio: 0.15% per year.
CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while GLTY.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and State Street.
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