CE31.L vs. IAU
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and IAU (iShares Gold Trust) are both exchange-traded funds - CE31.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, CE31.L returned 1.34%/yr vs 14.23%/yr for IAU. At a 0.30 correlation, their price movements are largely independent. CE31.L charges 0.15%/yr vs 0.25%/yr for IAU.
Performance
CE31.L vs. IAU - Performance Comparison
Loading charts...
Different Trading Currencies
CE31.L is traded in GBp, while IAU is traded in USD. To make them comparable, the IAU 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 lower than IAU's 4.25% return. Over the past 10 years, CE31.L has underperformed IAU with an annualized return of 1.34%, while IAU has yielded a comparatively higher 14.23% 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%
IAU
- 1D
- 0.83%
- 1M
- -0.74%
- YTD
- 4.25%
- 6M
- 5.57%
- 1Y
- 33.76%
- 3Y*
- 28.09%
- 5Y*
- 19.80%
- 10Y*
- 14.23%
CE31.L vs. IAU - 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% |
IAU iShares Gold Trust | 4.25% | 52.27% | 29.07% | 7.20% | 11.18% | -3.09% | 21.36% | 13.49% | 4.07% | 3.14% |
Correlation
The correlation between CE31.L and IAU 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 | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2013 | 0.30 |
The correlation between CE31.L and IAU shifts across timeframes, from 0.14 (1 year) to 0.31 (10 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CE31.L vs. IAU — Risk / Return Rank
CE31.L
IAU
CE31.L vs. IAU - 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 iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.27 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 1.91 | -0.51 |
| Martin ratioReturn relative to average drawdown | 3.13 | 4.73 | -1.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CE31.L | IAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 1.35 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 1.20 | -1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.88 | -0.69 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.71 | -0.63 |
Drawdowns
CE31.L vs. IAU - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, smaller than the maximum IAU drawdown of -41.56%. Use the drawdown chart below to compare losses from any high point for CE31.L and IAU.
Loading charts...
Drawdown Indicators
| CE31.L | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -41.56% | +23.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -17.76% | +15.14% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -17.76% | +14.71% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -17.76% | +11.78% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | -22.73% | +9.59% |
Current DrawdownCurrent decline from peak | -3.78% | -16.13% | +12.35% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -13.02% | +5.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 7.16% | -5.99% |
Volatility
CE31.L vs. IAU - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while iShares Gold Trust (IAU) has a volatility of 4.71%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CE31.L | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 4.71% | -3.44% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 21.63% | -18.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 25.10% | -20.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 16.65% | -11.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 16.17% | -9.10% |
CE31.L vs. IAU - Expense Ratio Comparison
CE31.L has a 0.15% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, 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. IAU - Dividend Comparison
Neither CE31.L nor IAU has paid dividends to shareholders.
Frequently Asked Questions
CE31.L and IAU 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.
On fees, CE31.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CE31.L is cheaper with a 0.15% expense ratio, compared with 0.25% for IAU.
CE31.L is categorized as European Government Bonds, while IAU is Gold. CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while IAU tracks LBMA Gold Price. Their fees differ too: 0.15% for CE31.L and 0.25% for IAU.
Find the right allocation for CE31.L and IAU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer