CE31.L vs. TLT
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and TLT (iShares 20+ Year Treasury Bond ETF) 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 TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, CE31.L returned 1.34%/yr vs -0.83%/yr for TLT. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
CE31.L vs. TLT - Performance Comparison
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Different Trading Currencies
CE31.L is traded in GBp, while TLT is traded in USD. To make them comparable, the TLT 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 TLT's 0.36% return. Over the past 10 years, CE31.L has outperformed TLT with an annualized return of 1.34%, while TLT has yielded a comparatively lower -0.83% 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%
TLT
- 1D
- 0.22%
- 1M
- 1.40%
- YTD
- 0.36%
- 6M
- -1.95%
- 1Y
- 4.49%
- 3Y*
- -4.14%
- 5Y*
- -5.26%
- 10Y*
- -0.83%
CE31.L vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | 0.36% | -3.18% | -6.45% | -2.37% | -23.06% | -3.70% | 14.68% | 9.78% | 4.22% | -0.26% |
Correlation
The correlation between CE31.L and TLT is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2013 | 0.32 |
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Return for Risk
CE31.L vs. TLT — Risk / Return Rank
CE31.L
TLT
CE31.L vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.08 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 0.54 | +0.86 |
| Martin ratioReturn relative to average drawdown | 3.13 | 1.17 | +1.96 |
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 | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 0.45 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | -0.32 | +0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | -0.05 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.30 | -0.22 |
Drawdowns
CE31.L vs. TLT - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, smaller than the maximum TLT drawdown of -50.13%. Use the drawdown chart below to compare losses from any high point for CE31.L and TLT.
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Drawdown Indicators
| CE31.L | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -50.13% | +31.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -8.29% | +5.67% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -18.29% | +15.24% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -40.04% | +34.06% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | -50.13% | +36.99% |
Current DrawdownCurrent decline from peak | -3.78% | -46.61% | +42.83% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -19.55% | +12.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 3.84% | -2.67% |
Volatility
CE31.L vs. TLT - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.25%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky than TLT 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 | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 2.25% | -0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 7.24% | -4.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 10.09% | -5.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 16.41% | -11.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 16.97% | -9.90% |
CE31.L vs. TLT - Expense Ratio Comparison
Both CE31.L and TLT 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. TLT - Dividend Comparison
CE31.L has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.58%.
| 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
CE31.L and TLT have a correlation of 0.26, 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 TLT have the same expense ratio: 0.15% per year.
CE31.L is categorized as European Government Bonds, while TLT is Government Bonds. CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index.
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