CE71.L vs. UKG5.L
CE71.L (iShares Euro Government Bond 3-7yr UCITS ETF (Acc)) and UKG5.L (L&G UK Gilt 0-5 Year UCITS ETF) are both European Government Bonds funds - CE71.L tracks the Bloomberg Euro Agg Govt TR EUR while UKG5.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 3 years, CE71.L returned 2.87%/yr vs 4.01%/yr for UKG5.L. At a 0.38 correlation, their price movements are largely independent. CE71.L charges 0.15%/yr vs 0.06%/yr for UKG5.L.
Performance
CE71.L vs. UKG5.L - Performance Comparison
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Returns By Period
In the year-to-date period, CE71.L achieves a -1.29% return, which is significantly lower than UKG5.L's 0.48% return.
CE71.L
- 1D
- -0.27%
- 1M
- 0.37%
- YTD
- -1.29%
- 6M
- -1.45%
- 1Y
- 2.86%
- 3Y*
- 2.87%
- 5Y*
- -0.59%
- 10Y*
- 1.34%
UKG5.L
- 1D
- -0.12%
- 1M
- 0.42%
- YTD
- 0.48%
- 6M
- 0.62%
- 1Y
- 3.06%
- 3Y*
- 4.01%
- 5Y*
- —
- 10Y*
- —
CE71.L vs. UKG5.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CE71.L iShares Euro Government Bond 3-7yr UCITS ETF (Acc) | -1.29% | 7.79% | -2.51% | 3.91% | -7.07% | -2.81% |
UKG5.L L&G UK Gilt 0-5 Year UCITS ETF | 0.48% | 5.06% | 2.37% | 3.91% | -5.07% | -0.54% |
Correlation
The correlation between CE71.L and UKG5.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since May 17, 2021 | 0.38 |
The correlation between CE71.L and UKG5.L shifts across timeframes, from 0.38 (all time) to 0.50 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CE71.L vs. UKG5.L — Risk / Return Rank
CE71.L
UKG5.L
CE71.L vs. UKG5.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 3-7yr UCITS ETF (Acc) (CE71.L) and L&G UK Gilt 0-5 Year UCITS ETF (UKG5.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.
| CE71.L | UKG5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.33 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 1.62 | -0.94 |
| Martin ratioReturn relative to average drawdown | 1.62 | 5.58 | -3.96 |
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
| CE71.L | UKG5.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 1.62 | -1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.10 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.52 | -0.33 |
Drawdowns
CE71.L vs. UKG5.L - Drawdown Comparison
The maximum CE71.L drawdown since its inception was -19.41%, which is greater than UKG5.L's maximum drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for CE71.L and UKG5.L.
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Drawdown Indicators
| CE71.L | UKG5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.41% | -8.78% | -10.63% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -1.87% | -2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -5.12% | -1.87% | -3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -14.10% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.41% | — | — |
Current DrawdownCurrent decline from peak | -9.97% | -0.69% | -9.28% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -2.40% | -7.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 0.55% | +1.21% |
Volatility
CE71.L vs. UKG5.L - Volatility Comparison
iShares Euro Government Bond 3-7yr UCITS ETF (Acc) (CE71.L) has a higher volatility of 1.52% compared to L&G UK Gilt 0-5 Year UCITS ETF (UKG5.L) at 0.90%. This indicates that CE71.L's price experiences larger fluctuations and is considered to be riskier than UKG5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CE71.L | UKG5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 0.90% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.66% | 1.68% | +1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.83% | 1.88% | +2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.36% | 2.80% | +3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.25% | 2.80% | +6.45% |
CE71.L vs. UKG5.L - Expense Ratio Comparison
CE71.L has a 0.15% expense ratio, which is higher than UKG5.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
CE71.L vs. UKG5.L - Dividend Comparison
CE71.L has not paid dividends to shareholders, while UKG5.L's dividend yield for the trailing twelve months is around 3.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CE71.L iShares Euro Government Bond 3-7yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UKG5.L L&G UK Gilt 0-5 Year UCITS ETF | 3.94% | 3.94% | 3.66% | 2.02% | 0.04% |
Frequently Asked Questions
CE71.L and UKG5.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UKG5.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UKG5.L is cheaper with a 0.06% expense ratio, compared with 0.15% for CE71.L.
CE71.L tracks Bloomberg Euro Agg Govt TR EUR, while UKG5.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.15% for CE71.L and 0.06% for UKG5.L.
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