CE71.L vs. USD=X
CE71.L (iShares Euro Government Bond 3-7yr UCITS ETF (Acc)) is European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while USD=X (USD Cash) is a currency. Over the past 10 years, CE71.L returned 1.36%/yr vs 0.85%/yr for USD=X. At a 0.15 correlation, their price movements are largely independent.
Performance
CE71.L vs. USD=X - Performance Comparison
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Different Trading Currencies
CE71.L is traded in GBp, while USD=X is traded in USD. To make them comparable, the USD=X values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CE71.L achieves a -1.10% return, which is significantly lower than USD=X's 1.01% return. Over the past 10 years, CE71.L has outperformed USD=X with an annualized return of 1.36%, while USD=X has yielded a comparatively lower 0.85% annualized return.
CE71.L
- 1D
- 0.20%
- 1M
- 0.04%
- YTD
- -1.10%
- 6M
- -0.95%
- 1Y
- 3.51%
- 3Y*
- 2.91%
- 5Y*
- -0.55%
- 10Y*
- 1.36%
USD=X
- 1D
- 0.00%
- 1M
- 1.90%
- YTD
- 1.01%
- 6M
- -0.07%
- 1Y
- 1.75%
- 3Y*
- -2.30%
- 5Y*
- 1.23%
- 10Y*
- 0.85%
CE71.L vs. USD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CE71.L iShares Euro Government Bond 3-7yr UCITS ETF (Acc) | -1.10% | 7.79% | -2.51% | 3.91% | -7.07% | -8.68% | 8.08% | -2.38% | 0.86% | 6.21% |
USD=X USD Cash | 1.01% | -7.12% | 1.75% | -5.00% | 11.89% | 0.95% | -2.94% | -3.80% | 5.93% | -8.65% |
Correlation
The correlation between CE71.L and USD=X 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 | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2014 | 0.15 |
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Return for Risk
CE71.L vs. USD=X — Risk / Return Rank
CE71.L
USD=X
CE71.L vs. USD=X - 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 USD Cash (USD=X). 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 | USD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.04 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.23 | +0.51 |
| Martin ratioReturn relative to average drawdown | 1.76 | 0.53 | +1.23 |
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
| CE71.L | USD=X | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.64 | 0.20 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | 0.14 | -0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.09 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.23 | -0.04 |
Drawdowns
CE71.L vs. USD=X - Drawdown Comparison
The maximum CE71.L drawdown since its inception was -19.41%, smaller than the maximum USD=X drawdown of -22.85%. Use the drawdown chart below to compare losses from any high point for CE71.L and USD=X.
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Drawdown Indicators
| CE71.L | USD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.41% | -22.85% | +3.44% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -5.98% | +1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -5.12% | -12.79% | +7.67% |
Max Drawdown (5Y)Largest decline over 5 years | -14.10% | -22.85% | +8.75% |
Max Drawdown (10Y)Largest decline over 10 years | -19.41% | -22.85% | +3.44% |
Current DrawdownCurrent decline from peak | -9.79% | -19.91% | +10.12% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -11.07% | +0.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 2.92% | -1.15% |
Volatility
CE71.L vs. USD=X - Volatility Comparison
The current volatility for iShares Euro Government Bond 3-7yr UCITS ETF (Acc) (CE71.L) is 1.52%, while USD Cash (USD=X) has a volatility of 1.92%. This indicates that CE71.L experiences smaller price fluctuations and is considered to be less risky than USD=X 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 | USD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 1.92% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 3.66% | 5.24% | -1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.84% | 5.77% | -0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.36% | 7.12% | -0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.25% | 7.92% | +1.33% |
Frequently Asked Questions
CE71.L and USD=X 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.
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