FGOV.L vs. IRCP.L
FGOV.L (First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist) and IRCP.L (iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist)) are both Global Bonds funds - FGOV.L tracks the Bloomberg Global Aggregate TR Hdg GBP while IRCP.L tracks the iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist). Both are passively managed. Over the past 5 years, FGOV.L returned 1.03%/yr vs 2.50%/yr for IRCP.L. At a correlation of -0.03, they often move in opposite directions. FGOV.L charges 0.45%/yr vs 0.25%/yr for IRCP.L.
Performance
FGOV.L vs. IRCP.L - Performance Comparison
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Different Trading Currencies
FGOV.L is traded in GBp, while IRCP.L is traded in EUR. To make them comparable, the IRCP.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, FGOV.L achieves a 1.63% return, which is significantly higher than IRCP.L's -1.35% return.
FGOV.L
- 1D
- -0.10%
- 1M
- 0.04%
- 6M
- 1.26%
- YTD
- 1.63%
- 1Y
- 3.76%
- 3Y*
- 4.66%
- 5Y*
- 1.03%
- 10Y*
- —
IRCP.L
- 1D
- 0.00%
- 1M
- -1.86%
- 6M
- -0.68%
- YTD
- -1.35%
- 1Y
- 0.73%
- 3Y*
- 4.72%
- 5Y*
- 2.50%
- 10Y*
- 1.73%
FGOV.L vs. IRCP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 1.63% | 5.31% | 3.51% | 6.01% | -7.49% | -6.11% | 1.12% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | -1.35% | 9.79% | 1.63% | 3.04% | 2.28% | -6.16% | 0.44% |
Correlation
The correlation between FGOV.L and IRCP.L is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020 | -0.03 |
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Return for Risk
FGOV.L vs. IRCP.L — Risk / Return Rank
FGOV.L
IRCP.L
FGOV.L vs. IRCP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) and iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FGOV.L | IRCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +2.88 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.03 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 0.32 | +1.83 |
| Martin ratioReturn relative to average drawdown | 7.38 | 0.87 | +6.51 |
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Drawdowns
FGOV.L vs. IRCP.L - Drawdown Comparison
The maximum FGOV.L drawdown since its inception was -14.18%, smaller than the maximum IRCP.L drawdown of -19.15%. Use the drawdown chart below to compare losses from any high point for FGOV.L and IRCP.L.
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Drawdown Indicators
| FGOV.L | IRCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.18% | -19.15% | +4.97% |
Max Drawdown (1Y)Largest decline over 1 year | -1.74% | -2.41% | +0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -1.74% | -2.41% | +0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -8.09% | -3.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.86% | — |
Current DrawdownCurrent decline from peak | -0.21% | -2.41% | +2.20% |
Average DrawdownAverage peak-to-trough decline | -5.91% | -5.61% | -0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 0.87% | -0.36% |
Volatility
FGOV.L vs. IRCP.L - Volatility Comparison
The current volatility for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) is 0.53%, while iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) (IRCP.L) has a volatility of 1.05%. This indicates that FGOV.L experiences smaller price fluctuations and is considered to be less risky than IRCP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGOV.L | IRCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 1.05% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 1.67% | 3.47% | -1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.85% | 4.62% | -2.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 6.05% | -2.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.16% | 7.09% | -3.93% |
FGOV.L vs. IRCP.L - Expense Ratio Comparison
FGOV.L has a 0.45% expense ratio, which is higher than IRCP.L's 0.25% expense ratio.
Dividends
FGOV.L vs. IRCP.L - Dividend Comparison
FGOV.L's dividend yield for the trailing twelve months is around 3.28%, more than IRCP.L's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 3.28% | 2.82% | 2.27% | 1.86% | 1.01% | 1.20% | 0.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IRCP.L iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist) | 2.58% | 2.91% | 3.70% | 2.52% | 0.43% | 0.70% | 0.82% | 0.92% | 0.58% | 0.71% | 1.35% | 1.47% |
Frequently Asked Questions
FGOV.L and IRCP.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IRCP.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IRCP.L is cheaper with a 0.25% expense ratio, compared with 0.45% for FGOV.L.
FGOV.L tracks Bloomberg Global Aggregate TR Hdg GBP, while IRCP.L tracks iShares € Corp Bond Interest Rate Hedged ESG SRI UCITS ETF EUR (Dist). They also come from different issuers: First Trust and iShares. Their fees differ too: 0.45% for FGOV.L and 0.25% for IRCP.L.
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