FGOV.L vs. XGSI.L

Last updated Jun 5, 2026

FGOV.L (First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist) and XGSI.L (Xtrackers Global Government Bond UCITS ETF 3C USD hedged) are both Global Bonds funds - FGOV.L tracks the Bloomberg Global Aggregate TR Hdg GBP while XGSI.L tracks the Bloomberg Global Aggregate TR Hdg USD. Both are passively managed. Over the past 5 years, FGOV.L returned 0.91%/yr vs 0.41%/yr for XGSI.L. At a 0.16 correlation, their price movements are largely independent. FGOV.L charges 0.45%/yr vs 0.25%/yr for XGSI.L.

Performance

FGOV.L vs. XGSI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) and Xtrackers Global Government Bond UCITS ETF 3C USD hedged (XGSI.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FGOV.L is traded in GBp, while XGSI.L is traded in USD. To make them comparable, the XGSI.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 1.28% return, which is significantly higher than XGSI.L's 0.05% return.

FGOV.L

• 1D: 0.01%
• 1M: 0.62%
• YTD: 1.28%
• 6M: 1.34%
• 1Y: 4.02%
• 3Y*: 4.70%
• 5Y*: 0.91%
• 10Y*: —

XGSI.L

• 1D: 0.08%
• 1M: 1.20%
• YTD: 0.05%
• 6M: -0.97%
• 1Y: 3.04%
• 3Y*: 0.11%
• 5Y*: 0.41%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FGOV.L vs. XGSI.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	1.28%	5.31%	3.51%	6.01%	-7.49%	-6.11%	0.70%
XGSI.L Xtrackers Global Government Bond UCITS ETF 3C USD hedged	0.05%	-3.42%	3.01%	0.55%	-3.00%	-1.56%	-4.92%

Correlation

The correlation between FGOV.L and XGSI.L is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Oct 9, 2020	0.16

The correlation between FGOV.L and XGSI.L shifts across timeframes, from -0.06 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FGOV.L vs. XGSI.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FGOV.L

FGOV.L Risk / Return Rank: 65
FGOV.L Sharpe Ratio Rank: 69
FGOV.L Sortino Ratio Rank: 79
FGOV.L Omega Ratio Rank: 80
FGOV.L Calmar Ratio Rank: 47
FGOV.L Martin Ratio Rank: 48

XGSI.L

XGSI.L Risk / Return Rank: 17
XGSI.L Sharpe Ratio Rank: 17
XGSI.L Sortino Ratio Rank: 15
XGSI.L Omega Ratio Rank: 16
XGSI.L Calmar Ratio Rank: 17
XGSI.L Martin Ratio Rank: 18

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FGOV.L vs. XGSI.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 Xtrackers Global Government Bond UCITS ETF 3C USD hedged (XGSI.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.

	FGOV.L	XGSI.L	Difference
Sharpe ratio: Return per unit of total volatility	2.23	0.44	+1.79
Sortino ratio: Return per unit of downside risk	3.47	0.67	+2.80
Omega ratio: Gain probability vs. loss probability	1.47	1.08	+0.39
Calmar ratio: Return relative to maximum drawdown	2.29	0.50	+1.80
Martin ratio: Return relative to average drawdown	7.91	1.15	+6.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGOV.L vs. XGSI.L - Sharpe Ratio Comparison

The current FGOV.L Sharpe Ratio is 2.23, which is higher than the XGSI.L Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of FGOV.L and XGSI.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FGOV.L	XGSI.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	0.44	+1.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.04	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.06	+0.07

Drawdowns

FGOV.L vs. XGSI.L - Drawdown Comparison

The maximum FGOV.L drawdown since its inception was -14.18%, smaller than the maximum XGSI.L drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for FGOV.L and XGSI.L.

Drawdown Indicators

	FGOV.L	XGSI.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.18%	-22.36%	+8.18%
Max Drawdown (1Y) Largest decline over 1 year	-1.74%	-6.10%	+4.36%
Max Drawdown (3Y) Largest decline over 3 years	-1.74%	-9.18%	+7.44%
Max Drawdown (5Y) Largest decline over 5 years	-11.94%	-16.82%	+4.88%
Current Drawdown Current decline from peak	-0.19%	-17.59%	+17.40%
Average Drawdown Average peak-to-trough decline	-6.05%	-12.10%	+6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	2.65%	-2.14%

Volatility

FGOV.L vs. XGSI.L - Volatility Comparison

The current volatility for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) is 0.80%, while Xtrackers Global Government Bond UCITS ETF 3C USD hedged (XGSI.L) has a volatility of 1.88%. This indicates that FGOV.L experiences smaller price fluctuations and is considered to be less risky than XGSI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGOV.L	XGSI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	1.88%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	5.15%	-3.55%
Volatility (1Y) Calculated over the trailing 1-year period	1.80%	6.92%	-5.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	9.05%	-5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.18%	9.27%	-6.09%

FGOV.L vs. XGSI.L - Expense Ratio Comparison

FGOV.L has a 0.45% expense ratio, which is higher than XGSI.L's 0.25% expense ratio.

Dividends

FGOV.L vs. XGSI.L - Dividend Comparison

FGOV.L's dividend yield for the trailing twelve months is around 3.07%, while XGSI.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist	3.07%	2.82%	2.27%	1.86%	1.01%	1.20%
XGSI.L Xtrackers Global Government Bond UCITS ETF 3C USD hedged	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGOV.L and XGSI.L in my portfolio?

FGOV.L and XGSI.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FGOV.L or XGSI.L?

On fees, XGSI.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FGOV.L or XGSI.L?

XGSI.L is cheaper with a 0.25% expense ratio, compared with 0.45% for FGOV.L.

What is the main difference between FGOV.L and XGSI.L?

FGOV.L tracks Bloomberg Global Aggregate TR Hdg GBP, while XGSI.L tracks Bloomberg Global Aggregate TR Hdg USD. They also come from different issuers: First Trust and DWS. Their fees differ too: 0.45% for FGOV.L and 0.25% for XGSI.L.