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FRGP.L vs. CSP1.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FRGP.L vs. CSP1.L

Last updated Jul 16, 2026
Documentation

FRGP.L (iShares France Govt Bond UCITS ETF GBP Hedged (Dist)) and CSP1.L (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - FRGP.L is a Government Bonds fund tracking the iShares France Govt Bond UCITS ETF GBP Hedged (Dist), while CSP1.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, FRGP.L returned 2.90%/yr vs 18.90%/yr for CSP1.L. At a 0.03 correlation, their price movements are largely independent.

Performance

FRGP.L vs. CSP1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares France Govt Bond UCITS ETF GBP Hedged (Dist) (FRGP.L) and iShares Core S&P 500 UCITS ETF (CSP1.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FRGP.L is traded in GBP, while CSP1.L is traded in GBp. To make them comparable, the CSP1.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, FRGP.L achieves a 0.66% return, which is significantly lower than CSP1.L's 10.00% return.

FRGP.L

1D
-0.15%
1M
-0.95%
6M
0.05%
YTD
0.66%
1Y
1.92%
3Y*
2.90%
5Y*
—
10Y*
—

CSP1.L

1D
-0.49%
1M
-0.38%
6M
9.59%
YTD
10.00%
1Y
20.84%
3Y*
18.90%
5Y*
13.53%
10Y*
14.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FRGP.L vs. CSP1.L - Yearly Performance Comparison

2026 (YTD)2025202420232022
FRGP.L
iShares France Govt Bond UCITS ETF GBP Hedged (Dist)		0.66%2.22%0.16%7.60%-1.64%
CSP1.L
iShares Core S&P 500 UCITS ETF		10.00%9.37%27.35%19.79%-3.94%

Correlation

The correlation between FRGP.L and CSP1.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

Correlation (3Y)
Calculated over the trailing 3-year period

0.09

Correlation (All Time)
Calculated using the full available price history since Oct 6, 2022

0.03

The correlation between FRGP.L and CSP1.L shifts across timeframes, from 0.03 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

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iShares France Govt Bond UCITS ETF GBP Hedged (Dist)

iShares Core S&P 500 UCITS ETF

Often compared with CSP1.L:
CSP1.L vs. CSPX.LCSP1.L vs. VUAG.LCSP1.L vs. SPYCSP1.L vs. IUSA.LCSP1.L vs. VUAA.LCSP1.L vs. SPY5.LCSP1.L vs. VOO

Return for Risk

FRGP.L vs. CSP1.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FRGP.L
FRGP.L Risk / Return Rank: 1616
Overall Rank
FRGP.L Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
FRGP.L Sortino Ratio Rank: 1414
Sortino Ratio Rank
FRGP.L Omega Ratio Rank: 1414
Omega Ratio Rank
FRGP.L Calmar Ratio Rank: 1616
Calmar Ratio Rank
FRGP.L Martin Ratio Rank: 1717
Martin Ratio Rank
CSP1.L
CSP1.L Risk / Return Rank: 7272
Overall Rank
CSP1.L Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
CSP1.L Sortino Ratio Rank: 7171
Sortino Ratio Rank
CSP1.L Omega Ratio Rank: 7373
Omega Ratio Rank
CSP1.L Calmar Ratio Rank: 7272
Calmar Ratio Rank
CSP1.L Martin Ratio Rank: 7171
Martin Ratio Rank
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.

FRGP.L vs. CSP1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares France Govt Bond UCITS ETF GBP Hedged (Dist) (FRGP.L) and iShares Core S&P 500 UCITS ETF (CSP1.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.

FRGP.LCSP1.LDifference
Sharpe ratioReturn per unit of total volatility
0.37
1.87

-1.50

Sortino ratioReturn per unit of downside risk
0.57
2.58

-2.02

Omega ratioGain probability vs. loss probability

1.07

1.34

-0.27

Calmar ratioReturn relative to maximum drawdown

0.51

2.91

-2.40

Martin ratioReturn relative to average drawdown

1.31

10.45

-9.14

FRGP.L vs. CSP1.L - Sharpe Ratio Comparison

The current FRGP.L Sharpe Ratio is 0.37, which is lower than the CSP1.L Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of FRGP.L and CSP1.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.

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Drawdowns

FRGP.L vs. CSP1.L - Drawdown Comparison

The maximum FRGP.L drawdown since its inception was -6.67%, smaller than the maximum CSP1.L drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for FRGP.L and CSP1.L.

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Drawdown Indicators

FRGP.LCSP1.LDifference

Max Drawdown

Largest peak-to-trough decline

-6.67%

-25.48%

+18.81%

Max Drawdown (1Y)

Largest decline over 1 year

-3.35%

-7.12%

+3.77%

Max Drawdown (3Y)

Largest decline over 3 years

-4.24%

-20.77%

+16.53%

Max Drawdown (5Y)

Largest decline over 5 years

—

-20.77%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.48%

—

Current Drawdown

Current decline from peak

-2.12%

-1.06%

-1.06%

Average Drawdown

Average peak-to-trough decline

-2.09%

-3.64%

+1.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.31%

1.99%

-0.68%

Volatility

FRGP.L vs. CSP1.L - Volatility Comparison

The current volatility for iShares France Govt Bond UCITS ETF GBP Hedged (Dist) (FRGP.L) is 1.32%, while iShares Core S&P 500 UCITS ETF (CSP1.L) has a volatility of 2.87%. This indicates that FRGP.L experiences smaller price fluctuations and is considered to be less risky than CSP1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FRGP.LCSP1.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.32%

2.87%

-1.55%

Volatility (6M)

Calculated over the trailing 6-month period

3.74%

7.83%

-4.09%

Volatility (1Y)

Calculated over the trailing 1-year period

4.59%

11.08%

-6.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.26%

20.05%

-13.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.26%

18.33%

-12.07%

Dividends

FRGP.L vs. CSP1.L - Dividend Comparison

FRGP.L's dividend yield for the trailing twelve months is around 2.91%, while CSP1.L has not paid dividends to shareholders.

PositionTTM202520242023
CSP1.L
iShares Core S&P 500 UCITS ETF		0.00%0.00%0.00%0.00%
FRGP.L
iShares France Govt Bond UCITS ETF GBP Hedged (Dist)		2.91%2.83%2.36%1.82%

Frequently Asked Questions

FRGP.L and CSP1.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FRGP.L is categorized as Government Bonds, while CSP1.L is S&P 500. FRGP.L tracks iShares France Govt Bond UCITS ETF GBP Hedged (Dist), while CSP1.L tracks S&P 500 Index.

Portfolio Optimizer

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