FXGB.L vs. SSXF.L
FXGB.L (First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc)) and SSXF.L (iShares £ Corp Bond ex-Financials UCITS ETF GBP (Dist)) are both exchange-traded funds - FXGB.L is a Currency fund tracking the Bloomberg G10 Carry Index, while SSXF.L is a Corporate Bonds fund tracking the iBoxx Sterling Corporate Bond ex Financials Index. Both are passively managed. Over the past 5 years, FXGB.L returned 5.13%/yr vs -2.37%/yr for SSXF.L. At a correlation of -0.03, they often move in opposite directions. FXGB.L charges 0.75%/yr vs 0.20%/yr for SSXF.L.
Performance
FXGB.L vs. SSXF.L - Performance Comparison
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Different Trading Currencies
FXGB.L is traded in GBp, while SSXF.L is traded in EUR. To make them comparable, the SSXF.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, FXGB.L achieves a 6.71% return, which is significantly higher than SSXF.L's -2.83% return.
FXGB.L
- 1D
- 0.47%
- 1M
- 1.70%
- 6M
- 5.78%
- YTD
- 6.71%
- 1Y
- 11.40%
- 3Y*
- 6.44%
- 5Y*
- 5.13%
- 10Y*
- —
SSXF.L
- 1D
- 0.11%
- 1M
- -1.21%
- 6M
- -1.72%
- YTD
- -2.83%
- 1Y
- 1.33%
- 3Y*
- 4.64%
- 5Y*
- -2.37%
- 10Y*
- 0.47%
FXGB.L vs. SSXF.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXGB.L First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc) | 6.71% | 7.73% | 5.81% | 10.67% | -1.83% | -2.87% | -1.20% | 2.63% | -1.11% | 0.76% |
SSXF.L iShares £ Corp Bond ex-Financials UCITS ETF GBP (Dist) | -2.83% | 7.00% | -0.23% | 8.61% | -20.22% | -3.51% | 8.73% | 10.44% | -2.01% | 2.57% |
Correlation
The correlation between FXGB.L and SSXF.L is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 29, 2017 | -0.03 |
Over the past year, the inverse relationship between FXGB.L and SSXF.L has strengthened: their correlation has moved from -0.03 to -0.24, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FXGB.L vs. SSXF.L — Risk / Return Rank
FXGB.L
SSXF.L
FXGB.L vs. SSXF.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc) (FXGB.L) and iShares £ Corp Bond ex-Financials UCITS ETF GBP (Dist) (SSXF.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.
| FXGB.L | SSXF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.04 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 0.23 | +2.40 |
| Martin ratioReturn relative to average drawdown | 7.33 | 0.51 | +6.82 |
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Drawdowns
FXGB.L vs. SSXF.L - Drawdown Comparison
The maximum FXGB.L drawdown since its inception was -9.43%, smaller than the maximum SSXF.L drawdown of -32.50%. Use the drawdown chart below to compare losses from any high point for FXGB.L and SSXF.L.
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Drawdown Indicators
| FXGB.L | SSXF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.43% | -32.50% | +23.07% |
Max Drawdown (1Y)Largest decline over 1 year | -4.33% | -6.46% | +2.13% |
Max Drawdown (3Y)Largest decline over 3 years | -6.86% | -6.46% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -7.66% | -31.46% | +23.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.50% | — |
Current DrawdownCurrent decline from peak | 0.00% | -13.87% | +13.87% |
Average DrawdownAverage peak-to-trough decline | -2.72% | -6.74% | +4.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 2.91% | -1.36% |
Volatility
FXGB.L vs. SSXF.L - Volatility Comparison
First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc) (FXGB.L) has a higher volatility of 2.67% compared to iShares £ Corp Bond ex-Financials UCITS ETF GBP (Dist) (SSXF.L) at 1.69%. This indicates that FXGB.L's price experiences larger fluctuations and is considered to be riskier than SSXF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXGB.L | SSXF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.67% | 1.69% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 8.42% | 5.54% | +2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.10% | 6.71% | +4.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.87% | 8.44% | -0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.75% | 8.00% | -1.25% |
FXGB.L vs. SSXF.L - Expense Ratio Comparison
FXGB.L has a 0.75% expense ratio, which is higher than SSXF.L's 0.20% expense ratio.
Dividends
FXGB.L vs. SSXF.L - Dividend Comparison
FXGB.L has not paid dividends to shareholders, while SSXF.L's dividend yield for the trailing twelve months is around 2.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXGB.L First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SSXF.L iShares £ Corp Bond ex-Financials UCITS ETF GBP (Dist) | 2.33% | 4.34% | 3.88% | 3.14% | 3.09% | 2.23% | 2.35% | 2.55% | 2.89% | 2.90% | 3.78% | 2.01% |
Frequently Asked Questions
FXGB.L and SSXF.L have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SSXF.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SSXF.L is cheaper with a 0.20% expense ratio, compared with 0.75% for FXGB.L.
FXGB.L is categorized as Currency, while SSXF.L is Corporate Bonds. FXGB.L tracks Bloomberg G10 Carry Index, while SSXF.L tracks iBoxx Sterling Corporate Bond ex Financials Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.75% for FXGB.L and 0.20% for SSXF.L.
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