GBPG.L vs. CE31.L
GBPG.L (Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)) and CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) are both European Government Bonds funds - GBPG.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while CE31.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR. Both are passively managed. Over the past 3 years, GBPG.L returned 3.71%/yr vs 2.75%/yr for CE31.L. At a 0.21 correlation, their price movements are largely independent. GBPG.L charges 0.07%/yr vs 0.15%/yr for CE31.L.
Performance
GBPG.L vs. CE31.L - Performance Comparison
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Different Trading Currencies
GBPG.L is traded in GBP, while CE31.L is traded in GBp. To make them comparable, the CE31.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GBPG.L achieves a 3.11% return, which is significantly higher than CE31.L's -0.96% return.
GBPG.L
- 1D
- 0.02%
- 1M
- 0.56%
- YTD
- 3.11%
- 6M
- 0.30%
- 1Y
- 3.02%
- 3Y*
- 3.71%
- 5Y*
- —
- 10Y*
- —
CE31.L
- 1D
- -0.27%
- 1M
- -0.11%
- YTD
- -0.96%
- 6M
- -0.91%
- 1Y
- 3.53%
- 3Y*
- 2.75%
- 5Y*
- 0.90%
- 10Y*
- 1.39%
GBPG.L vs. CE31.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GBPG.L Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) | 3.11% | 2.23% | 0.17% | 4.28% | -9.15% | -1.16% |
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.96% | 7.55% | -1.61% | 1.46% | 1.01% | -2.58% |
Correlation
The correlation between GBPG.L and CE31.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2021 | 0.21 |
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Return for Risk
GBPG.L vs. CE31.L — Risk / Return Rank
GBPG.L
CE31.L
GBPG.L vs. CE31.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L) and iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.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.
| GBPG.L | CE31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.15 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 0.25 | +0.70 |
| Martin ratioReturn relative to average drawdown | 2.58 | 0.43 | +2.14 |
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
| GBPG.L | CE31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.51 | 0.17 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.09 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.04 | 0.01 | -0.05 |
Drawdowns
GBPG.L vs. CE31.L - Drawdown Comparison
The maximum GBPG.L drawdown since its inception was -15.04%, smaller than the maximum CE31.L drawdown of -98.88%. Use the drawdown chart below to compare losses from any high point for GBPG.L and CE31.L.
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Drawdown Indicators
| GBPG.L | CE31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.04% | -98.88% | +83.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.16% | -14.17% | +11.01% |
Max Drawdown (3Y)Largest decline over 3 years | -3.30% | -14.17% | +10.87% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.17% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.17% | — |
Current DrawdownCurrent decline from peak | -1.67% | -13.76% | +12.09% |
Average DrawdownAverage peak-to-trough decline | -5.90% | -8.09% | +2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 8.16% | -6.99% |
Volatility
GBPG.L vs. CE31.L - Volatility Comparison
Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L) has a higher volatility of 1.40% compared to iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) at 1.25%. This indicates that GBPG.L's price experiences larger fluctuations and is considered to be riskier than CE31.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBPG.L | CE31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 1.25% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 5.33% | 20.12% | -14.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.85% | 20.41% | -14.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.41% | 10.40% | -4.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.41% | 9.46% | -4.05% |
GBPG.L vs. CE31.L - Expense Ratio Comparison
GBPG.L has a 0.07% expense ratio, which is lower than CE31.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GBPG.L vs. CE31.L - Dividend Comparison
GBPG.L's dividend yield for the trailing twelve months is around 4.09%, while CE31.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBPG.L Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) | 4.09% | 4.13% | 4.10% | 3.35% | 0.63% |
Frequently Asked Questions
GBPG.L and CE31.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBPG.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBPG.L is cheaper with a 0.07% expense ratio, compared with 0.15% for CE31.L.
GBPG.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.07% for GBPG.L and 0.15% for CE31.L.
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