GBPG.L vs. SDEU.L

Last updated Jun 5, 2026

GBPG.L (Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)) and SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) are both European Government Bonds funds - GBPG.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while SDEU.L tracks the Bloomberg Euro Agg Govt TR EUR. Both are passively managed. Over the past 3 years, GBPG.L returned 3.68%/yr vs 1.13%/yr for SDEU.L. A 0.61 correlation means they provide meaningful diversification when combined. GBPG.L charges 0.07%/yr vs 0.20%/yr for SDEU.L.

Performance

GBPG.L vs. SDEU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L) and iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBPG.L achieves a 3.08% return, which is significantly higher than SDEU.L's -1.11% return.

GBPG.L

• 1D: 0.21%
• 1M: 0.55%
• YTD: 3.08%
• 6M: 0.27%
• 1Y: 3.00%
• 3Y*: 3.68%
• 5Y*: —
• 10Y*: —

SDEU.L

• 1D: 0.24%
• 1M: 0.20%
• YTD: -1.11%
• 6M: -1.01%
• 1Y: 2.04%
• 3Y*: 1.13%
• 5Y*: -2.81%
• 10Y*: -0.29%

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

GBPG.L vs. SDEU.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)	3.08%	2.23%	0.17%	4.28%	90.38%	-1.08%
SDEU.L iShares Germany Government Bond UCITS ETF (Dist)	-1.11%	3.89%	-3.80%	2.90%	-13.18%	-2.55%

Correlation

The correlation between GBPG.L and SDEU.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 10, 2021	0.61

The correlation between GBPG.L and SDEU.L shifts across timeframes, from 0.46 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GBPG.L vs. SDEU.L — Risk / Return Rank

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

GBPG.L

GBPG.L Risk / Return Rank: 19
GBPG.L Sharpe Ratio Rank: 17
GBPG.L Sortino Ratio Rank: 16
GBPG.L Omega Ratio Rank: 20
GBPG.L Calmar Ratio Rank: 21
GBPG.L Martin Ratio Rank: 21

SDEU.L

SDEU.L Risk / Return Rank: 13
SDEU.L Sharpe Ratio Rank: 14
SDEU.L Sortino Ratio Rank: 13
SDEU.L Omega Ratio Rank: 12
SDEU.L Calmar Ratio Rank: 14
SDEU.L Martin Ratio Rank: 13

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.

GBPG.L vs. SDEU.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 Germany Government Bond UCITS ETF (Dist) (SDEU.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	SDEU.L	Difference
Sharpe ratio: Return per unit of total volatility	0.49	0.31	+0.17
Sortino ratio: Return per unit of downside risk	0.72	0.49	+0.23
Omega ratio: Gain probability vs. loss probability	1.12	1.05	+0.07
Calmar ratio: Return relative to maximum drawdown	0.90	0.39	+0.52
Martin ratio: Return relative to average drawdown	2.44	0.81	+1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBPG.L vs. SDEU.L - Sharpe Ratio Comparison

The current GBPG.L Sharpe Ratio is 0.49, which is higher than the SDEU.L Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of GBPG.L and SDEU.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

	GBPG.L	SDEU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.49	0.31	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.06	+0.41

Drawdowns

GBPG.L vs. SDEU.L - Drawdown Comparison

The maximum GBPG.L drawdown since its inception was -7.18%, smaller than the maximum SDEU.L drawdown of -27.61%. Use the drawdown chart below to compare losses from any high point for GBPG.L and SDEU.L.

Drawdown Indicators

	GBPG.L	SDEU.L	Difference
Max Drawdown Largest peak-to-trough decline	-7.18%	-27.61%	+20.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.16%	-4.18%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	-3.30%	-7.00%	+3.70%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.61%	—
Current Drawdown Current decline from peak	-1.70%	-23.00%	+21.30%
Average Drawdown Average peak-to-trough decline	-1.69%	-11.22%	+9.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	2.00%	-0.83%

Volatility

GBPG.L vs. SDEU.L - Volatility Comparison

The current volatility for Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L) is 1.51%, while iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) has a volatility of 1.61%. This indicates that GBPG.L experiences smaller price fluctuations and is considered to be less risky than SDEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBPG.L	SDEU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	1.61%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	5.31%	3.81%	+1.50%
Volatility (1Y) Calculated over the trailing 1-year period	5.83%	5.15%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.50%	7.39%	+28.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.50%	8.60%	+26.90%

GBPG.L vs. SDEU.L - Expense Ratio Comparison

GBPG.L has a 0.07% expense ratio, which is lower than SDEU.L's 0.20% 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. SDEU.L - Dividend Comparison

GBPG.L's dividend yield for the trailing twelve months is around 4.09%, more than SDEU.L's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBPG.L Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)	4.09%	4.13%	4.10%	3.35%	62.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SDEU.L iShares Germany Government Bond UCITS ETF (Dist)	2.53%	2.50%	2.57%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.34%

Frequently Asked Questions

Can I hold both GBPG.L and SDEU.L in my portfolio?

GBPG.L and SDEU.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBPG.L or SDEU.L?

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.

Which ETF is cheaper, GBPG.L or SDEU.L?

GBPG.L is cheaper with a 0.07% expense ratio, compared with 0.20% for SDEU.L.

What is the main difference between GBPG.L and SDEU.L?

GBPG.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while SDEU.L tracks Bloomberg Euro Agg Govt TR EUR. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.07% for GBPG.L and 0.20% for SDEU.L.