GCVG.L vs. EFRN.DE
GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) and EFRN.DE (iShares EUR Floating Rate Bond ESG UCITS ETF EUR (Dist)) are both exchange-traded funds - GCVG.L is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged), while EFRN.DE is a European Corporate Bonds fund tracking the Bloomberg Euro Agg Corp 1-3 Yr TR EUR. Both are passively managed. Over the past 3 years, GCVG.L returned 19.49%/yr vs 3.78%/yr for EFRN.DE. At a correlation of -0.09, they often move in opposite directions. GCVG.L charges 0.55%/yr vs 0.10%/yr for EFRN.DE.
Performance
GCVG.L vs. EFRN.DE - Performance Comparison
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Different Trading Currencies
GCVG.L is traded in GBP, while EFRN.DE is traded in EUR. To make them comparable, the EFRN.DE values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GCVG.L achieves a 18.39% return, which is significantly higher than EFRN.DE's -0.07% return.
GCVG.L
- 1D
- -0.19%
- 1M
- 5.17%
- YTD
- 18.39%
- 6M
- 21.00%
- 1Y
- 37.25%
- 3Y*
- 19.49%
- 5Y*
- —
- 10Y*
- —
EFRN.DE
- 1D
- -0.04%
- 1M
- 0.21%
- YTD
- -0.07%
- 6M
- 0.10%
- 1Y
- 5.40%
- 3Y*
- 3.78%
- 5Y*
- 2.46%
- 10Y*
- —
GCVG.L vs. EFRN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 18.39% | 22.98% | 9.45% | 13.81% | -14.46% |
EFRN.DE iShares EUR Floating Rate Bond ESG UCITS ETF EUR (Dist) | -0.07% | 8.30% | -0.24% | 1.90% | 6.24% |
Correlation
The correlation between GCVG.L and EFRN.DE is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022 | -0.09 |
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Return for Risk
GCVG.L vs. EFRN.DE — Risk / Return Rank
GCVG.L
EFRN.DE
GCVG.L vs. EFRN.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and iShares EUR Floating Rate Bond ESG UCITS ETF EUR (Dist) (EFRN.DE). 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.
| GCVG.L | EFRN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.92 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.24 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 5.67 | 2.81 | +2.86 |
| Martin ratioReturn relative to average drawdown | 24.59 | 6.37 | +18.22 |
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
| GCVG.L | EFRN.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.26 | 1.33 | +1.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.44 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 0.19 | +0.89 |
Drawdowns
GCVG.L vs. EFRN.DE - Drawdown Comparison
The maximum GCVG.L drawdown since its inception was -17.60%, which is greater than EFRN.DE's maximum drawdown of -11.65%. Use the drawdown chart below to compare losses from any high point for GCVG.L and EFRN.DE.
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Drawdown Indicators
| GCVG.L | EFRN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.60% | -11.65% | -5.95% |
Max Drawdown (1Y)Largest decline over 1 year | -6.51% | -1.91% | -4.60% |
Max Drawdown (3Y)Largest decline over 3 years | -7.62% | -3.13% | -4.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.03% | — |
Current DrawdownCurrent decline from peak | -0.19% | -0.94% | +0.75% |
Average DrawdownAverage peak-to-trough decline | -5.49% | -4.72% | -0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 0.85% | +0.66% |
Volatility
GCVG.L vs. EFRN.DE - Volatility Comparison
SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) has a higher volatility of 4.00% compared to iShares EUR Floating Rate Bond ESG UCITS ETF EUR (Dist) (EFRN.DE) at 1.00%. This indicates that GCVG.L's price experiences larger fluctuations and is considered to be riskier than EFRN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GCVG.L | EFRN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 1.00% | +3.00% |
Volatility (6M)Calculated over the trailing 6-month period | 9.30% | 2.70% | +6.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.35% | 4.06% | +7.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.93% | 5.48% | +4.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.93% | 6.29% | +3.64% |
GCVG.L vs. EFRN.DE - Expense Ratio Comparison
GCVG.L has a 0.55% expense ratio, which is higher than EFRN.DE's 0.10% expense ratio.
Dividends
GCVG.L vs. EFRN.DE - Dividend Comparison
GCVG.L's dividend yield for the trailing twelve months is around 0.52%, less than EFRN.DE's 2.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
EFRN.DE iShares EUR Floating Rate Bond ESG UCITS ETF EUR (Dist) | 2.50% | 2.88% | 4.22% | 2.93% | 0.00% | 0.00% | 0.00% |
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 0.52% | 0.59% | 0.41% | 0.28% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GCVG.L and EFRN.DE have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EFRN.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EFRN.DE is cheaper with a 0.10% expense ratio, compared with 0.55% for GCVG.L.
GCVG.L is categorized as Convertible Bonds, while EFRN.DE is European Corporate Bonds. GCVG.L tracks Refinitiv Qualified Global Convertible (GBP Hedged), while EFRN.DE tracks Bloomberg Euro Agg Corp 1-3 Yr TR EUR. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for GCVG.L and 0.10% for EFRN.DE.
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