GIL5.L vs. UTWO

Last updated Jun 26, 2026

GIL5.L (Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist) and UTWO (US Treasury 2 Year Note ETF) are both exchange-traded funds - GIL5.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, while UTWO is a Government Bonds fund tracking the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, GIL5.L returned 4.71%/yr vs 2.60%/yr for UTWO. At a correlation of -0.02, they often move in opposite directions. GIL5.L charges 0.05%/yr vs 0.15%/yr for UTWO.

Performance

GIL5.L vs. UTWO - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist (GIL5.L) and US Treasury 2 Year Note ETF (UTWO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GIL5.L is traded in GBP, while UTWO is traded in USD. To make them comparable, the UTWO values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GIL5.L achieves a 1.09% return, which is significantly lower than UTWO's 2.57% return.

GIL5.L

• 1D: 0.06%
• 1M: 0.68%
• YTD: 1.09%
• 6M: 1.32%
• 1Y: 3.23%
• 3Y*: 4.71%
• 5Y*: 1.42%
• 10Y*: —

UTWO

• 1D: -0.19%
• 1M: 2.07%
• YTD: 2.57%
• 6M: 2.95%
• 1Y: 6.37%
• 3Y*: 2.60%
• 5Y*: —
• 10Y*: —

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

GIL5.L vs. UTWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GIL5.L Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist	1.09%	5.18%	2.48%	4.02%	-2.70%
UTWO US Treasury 2 Year Note ETF	2.57%	-2.67%	5.52%	-1.72%	-1.02%

Correlation

The correlation between GIL5.L and UTWO is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	-0.02

The correlation between GIL5.L and UTWO shifts across timeframes, from -0.11 (1 year) to 0.00 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GIL5.L vs. UTWO — Risk / Return Rank

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

GIL5.L

GIL5.L Risk / Return Rank: 46
GIL5.L Sharpe Ratio Rank: 51
GIL5.L Sortino Ratio Rank: 52
GIL5.L Omega Ratio Rank: 54
GIL5.L Calmar Ratio Rank: 36
GIL5.L Martin Ratio Rank: 38

UTWO

UTWO Risk / Return Rank: 74
UTWO Sharpe Ratio Rank: 73
UTWO Sortino Ratio Rank: 83
UTWO Omega Ratio Rank: 79
UTWO Calmar Ratio Rank: 70
UTWO Martin Ratio Rank: 67

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.

GIL5.L vs. UTWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist (GIL5.L) and US Treasury 2 Year Note ETF (UTWO). 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.

	GIL5.L	UTWO	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.03	+0.53
Sortino ratio: Return per unit of downside risk	2.26	1.52	+0.74
Omega ratio: Gain probability vs. loss probability	1.30	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	1.67	1.22	+0.46
Martin ratio: Return relative to average drawdown	5.48	3.27	+2.21

GIL5.L vs. UTWO - Sharpe Ratio Comparison

The current GIL5.L Sharpe Ratio is 1.56, which is higher than the UTWO Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of GIL5.L and UTWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GIL5.L vs. UTWO - Drawdown Comparison

The maximum GIL5.L drawdown since its inception was -9.43%, smaller than the maximum UTWO drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for GIL5.L and UTWO.

Drawdown Indicators

	GIL5.L	UTWO	Difference
Max Drawdown Largest peak-to-trough decline	-9.43%	-17.22%	+7.79%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-5.26%	+3.34%
Max Drawdown (3Y) Largest decline over 3 years	-1.92%	-9.37%	+7.45%
Max Drawdown (5Y) Largest decline over 5 years	-8.73%	—	—
Current Drawdown Current decline from peak	0.00%	-7.97%	+7.97%
Average Drawdown Average peak-to-trough decline	-1.51%	-10.67%	+9.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	1.96%	-1.37%

Volatility

GIL5.L vs. UTWO - Volatility Comparison

The current volatility for Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist (GIL5.L) is 0.47%, while US Treasury 2 Year Note ETF (UTWO) has a volatility of 1.41%. This indicates that GIL5.L experiences smaller price fluctuations and is considered to be less risky than UTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIL5.L	UTWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	1.41%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	4.80%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	2.06%	6.22%	-4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.63%	8.16%	-5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.57%	8.16%	-2.59%

GIL5.L vs. UTWO - Expense Ratio Comparison

GIL5.L has a 0.05% expense ratio, which is lower than UTWO'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

GIL5.L vs. UTWO - Dividend Comparison

GIL5.L's dividend yield for the trailing twelve months is around 2.32%, less than UTWO's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GIL5.L Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist	2.32%	2.34%	1.94%	1.36%	1.39%	1.60%	2.26%	9.10%	14.61%	15.85%	7.81%
UTWO US Treasury 2 Year Note ETF	3.49%	3.63%	4.22%	4.39%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GIL5.L and UTWO in my portfolio?

GIL5.L and UTWO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GIL5.L or UTWO?

On fees, GIL5.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GIL5.L or UTWO?

GIL5.L is cheaper with a 0.05% expense ratio, compared with 0.15% for UTWO.

What is the main difference between GIL5.L and UTWO?

GIL5.L is categorized as European Government Bonds, while UTWO is Government Bonds. GIL5.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while UTWO tracks ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross. They also come from different issuers: Amundi and US Benchmark Series. Their fees differ too: 0.05% for GIL5.L and 0.15% for UTWO.