GILS.L vs. CE31.L
GILS.L (Lyxor Core UK Government Bond (DR) UCITS ETF - Dist) and CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) are both European Government Bonds funds - GILS.L tracks the FTSE Actuaries UK Conventional Gilts All Stocks while CE31.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR. Both are passively managed. Over the past 10 years, GILS.L returned -3.32%/yr vs 1.38%/yr for CE31.L. At a 0.17 correlation, their price movements are largely independent. GILS.L charges 0.05%/yr vs 0.15%/yr for CE31.L.
Performance
GILS.L vs. CE31.L - Performance Comparison
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Returns By Period
In the year-to-date period, GILS.L achieves a -1.35% return, which is significantly lower than CE31.L's -0.87% return. Over the past 10 years, GILS.L has underperformed CE31.L with an annualized return of -3.32%, while CE31.L has yielded a comparatively higher 1.38% annualized return.
GILS.L
- 1D
- -0.60%
- 1M
- 0.61%
- YTD
- -1.35%
- 6M
- -4.24%
- 1Y
- -0.97%
- 3Y*
- -0.50%
- 5Y*
- -6.57%
- 10Y*
- -3.32%
CE31.L
- 1D
- -0.06%
- 1M
- 0.24%
- YTD
- -0.87%
- 6M
- -0.98%
- 1Y
- 3.55%
- 3Y*
- 2.80%
- 5Y*
- 0.92%
- 10Y*
- 1.38%
GILS.L vs. CE31.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GILS.L Lyxor Core UK Government Bond (DR) UCITS ETF - Dist | -1.35% | 1.70% | -5.79% | 1.51% | -25.53% | -6.84% | 5.96% | 4.09% | -2.08% | -1.13% |
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.87% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.80% | 0.64% | 3.54% |
Correlation
The correlation between GILS.L and CE31.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2013 | 0.17 |
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Return for Risk
GILS.L vs. CE31.L — Risk / Return Rank
GILS.L
CE31.L
GILS.L vs. CE31.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.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.
| GILS.L | CE31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.15 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 1.35 | -1.50 |
| Martin ratioReturn relative to average drawdown | -0.35 | 3.04 | -3.39 |
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
| GILS.L | CE31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.14 | 0.85 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | 0.17 | -0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.37 | 0.20 | -0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | 0.08 | -0.07 |
Drawdowns
GILS.L vs. CE31.L - Drawdown Comparison
The maximum GILS.L drawdown since its inception was -38.75%, which is greater than CE31.L's maximum drawdown of -18.33%. Use the drawdown chart below to compare losses from any high point for GILS.L and CE31.L.
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Drawdown Indicators
| GILS.L | CE31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.75% | -18.33% | -20.42% |
Max Drawdown (1Y)Largest decline over 1 year | -6.23% | -2.62% | -3.61% |
Max Drawdown (3Y)Largest decline over 3 years | -9.33% | -3.05% | -6.28% |
Max Drawdown (5Y)Largest decline over 5 years | -34.64% | -5.98% | -28.66% |
Max Drawdown (10Y)Largest decline over 10 years | -38.75% | -13.14% | -25.61% |
Current DrawdownCurrent decline from peak | -36.00% | -3.95% | -32.05% |
Average DrawdownAverage peak-to-trough decline | -12.01% | -7.25% | -4.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 1.17% | +1.60% |
Volatility
GILS.L vs. CE31.L - Volatility Comparison
Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.L) has a higher volatility of 2.51% compared to iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) at 1.26%. This indicates that GILS.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
| GILS.L | CE31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 1.26% | +1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 5.64% | 2.88% | +2.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.67% | 4.18% | +2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.11% | 5.29% | +4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.06% | 7.07% | +1.99% |
GILS.L vs. CE31.L - Expense Ratio Comparison
GILS.L has a 0.05% 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
GILS.L vs. CE31.L - Dividend Comparison
Neither GILS.L nor CE31.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GILS.L Lyxor Core UK Government Bond (DR) UCITS ETF - Dist | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.02% | 0.02% | 0.03% | 0.03% | 0.03% | 0.03% |
Frequently Asked Questions
GILS.L and CE31.L have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GILS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GILS.L is cheaper with a 0.05% expense ratio, compared with 0.15% for CE31.L.
GILS.L tracks FTSE Actuaries UK Conventional Gilts All Stocks, while CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR. They also come from different issuers: Lyxor and iShares. Their fees differ too: 0.05% for GILS.L and 0.15% for CE31.L.
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