GILS.L vs. GLTP.L

Last updated Jun 4, 2026

GILS.L (Lyxor Core UK Government Bond (DR) UCITS ETF - Dist) and GLTP.L (Invesco UK Gilts UCITS ETF Dist) are both European Government Bonds funds - GILS.L tracks the FTSE Actuaries UK Conventional Gilts All Stocks while GLTP.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 5 years, GILS.L returned -6.57%/yr vs -4.83%/yr for GLTP.L. With a 0.97 correlation, they move nearly in lockstep. GILS.L charges 0.05%/yr vs 0.06%/yr for GLTP.L.

Performance

GILS.L vs. GLTP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.L) and Invesco UK Gilts UCITS ETF Dist (GLTP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GILS.L achieves a -1.35% return, which is significantly higher than GLTP.L's -1.59% 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%

GLTP.L

• 1D: -0.60%
• 1M: 0.49%
• YTD: -1.59%
• 6M: -1.50%
• 1Y: 2.00%
• 3Y*: 1.93%
• 5Y*: -4.83%
• 10Y*: —

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

GILS.L vs. GLTP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%	0.84%
GLTP.L Invesco UK Gilts UCITS ETF Dist	-1.59%	5.35%	-4.39%	3.50%	-24.95%	-5.40%	8.70%	3.59%

Correlation

The correlation between GILS.L and GLTP.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019	0.97

The correlation between GILS.L and GLTP.L has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

GILS.L vs. GLTP.L — Risk / Return Rank

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

GILS.L

GILS.L Risk / Return Rank: 7
GILS.L Sharpe Ratio Rank: 7
GILS.L Sortino Ratio Rank: 6
GILS.L Omega Ratio Rank: 6
GILS.L Calmar Ratio Rank: 7
GILS.L Martin Ratio Rank: 7

GLTP.L

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

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.

GILS.L vs. GLTP.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 Invesco UK Gilts UCITS ETF Dist (GLTP.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	GLTP.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	0.31	-0.45
Sortino ratio: Return per unit of downside risk	-0.14	0.47	-0.61
Omega ratio: Gain probability vs. loss probability	0.98	1.06	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.15	0.35	-0.50
Martin ratio: Return relative to average drawdown	-0.35	0.94	-1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GILS.L vs. GLTP.L - Sharpe Ratio Comparison

The current GILS.L Sharpe Ratio is -0.14, which is lower than the GLTP.L Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of GILS.L and GLTP.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

	GILS.L	GLTP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	0.31	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	-0.46	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	-0.27	+0.27

Drawdowns

GILS.L vs. GLTP.L - Drawdown Comparison

The maximum GILS.L drawdown since its inception was -38.75%, roughly equal to the maximum GLTP.L drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for GILS.L and GLTP.L.

Drawdown Indicators

	GILS.L	GLTP.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.75%	-37.02%	-1.73%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-5.69%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-9.33%	-7.66%	-1.67%
Max Drawdown (5Y) Largest decline over 5 years	-34.64%	-34.89%	+0.25%
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	—	—
Current Drawdown Current decline from peak	-36.00%	-28.56%	-7.44%
Average Drawdown Average peak-to-trough decline	-12.01%	-18.68%	+6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.13%	+0.64%

Volatility

GILS.L vs. GLTP.L - Volatility Comparison

The current volatility for Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.L) is 2.51%, while Invesco UK Gilts UCITS ETF Dist (GLTP.L) has a volatility of 3.00%. This indicates that GILS.L experiences smaller price fluctuations and is considered to be less risky than GLTP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GILS.L	GLTP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	3.00%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	5.64%	5.22%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	6.67%	6.52%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.11%	10.58%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.06%	10.25%	-1.19%

GILS.L vs. GLTP.L - Expense Ratio Comparison

GILS.L has a 0.05% expense ratio, which is lower than GLTP.L's 0.06% 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. GLTP.L - Dividend Comparison

GILS.L has not paid dividends to shareholders, while GLTP.L's dividend yield for the trailing twelve months is around 4.51%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
GLTP.L Invesco UK Gilts UCITS ETF Dist	4.51%	4.39%	4.33%	3.24%	1.62%	0.81%	0.81%	0.72%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GILS.L and GLTP.L in my portfolio?

With a correlation of 0.95, GILS.L and GLTP.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, GILS.L or GLTP.L?

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.

Which ETF is cheaper, GILS.L or GLTP.L?

GILS.L is cheaper with a 0.05% expense ratio, compared with 0.06% for GLTP.L.

What is the main difference between GILS.L and GLTP.L?

GILS.L tracks FTSE Actuaries UK Conventional Gilts All Stocks, while GLTP.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Lyxor and Invesco. Their fees differ too: 0.05% for GILS.L and 0.06% for GLTP.L.