GLCB.L vs. IEFV.L
GLCB.L (SPDR Refinitiv Global Convertible Bond UCITS ETF) and IEFV.L (iShares Edge MSCI Europe Value Factor UCITS ETF) are both exchange-traded funds - GLCB.L is a Convertible Bonds fund tracking the Refinitiv Global CB TR USD, while IEFV.L is a Europe Equities fund tracking the MSCI Europe Value NR EUR. Both are passively managed. Over the past 10 years, GLCB.L returned 6.26%/yr vs 12.59%/yr for IEFV.L. At a 0.43 correlation, their price movements are largely independent. GLCB.L charges 0.50%/yr vs 0.25%/yr for IEFV.L.
Performance
GLCB.L vs. IEFV.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLCB.L achieves a 18.03% return, which is significantly higher than IEFV.L's 14.64% return. Over the past 10 years, GLCB.L has underperformed IEFV.L with an annualized return of 6.26%, while IEFV.L has yielded a comparatively higher 12.59% annualized return.
GLCB.L
- 1D
- -0.23%
- 1M
- 1.57%
- YTD
- 18.03%
- 6M
- 18.11%
- 1Y
- 35.75%
- 3Y*
- 16.76%
- 5Y*
- 6.83%
- 10Y*
- 6.26%
IEFV.L
- 1D
- 1.36%
- 1M
- 1.12%
- YTD
- 14.64%
- 6M
- 15.38%
- 1Y
- 38.77%
- 3Y*
- 22.78%
- 5Y*
- 15.04%
- 10Y*
- 12.59%
GLCB.L vs. IEFV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLCB.L SPDR Refinitiv Global Convertible Bond UCITS ETF | 18.03% | 16.97% | 8.82% | 8.16% | -10.86% | -2.14% | 33.15% | 9.84% | -25.44% | 11.93% |
IEFV.L iShares Edge MSCI Europe Value Factor UCITS ETF | 14.64% | 42.20% | 5.40% | 11.41% | 1.47% | 18.58% | -3.74% | 15.71% | -12.67% | 14.28% |
Correlation
The correlation between GLCB.L and IEFV.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2015 | 0.43 |
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Return for Risk
GLCB.L vs. IEFV.L — Risk / Return Rank
GLCB.L
IEFV.L
GLCB.L vs. IEFV.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) and iShares Edge MSCI Europe Value Factor UCITS ETF (IEFV.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.
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.
| GLCB.L | IEFV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.53 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 6.95 | 3.65 | +3.30 |
| Martin ratioReturn relative to average drawdown | 22.84 | 13.42 | +9.43 |
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Drawdowns
GLCB.L vs. IEFV.L - Drawdown Comparison
The maximum GLCB.L drawdown since its inception was -29.82%, smaller than the maximum IEFV.L drawdown of -34.64%. Use the drawdown chart below to compare losses from any high point for GLCB.L and IEFV.L.
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Drawdown Indicators
| GLCB.L | IEFV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.82% | -34.64% | +4.82% |
Max Drawdown (1Y)Largest decline over 1 year | -5.12% | -10.57% | +5.45% |
Max Drawdown (3Y)Largest decline over 3 years | -8.41% | -15.02% | +6.61% |
Max Drawdown (5Y)Largest decline over 5 years | -19.80% | -16.16% | -3.64% |
Max Drawdown (10Y)Largest decline over 10 years | -29.82% | -34.64% | +4.82% |
Current DrawdownCurrent decline from peak | -2.25% | 0.00% | -2.25% |
Average DrawdownAverage peak-to-trough decline | -9.81% | -6.18% | -3.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.56% | 2.88% | -1.32% |
Volatility
GLCB.L vs. IEFV.L - Volatility Comparison
SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) and iShares Edge MSCI Europe Value Factor UCITS ETF (IEFV.L) have volatilities of 3.80% and 3.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLCB.L | IEFV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.80% | 3.84% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 8.72% | 11.09% | -2.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.11% | 13.43% | -2.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 17.10% | -7.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.97% | 17.58% | -4.61% |
GLCB.L vs. IEFV.L - Expense Ratio Comparison
GLCB.L has a 0.50% expense ratio, which is higher than IEFV.L's 0.25% expense ratio.
Dividends
GLCB.L vs. IEFV.L - Dividend Comparison
GLCB.L's dividend yield for the trailing twelve months is around 0.57%, while IEFV.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLCB.L SPDR Refinitiv Global Convertible Bond UCITS ETF | 0.57% | 0.66% | 0.47% | 0.23% | 0.23% | 0.17% | 0.31% | 0.43% | 0.35% | 0.38% |
IEFV.L iShares Edge MSCI Europe Value Factor UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLCB.L and IEFV.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEFV.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEFV.L is cheaper with a 0.25% expense ratio, compared with 0.50% for GLCB.L.
GLCB.L is categorized as Convertible Bonds, while IEFV.L is Europe Equities. GLCB.L tracks Refinitiv Global CB TR USD, while IEFV.L tracks MSCI Europe Value NR EUR. They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for GLCB.L and 0.25% for IEFV.L.
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