GLT5.L vs. IBGS.L
GLT5.L (Invesco UK Gilt 1-5 Year UCITS ETF Dist) and IBGS.L (iShares Euro Government Bond 1-3yr UCITS ETF (Dist)) are both European Government Bonds funds - GLT5.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while IBGS.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR. Both are passively managed. Over the past 5 years, GLT5.L returned 0.90%/yr vs 0.96%/yr for IBGS.L. At a 0.16 correlation, their price movements are largely independent. GLT5.L charges 0.06%/yr vs 0.15%/yr for IBGS.L.
Performance
GLT5.L vs. IBGS.L - Performance Comparison
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Different Trading Currencies
GLT5.L is traded in GBp, while IBGS.L is traded in GBP. To make them comparable, the IBGS.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLT5.L achieves a 0.19% return, which is significantly higher than IBGS.L's -0.83% return.
GLT5.L
- 1D
- 0.06%
- 1M
- 0.73%
- YTD
- 0.19%
- 6M
- 0.42%
- 1Y
- 3.04%
- 3Y*
- 4.09%
- 5Y*
- 0.90%
- 10Y*
- —
IBGS.L
- 1D
- 0.19%
- 1M
- 0.52%
- YTD
- -0.83%
- 6M
- -0.66%
- 1Y
- 3.70%
- 3Y*
- 2.81%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
GLT5.L vs. IBGS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GLT5.L Invesco UK Gilt 1-5 Year UCITS ETF Dist | 0.19% | 5.31% | 2.14% | 3.86% | -5.44% | -1.89% | 1.83% | 0.69% |
IBGS.L iShares Euro Government Bond 1-3yr UCITS ETF (Dist) | -0.83% | 7.76% | -1.67% | 1.50% | 1.00% | -7.25% | 5.39% | -0.76% |
Correlation
The correlation between GLT5.L and IBGS.L is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2019 | 0.16 |
The correlation between GLT5.L and IBGS.L shifts across timeframes, from 0.08 (1 year) to 0.19 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLT5.L vs. IBGS.L — Risk / Return Rank
GLT5.L
IBGS.L
GLT5.L vs. IBGS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco UK Gilt 1-5 Year UCITS ETF Dist (GLT5.L) and iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBGS.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.
| GLT5.L | IBGS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.15 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.42 | -0.04 |
| Martin ratioReturn relative to average drawdown | 4.42 | 3.16 | +1.25 |
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
| GLT5.L | IBGS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.01 | 0.89 | +0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.18 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.25 | +0.07 |
Drawdowns
GLT5.L vs. IBGS.L - Drawdown Comparison
The maximum GLT5.L drawdown since its inception was -10.98%, smaller than the maximum IBGS.L drawdown of -16.59%. Use the drawdown chart below to compare losses from any high point for GLT5.L and IBGS.L.
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Drawdown Indicators
| GLT5.L | IBGS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.98% | -16.59% | +5.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.20% | -2.60% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -2.20% | -3.06% | +0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -10.32% | -5.95% | -4.37% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.11% | — |
Current DrawdownCurrent decline from peak | -0.92% | -3.77% | +2.85% |
Average DrawdownAverage peak-to-trough decline | -2.63% | -5.92% | +3.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 1.17% | -0.48% |
Volatility
GLT5.L vs. IBGS.L - Volatility Comparison
Invesco UK Gilt 1-5 Year UCITS ETF Dist (GLT5.L) has a higher volatility of 1.88% compared to iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBGS.L) at 1.20%. This indicates that GLT5.L's price experiences larger fluctuations and is considered to be riskier than IBGS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLT5.L | IBGS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 1.20% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 2.80% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 4.15% | -1.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.25% | 5.34% | -2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.92% | 7.09% | -4.17% |
GLT5.L vs. IBGS.L - Expense Ratio Comparison
GLT5.L has a 0.06% expense ratio, which is lower than IBGS.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
GLT5.L vs. IBGS.L - Dividend Comparison
GLT5.L's dividend yield for the trailing twelve months is around 4.13%, more than IBGS.L's 2.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLT5.L Invesco UK Gilt 1-5 Year UCITS ETF Dist | 4.13% | 4.12% | 4.43% | 3.76% | 1.01% | 0.19% | 0.33% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
IBGS.L iShares Euro Government Bond 1-3yr UCITS ETF (Dist) | 2.17% | 2.39% | 2.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.04% | 0.28% |
Frequently Asked Questions
GLT5.L and IBGS.L have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLT5.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLT5.L is cheaper with a 0.06% expense ratio, compared with 0.15% for IBGS.L.
GLT5.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while IBGS.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for GLT5.L and 0.15% for IBGS.L.
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