GLT5.L vs. SDEU.L
GLT5.L (Invesco UK Gilt 1-5 Year UCITS ETF Dist) and SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) are both European Government Bonds funds - GLT5.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while SDEU.L tracks the Bloomberg Euro Agg Govt TR EUR. Both are passively managed. Over the past 5 years, GLT5.L returned 0.90%/yr vs -2.81%/yr for SDEU.L. At a 0.49 correlation, their price movements are largely independent. GLT5.L charges 0.06%/yr vs 0.20%/yr for SDEU.L.
Performance
GLT5.L vs. SDEU.L - Performance Comparison
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Different Trading Currencies
GLT5.L is traded in GBp, while SDEU.L is traded in GBP. To make them comparable, the SDEU.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 SDEU.L's -1.11% 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*
- —
SDEU.L
- 1D
- 0.24%
- 1M
- 0.73%
- YTD
- -1.11%
- 6M
- -1.20%
- 1Y
- 1.62%
- 3Y*
- 1.13%
- 5Y*
- -2.81%
- 10Y*
- -0.29%
GLT5.L vs. SDEU.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% |
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -1.11% | 3.89% | -3.80% | 2.90% | -13.18% | -9.06% | 8.46% | 0.34% |
Correlation
The correlation between GLT5.L and SDEU.L is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2019 | 0.49 |
The correlation between GLT5.L and SDEU.L shifts across timeframes, from 0.29 (1 year) to 0.53 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLT5.L vs. SDEU.L — Risk / Return Rank
GLT5.L
SDEU.L
GLT5.L vs. SDEU.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 Germany Government Bond UCITS ETF (Dist) (SDEU.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 | SDEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.05 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.39 | +0.99 |
| Martin ratioReturn relative to average drawdown | 4.42 | 0.81 | +3.61 |
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 | SDEU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.01 | 0.31 | +0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | -0.38 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.03 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.06 | +0.26 |
Drawdowns
GLT5.L vs. SDEU.L - Drawdown Comparison
The maximum GLT5.L drawdown since its inception was -10.98%, smaller than the maximum SDEU.L drawdown of -27.61%. Use the drawdown chart below to compare losses from any high point for GLT5.L and SDEU.L.
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Drawdown Indicators
| GLT5.L | SDEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.98% | -27.61% | +16.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.20% | -4.18% | +1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -2.20% | -7.00% | +4.80% |
Max Drawdown (5Y)Largest decline over 5 years | -10.32% | -20.62% | +10.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.61% | — |
Current DrawdownCurrent decline from peak | -0.92% | -23.00% | +22.08% |
Average DrawdownAverage peak-to-trough decline | -2.63% | -11.22% | +8.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 2.00% | -1.31% |
Volatility
GLT5.L vs. SDEU.L - Volatility Comparison
Invesco UK Gilt 1-5 Year UCITS ETF Dist (GLT5.L) has a higher volatility of 1.88% compared to iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) at 1.61%. This indicates that GLT5.L's price experiences larger fluctuations and is considered to be riskier than SDEU.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 | SDEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 1.61% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 3.81% | -1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 5.15% | -2.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.25% | 7.39% | -4.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.92% | 8.60% | -5.68% |
GLT5.L vs. SDEU.L - Expense Ratio Comparison
GLT5.L has a 0.06% expense ratio, which is lower than SDEU.L's 0.20% 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. SDEU.L - Dividend Comparison
GLT5.L's dividend yield for the trailing twelve months is around 4.13%, more than SDEU.L's 2.53% 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% |
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | 2.53% | 2.50% | 2.57% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.34% |
Frequently Asked Questions
GLT5.L and SDEU.L have a correlation of 0.29, 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 0.20% for SDEU.L.
GLT5.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while SDEU.L tracks Bloomberg Euro Agg Govt TR EUR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for GLT5.L and 0.20% for SDEU.L.
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