GLTA.L vs. CE31.L
GLTA.L (Invesco UK Gilts UCITS ETF Acc) and CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) are both European Government Bonds funds - GLTA.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while CE31.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR. Both are passively managed. Over the past 5 years, GLTA.L returned -4.77%/yr vs 0.96%/yr for CE31.L. At a 0.17 correlation, their price movements are largely independent. GLTA.L charges 0.06%/yr vs 0.15%/yr for CE31.L.
Performance
GLTA.L vs. CE31.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLTA.L achieves a -1.16% return, which is significantly lower than CE31.L's -0.69% return.
GLTA.L
- 1D
- 0.22%
- 1M
- 1.66%
- YTD
- -1.16%
- 6M
- -1.33%
- 1Y
- 1.96%
- 3Y*
- 2.19%
- 5Y*
- -4.77%
- 10Y*
- —
CE31.L
- 1D
- 0.18%
- 1M
- 0.53%
- YTD
- -0.69%
- 6M
- -0.65%
- 1Y
- 3.69%
- 3Y*
- 2.80%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
GLTA.L vs. CE31.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GLTA.L Invesco UK Gilts UCITS ETF Acc | -1.16% | 4.99% | -4.18% | 3.52% | -25.15% | -5.17% | 8.71% | 1.44% |
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.69% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.60% |
Correlation
The correlation between GLTA.L and CE31.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2019 | 0.17 |
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Return for Risk
GLTA.L vs. CE31.L — Risk / Return Rank
GLTA.L
CE31.L
GLTA.L vs. CE31.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco UK Gilts UCITS ETF Acc (GLTA.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.
| GLTA.L | CE31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.15 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 1.40 | -1.06 |
| Martin ratioReturn relative to average drawdown | 0.90 | 3.13 | -2.23 |
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
| GLTA.L | CE31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.30 | 0.88 | -0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.18 | -0.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.29 | 0.08 | -0.37 |
Drawdowns
GLTA.L vs. CE31.L - Drawdown Comparison
The maximum GLTA.L drawdown since its inception was -36.99%, 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 GLTA.L and CE31.L.
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Drawdown Indicators
| GLTA.L | CE31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.99% | -18.33% | -18.66% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -2.62% | -3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.70% | -3.05% | -4.65% |
Max Drawdown (5Y)Largest decline over 5 years | -34.87% | -5.98% | -28.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.14% | — |
Current DrawdownCurrent decline from peak | -28.33% | -3.78% | -24.55% |
Average DrawdownAverage peak-to-trough decline | -19.08% | -7.24% | -11.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 1.17% | +1.00% |
Volatility
GLTA.L vs. CE31.L - Volatility Comparison
Invesco UK Gilts UCITS ETF Acc (GLTA.L) has a higher volatility of 2.77% compared to iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) at 1.27%. This indicates that GLTA.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
| GLTA.L | CE31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.77% | 1.27% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 5.12% | 2.87% | +2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 4.18% | +2.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.56% | 5.29% | +5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.31% | 7.07% | +3.24% |
GLTA.L vs. CE31.L - Expense Ratio Comparison
GLTA.L has a 0.06% 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
GLTA.L vs. CE31.L - Dividend Comparison
Neither GLTA.L nor CE31.L has paid dividends to shareholders.
Frequently Asked Questions
GLTA.L and CE31.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLTA.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLTA.L is cheaper with a 0.06% expense ratio, compared with 0.15% for CE31.L.
GLTA.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while CE31.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 GLTA.L and 0.15% for CE31.L.
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