GLTA.L vs. GLTL.L
GLTA.L (Invesco UK Gilts UCITS ETF Acc) and GLTL.L (SPDR Bloomberg 15+ Year Gilt UCITS ETF) are both European Government Bonds funds tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, from Invesco and State Street respectively. Both are passively managed. Over the past 5 years, GLTA.L returned -4.77%/yr vs -10.85%/yr for GLTL.L. With a 0.97 correlation, they move nearly in lockstep. GLTA.L charges 0.06%/yr vs 0.15%/yr for GLTL.L.
Performance
GLTA.L vs. GLTL.L - Performance Comparison
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Different Trading Currencies
GLTA.L is traded in GBp, while GLTL.L is traded in GBP. To make them comparable, the GLTL.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLTA.L achieves a -1.16% return, which is significantly higher than GLTL.L's -3.57% 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*
- —
GLTL.L
- 1D
- 0.41%
- 1M
- 2.69%
- YTD
- -3.57%
- 6M
- -4.08%
- 1Y
- 0.19%
- 3Y*
- -0.97%
- 5Y*
- -10.85%
- 10Y*
- -3.59%
GLTA.L vs. GLTL.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% |
GLTL.L SPDR Bloomberg 15+ Year Gilt UCITS ETF | -3.57% | 3.16% | -10.46% | 1.26% | -40.67% | -6.57% | 13.60% | 2.22% |
Correlation
The correlation between GLTA.L and GLTL.L is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2019 | 0.97 |
The correlation between GLTA.L and GLTL.L has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
GLTA.L vs. GLTL.L — Risk / Return Rank
GLTA.L
GLTL.L
GLTA.L vs. GLTL.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 SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.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 | GLTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.01 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 0.02 | +0.32 |
| Martin ratioReturn relative to average drawdown | 0.90 | 0.04 | +0.86 |
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 | GLTL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.30 | 0.02 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.55 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.29 | -0.03 | -0.26 |
Drawdowns
GLTA.L vs. GLTL.L - Drawdown Comparison
The maximum GLTA.L drawdown since its inception was -36.99%, smaller than the maximum GLTL.L drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for GLTA.L and GLTL.L.
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Drawdown Indicators
| GLTA.L | GLTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.99% | -55.18% | +18.19% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -10.86% | +5.16% |
Max Drawdown (3Y)Largest decline over 3 years | -7.70% | -16.53% | +8.83% |
Max Drawdown (5Y)Largest decline over 5 years | -34.87% | -52.99% | +18.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.18% | — |
Current DrawdownCurrent decline from peak | -28.33% | -52.05% | +23.72% |
Average DrawdownAverage peak-to-trough decline | -19.08% | -19.76% | +0.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 4.27% | -2.10% |
Volatility
GLTA.L vs. GLTL.L - Volatility Comparison
The current volatility for Invesco UK Gilts UCITS ETF Acc (GLTA.L) is 2.77%, while SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.L) has a volatility of 5.33%. This indicates that GLTA.L experiences smaller price fluctuations and is considered to be less risky than GLTL.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 | GLTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.77% | 5.33% | -2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 5.12% | 9.67% | -4.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 12.50% | -6.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.56% | 19.75% | -9.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.31% | 17.01% | -6.70% |
GLTA.L vs. GLTL.L - Expense Ratio Comparison
GLTA.L has a 0.06% expense ratio, which is lower than GLTL.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. GLTL.L - Dividend Comparison
GLTA.L has not paid dividends to shareholders, while GLTL.L's dividend yield for the trailing twelve months is around 5.12%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLTA.L Invesco UK Gilts UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GLTL.L SPDR Bloomberg 15+ Year Gilt UCITS ETF | 5.12% | 4.77% | 4.39% | 2.97% | 1.63% | 0.87% | 1.01% | 1.43% | 1.55% | 1.86% | 1.99% | 2.51% |
Frequently Asked Questions
With a correlation of 0.95, GLTA.L and GLTL.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.
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 GLTL.L.
Both ETFs track FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.06% for GLTA.L and 0.15% for GLTL.L.
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