GLTA.L vs. SDEU.L
GLTA.L (Invesco UK Gilts UCITS ETF Acc) and SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) are both European Government Bonds funds - GLTA.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, GLTA.L returned -4.77%/yr vs -2.81%/yr for SDEU.L. A 0.58 correlation means they provide meaningful diversification when combined. GLTA.L charges 0.06%/yr vs 0.20%/yr for SDEU.L.
Performance
GLTA.L vs. SDEU.L - Performance Comparison
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Different Trading Currencies
GLTA.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
The year-to-date returns for both investments are quite close, with GLTA.L having a -1.16% return and SDEU.L slightly higher at -1.11%.
GLTA.L
- 1D
- 0.22%
- 1M
- 1.66%
- YTD
- -1.16%
- 6M
- -1.33%
- 1Y
- 1.96%
- 3Y*
- 2.19%
- 5Y*
- -4.77%
- 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%
GLTA.L vs. SDEU.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% |
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -1.11% | 3.89% | -3.80% | 2.90% | -13.18% | -9.06% | 8.46% | -4.86% |
Correlation
The correlation between GLTA.L and SDEU.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2019 | 0.58 |
The correlation between GLTA.L and SDEU.L shifts across timeframes, from 0.44 (1 year) to 0.60 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLTA.L vs. SDEU.L — Risk / Return Rank
GLTA.L
SDEU.L
GLTA.L vs. SDEU.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 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.
| GLTA.L | SDEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.05 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 0.39 | -0.04 |
| Martin ratioReturn relative to average drawdown | 0.90 | 0.81 | +0.09 |
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 | SDEU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.30 | 0.31 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.38 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.03 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.29 | 0.06 | -0.36 |
Drawdowns
GLTA.L vs. SDEU.L - Drawdown Comparison
The maximum GLTA.L drawdown since its inception was -36.99%, which is greater than SDEU.L's maximum drawdown of -27.61%. Use the drawdown chart below to compare losses from any high point for GLTA.L and SDEU.L.
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Drawdown Indicators
| GLTA.L | SDEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.99% | -27.61% | -9.38% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -4.18% | -1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -7.70% | -7.00% | -0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -34.87% | -20.62% | -14.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.61% | — |
Current DrawdownCurrent decline from peak | -28.33% | -23.00% | -5.33% |
Average DrawdownAverage peak-to-trough decline | -19.08% | -11.22% | -7.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 2.00% | +0.17% |
Volatility
GLTA.L vs. SDEU.L - Volatility Comparison
Invesco UK Gilts UCITS ETF Acc (GLTA.L) has a higher volatility of 2.77% compared to iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) at 1.61%. This indicates that GLTA.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
| GLTA.L | SDEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.77% | 1.61% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 5.12% | 3.81% | +1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 5.15% | +1.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.56% | 7.39% | +3.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.31% | 8.60% | +1.71% |
GLTA.L vs. SDEU.L - Expense Ratio Comparison
GLTA.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
GLTA.L vs. SDEU.L - Dividend Comparison
GLTA.L has not paid dividends to shareholders, while SDEU.L's dividend yield for the trailing twelve months is around 2.53%.
| 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% |
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
GLTA.L and SDEU.L have a correlation of 0.44, 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 0.20% for SDEU.L.
GLTA.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 GLTA.L and 0.20% for SDEU.L.
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