GLTL.L vs. BCOG.L
GLTL.L (SPDR Bloomberg 15+ Year Gilt UCITS ETF) and BCOG.L (L&G All Commodities UCITS ETF) are both exchange-traded funds - GLTL.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, while BCOG.L is a Commodities fund tracking the Bloomberg Commodity. Both are passively managed. Over the past 5 years, GLTL.L returned -10.85%/yr vs 12.42%/yr for BCOG.L. At a correlation of -0.08, they often move in opposite directions. Both charge a 0.15% expense ratio.
Performance
GLTL.L vs. BCOG.L - Performance Comparison
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Different Trading Currencies
GLTL.L is traded in GBP, while BCOG.L is traded in GBp. To make them comparable, the BCOG.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLTL.L achieves a -3.57% return, which is significantly lower than BCOG.L's 24.98% return.
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%
BCOG.L
- 1D
- -1.35%
- 1M
- -2.79%
- YTD
- 24.98%
- 6M
- 23.49%
- 1Y
- 38.11%
- 3Y*
- 12.52%
- 5Y*
- 12.42%
- 10Y*
- —
GLTL.L vs. BCOG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLTL.L SPDR Bloomberg 15+ Year Gilt UCITS ETF | -3.57% | 3.16% | -10.46% | 1.26% | -40.67% | -6.57% | 13.60% | 11.56% | 0.21% | 3.64% |
BCOG.L L&G All Commodities UCITS ETF | 24.98% | 8.16% | 6.13% | -12.32% | 29.36% | 29.04% | -6.24% | 1.82% | -4.64% | 1.28% |
Correlation
The correlation between GLTL.L and BCOG.L is -0.36, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017 | -0.08 |
Over the past year, the inverse relationship between GLTL.L and BCOG.L has strengthened: their correlation has moved from -0.08 to -0.36, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GLTL.L vs. BCOG.L — Risk / Return Rank
GLTL.L
BCOG.L
GLTL.L vs. BCOG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.L) and L&G All Commodities UCITS ETF (BCOG.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.
| GLTL.L | BCOG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.37 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | 4.43 | -4.41 |
| Martin ratioReturn relative to average drawdown | 0.04 | 10.23 | -10.19 |
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
| GLTL.L | BCOG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.02 | 2.05 | -2.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.55 | 0.74 | -1.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.49 | -0.53 |
Drawdowns
GLTL.L vs. BCOG.L - Drawdown Comparison
The maximum GLTL.L drawdown since its inception was -55.18%, which is greater than BCOG.L's maximum drawdown of -28.15%. Use the drawdown chart below to compare losses from any high point for GLTL.L and BCOG.L.
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Drawdown Indicators
| GLTL.L | BCOG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.18% | -28.15% | -27.03% |
Max Drawdown (1Y)Largest decline over 1 year | -10.86% | -8.57% | -2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -16.53% | -14.48% | -2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -52.99% | -27.76% | -25.23% |
Max Drawdown (10Y)Largest decline over 10 years | -55.18% | — | — |
Current DrawdownCurrent decline from peak | -52.05% | -5.16% | -46.89% |
Average DrawdownAverage peak-to-trough decline | -19.76% | -11.67% | -8.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.27% | 3.72% | +0.55% |
Volatility
GLTL.L vs. BCOG.L - Volatility Comparison
The current volatility for SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.L) is 5.33%, while L&G All Commodities UCITS ETF (BCOG.L) has a volatility of 6.06%. This indicates that GLTL.L experiences smaller price fluctuations and is considered to be less risky than BCOG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLTL.L | BCOG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.33% | 6.06% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 9.67% | 15.89% | -6.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.50% | 18.51% | -6.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.75% | 16.89% | +2.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.01% | 15.71% | +1.30% |
GLTL.L vs. BCOG.L - Expense Ratio Comparison
Both GLTL.L and BCOG.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
GLTL.L vs. BCOG.L - Dividend Comparison
GLTL.L's dividend yield for the trailing twelve months is around 5.12%, while BCOG.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BCOG.L L&G All Commodities UCITS ETF | 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
GLTL.L and BCOG.L have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GLTL.L and BCOG.L have the same expense ratio: 0.15% per year.
GLTL.L is categorized as European Government Bonds, while BCOG.L is Commodities. GLTL.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while BCOG.L tracks Bloomberg Commodity. They also come from different issuers: State Street and Legal & General.
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