GLTP.L vs. BBGE.L

Last updated Jul 16, 2026

GLTP.L (Invesco UK Gilts UCITS ETF Dist) and BBGE.L (JPMorgan BetaBuilders EUR Government Bond UCITS ETF EUR (Acc)) are both European Government Bonds funds - GLTP.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while BBGE.L tracks the Bloomberg Euro Agg Govt TR EUR. Both are passively managed. Over the past 5 years, GLTP.L returned -5.18%/yr vs -2.56%/yr for BBGE.L. A 0.58 correlation means they provide meaningful diversification when combined. GLTP.L charges 0.06%/yr vs 0.10%/yr for BBGE.L.

Performance

GLTP.L vs. BBGE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco UK Gilts UCITS ETF Dist (GLTP.L) and JPMorgan BetaBuilders EUR Government Bond UCITS ETF EUR (Acc) (BBGE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GLTP.L is traded in GBp, while BBGE.L is traded in GBP. To make them comparable, the BBGE.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLTP.L achieves a -1.08% return, which is significantly higher than BBGE.L's -2.35% return.

GLTP.L

• 1D: 0.13%
• 1M: -0.49%
• 6M: -2.13%
• YTD: -1.08%
• 1Y: 2.52%
• 3Y*: 2.57%
• 5Y*: -5.18%
• 10Y*: —

BBGE.L

• 1D: 0.29%
• 1M: -1.80%
• 6M: -1.98%
• YTD: -2.35%
• 1Y: -0.93%
• 3Y*: 2.26%
• 5Y*: -2.56%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GLTP.L vs. BBGE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GLTP.L Invesco UK Gilts UCITS ETF Dist	-1.08%	5.35%	-4.39%	3.50%	-24.95%	-5.40%	8.70%	5.30%
BBGE.L JPMorgan BetaBuilders EUR Government Bond UCITS ETF EUR (Acc)	-2.35%	5.79%	-3.07%	4.85%	-13.85%	-9.86%	10.90%	-11.09%

Correlation

The correlation between GLTP.L and BBGE.L is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Apr 25, 2019	0.58

The correlation between GLTP.L and BBGE.L has been stable across timeframes, ranging from 0.54 to 0.64 - a consistent structural relationship.

Return for Risk

GLTP.L vs. BBGE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLTP.L

GLTP.L Risk / Return Rank: 15
GLTP.L Sharpe Ratio Rank: 16
GLTP.L Sortino Ratio Rank: 14
GLTP.L Omega Ratio Rank: 14
GLTP.L Calmar Ratio Rank: 15
GLTP.L Martin Ratio Rank: 15

BBGE.L

BBGE.L Risk / Return Rank: 7
BBGE.L Sharpe Ratio Rank: 7
BBGE.L Sortino Ratio Rank: 6
BBGE.L Omega Ratio Rank: 7
BBGE.L Calmar Ratio Rank: 7
BBGE.L Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLTP.L vs. BBGE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco UK Gilts UCITS ETF Dist (GLTP.L) and JPMorgan BetaBuilders EUR Government Bond UCITS ETF EUR (Acc) (BBGE.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GLTP.L	BBGE.L	Difference
Sharpe ratio: Return per unit of total volatility	0.39	-0.18	+0.57
Sortino ratio: Return per unit of downside risk	0.58	-0.22	+0.80
Omega ratio: Gain probability vs. loss probability	1.07	0.97	+0.10
Calmar ratio: Return relative to maximum drawdown	0.44	-0.19	+0.63
Martin ratio: Return relative to average drawdown	1.09	-0.41	+1.50

GLTP.L vs. BBGE.L - Sharpe Ratio Comparison

The current GLTP.L Sharpe Ratio is 0.39, which is higher than the BBGE.L Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of GLTP.L and BBGE.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLTP.L vs. BBGE.L - Drawdown Comparison

The maximum GLTP.L drawdown since its inception was -37.02%, which is greater than BBGE.L's maximum drawdown of -26.97%. Use the drawdown chart below to compare losses from any high point for GLTP.L and BBGE.L.

Drawdown Indicators

	GLTP.L	BBGE.L	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-26.97%	-10.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.69%	-5.16%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-7.66%	-6.34%	-1.32%
Max Drawdown (5Y) Largest decline over 5 years	-34.89%	-21.06%	-13.83%
Current Drawdown Current decline from peak	-28.19%	-20.37%	-7.82%
Average Drawdown Average peak-to-trough decline	-18.66%	-16.10%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.42%	-0.10%

Volatility

GLTP.L vs. BBGE.L - Volatility Comparison

Invesco UK Gilts UCITS ETF Dist (GLTP.L) has a higher volatility of 1.89% compared to JPMorgan BetaBuilders EUR Government Bond UCITS ETF EUR (Acc) (BBGE.L) at 1.47%. This indicates that GLTP.L's price experiences larger fluctuations and is considered to be riskier than BBGE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLTP.L	BBGE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	1.47%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	5.38%	4.33%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	6.45%	5.40%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.56%	7.55%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.16%	9.66%	+0.50%

GLTP.L vs. BBGE.L - Expense Ratio Comparison

GLTP.L has a 0.06% expense ratio, which is lower than BBGE.L's 0.10% 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

GLTP.L vs. BBGE.L - Dividend Comparison

GLTP.L's dividend yield for the trailing twelve months is around 4.54%, while BBGE.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BBGE.L JPMorgan BetaBuilders EUR Government Bond UCITS ETF EUR (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GLTP.L Invesco UK Gilts UCITS ETF Dist	4.54%	4.39%	4.33%	3.24%	1.62%	0.81%	0.81%	0.72%

Frequently Asked Questions

Can I hold both GLTP.L and BBGE.L in my portfolio?

GLTP.L and BBGE.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLTP.L or BBGE.L?

On fees, GLTP.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLTP.L or BBGE.L?

GLTP.L is cheaper with a 0.06% expense ratio, compared with 0.10% for BBGE.L.

What is the main difference between GLTP.L and BBGE.L?

GLTP.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while BBGE.L tracks Bloomberg Euro Agg Govt TR EUR. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.06% for GLTP.L and 0.10% for BBGE.L.