GLTP.L vs. ITEB.L
GLTP.L (Invesco UK Gilts UCITS ETF Dist) and ITEB.L (iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist)) are both European Government Bonds funds - GLTP.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while ITEB.L tracks the Bloomberg Italy Treasury Bond Index. Both are passively managed. Over the past 3 years, GLTP.L returned 2.26%/yr vs 5.84%/yr for ITEB.L. A 0.69 correlation means they provide meaningful diversification when combined. GLTP.L charges 0.06%/yr vs 0.22%/yr for ITEB.L.
Performance
GLTP.L vs. ITEB.L - Performance Comparison
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Different Trading Currencies
GLTP.L is traded in GBp, while ITEB.L is traded in GBP. To make them comparable, the ITEB.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 -1.25% return, which is significantly lower than ITEB.L's 0.50% return.
GLTP.L
- 1D
- 0.07%
- 1M
- -1.16%
- 6M
- -1.98%
- YTD
- -1.25%
- 1Y
- 2.33%
- 3Y*
- 2.26%
- 5Y*
- -5.22%
- 10Y*
- —
ITEB.L
- 1D
- -0.18%
- 1M
- -0.92%
- 6M
- -0.22%
- YTD
- 0.50%
- 1Y
- 2.68%
- 3Y*
- 5.84%
- 5Y*
- —
- 10Y*
- —
GLTP.L vs. ITEB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GLTP.L Invesco UK Gilts UCITS ETF Dist | -1.25% | 5.35% | -4.39% | 3.50% | 3.99% |
ITEB.L iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) | 0.50% | 5.10% | 6.13% | 10.70% | 0.86% |
Correlation
The correlation between GLTP.L and ITEB.L is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022 | 0.69 |
The correlation between GLTP.L and ITEB.L has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.
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Return for Risk
GLTP.L vs. ITEB.L — Risk / Return Rank
GLTP.L
ITEB.L
GLTP.L vs. ITEB.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 iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) (ITEB.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 | ITEB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.12 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | 0.71 | -0.30 |
| Martin ratioReturn relative to average drawdown | 0.99 | 2.22 | -1.23 |
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Drawdowns
GLTP.L vs. ITEB.L - Drawdown Comparison
The maximum GLTP.L drawdown since its inception was -37.02%, which is greater than ITEB.L's maximum drawdown of -5.97%. Use the drawdown chart below to compare losses from any high point for GLTP.L and ITEB.L.
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Drawdown Indicators
| GLTP.L | ITEB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.02% | -5.97% | -31.05% |
Max Drawdown (1Y)Largest decline over 1 year | -5.69% | -4.03% | -1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -4.03% | -3.63% |
Max Drawdown (5Y)Largest decline over 5 years | -34.89% | — | — |
Current DrawdownCurrent decline from peak | -28.31% | -1.61% | -26.70% |
Average DrawdownAverage peak-to-trough decline | -18.67% | -1.24% | -17.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 1.29% | +1.05% |
Volatility
GLTP.L vs. ITEB.L - Volatility Comparison
Invesco UK Gilts UCITS ETF Dist (GLTP.L) has a higher volatility of 1.84% compared to iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) (ITEB.L) at 1.12%. This indicates that GLTP.L's price experiences larger fluctuations and is considered to be riskier than ITEB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLTP.L | ITEB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 1.12% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 5.39% | 4.19% | +1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.45% | 4.81% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.56% | 6.19% | +4.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 6.19% | +3.97% |
GLTP.L vs. ITEB.L - Expense Ratio Comparison
GLTP.L has a 0.06% expense ratio, which is lower than ITEB.L's 0.22% 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. ITEB.L - Dividend Comparison
GLTP.L's dividend yield for the trailing twelve months is around 4.55%, more than ITEB.L's 2.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GLTP.L Invesco UK Gilts UCITS ETF Dist | 4.55% | 4.39% | 4.33% | 3.24% | 1.62% | 0.81% | 0.81% | 0.72% |
ITEB.L iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) | 2.87% | 2.81% | 2.58% | 2.25% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLTP.L and ITEB.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
GLTP.L is cheaper with a 0.06% expense ratio, compared with 0.22% for ITEB.L.
GLTP.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while ITEB.L tracks Bloomberg Italy Treasury Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.06% for GLTP.L and 0.22% for ITEB.L.
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