GLTS.L vs. ITEB.L
GLTS.L (SPDR Bloomberg 1-5 Year Gilt UCITS ETF) and ITEB.L (iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist)) are both European Government Bonds funds - GLTS.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, GLTS.L returned 4.34%/yr vs 5.84%/yr for ITEB.L. A 0.59 correlation means they provide meaningful diversification when combined. GLTS.L charges 0.15%/yr vs 0.22%/yr for ITEB.L.
Performance
GLTS.L vs. ITEB.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLTS.L achieves a 0.68% return, which is significantly higher than ITEB.L's 0.50% return.
GLTS.L
- 1D
- 0.04%
- 1M
- -0.14%
- 6M
- 0.38%
- YTD
- 0.68%
- 1Y
- 2.60%
- 3Y*
- 4.34%
- 5Y*
- 0.89%
- 10Y*
- 0.61%
ITEB.L
- 1D
- -0.18%
- 1M
- -0.92%
- 6M
- -0.22%
- YTD
- 0.50%
- 1Y
- 2.68%
- 3Y*
- 5.84%
- 5Y*
- —
- 10Y*
- —
GLTS.L vs. ITEB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GLTS.L SPDR Bloomberg 1-5 Year Gilt UCITS ETF | 0.68% | 5.40% | 1.76% | 3.70% | 2.55% |
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 GLTS.L and ITEB.L is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022 | 0.59 |
The correlation between GLTS.L and ITEB.L has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.
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Return for Risk
GLTS.L vs. ITEB.L — Risk / Return Rank
GLTS.L
ITEB.L
GLTS.L vs. ITEB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 1-5 Year Gilt UCITS ETF (GLTS.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.
| GLTS.L | ITEB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.12 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 0.71 | +0.46 |
| Martin ratioReturn relative to average drawdown | 3.56 | 2.22 | +1.34 |
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Drawdowns
GLTS.L vs. ITEB.L - Drawdown Comparison
The maximum GLTS.L drawdown since its inception was -11.18%, 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 GLTS.L and ITEB.L.
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Drawdown Indicators
| GLTS.L | ITEB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.18% | -5.97% | -5.21% |
Max Drawdown (1Y)Largest decline over 1 year | -2.22% | -4.03% | +1.81% |
Max Drawdown (3Y)Largest decline over 3 years | -2.22% | -4.03% | +1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -10.44% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.18% | — | — |
Current DrawdownCurrent decline from peak | -0.55% | -1.61% | +1.06% |
Average DrawdownAverage peak-to-trough decline | -1.71% | -1.24% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 1.29% | -0.56% |
Volatility
GLTS.L vs. ITEB.L - Volatility Comparison
The current volatility for SPDR Bloomberg 1-5 Year Gilt UCITS ETF (GLTS.L) is 0.71%, while iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) (ITEB.L) has a volatility of 1.12%. This indicates that GLTS.L experiences smaller price fluctuations and is considered to be less risky 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
| GLTS.L | ITEB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 1.12% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 2.07% | 4.19% | -2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.40% | 4.81% | -2.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.11% | 6.19% | -3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.52% | 6.19% | -3.67% |
GLTS.L vs. ITEB.L - Expense Ratio Comparison
GLTS.L has a 0.15% 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
GLTS.L vs. ITEB.L - Dividend Comparison
GLTS.L's dividend yield for the trailing twelve months is around 3.62%, more than ITEB.L's 2.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLTS.L SPDR Bloomberg 1-5 Year Gilt UCITS ETF | 3.62% | 3.44% | 2.74% | 1.30% | 0.18% | 0.13% | 0.46% | 0.60% | 0.39% | 0.52% | 0.88% | 0.98% |
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% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLTS.L and ITEB.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLTS.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLTS.L is cheaper with a 0.15% expense ratio, compared with 0.22% for ITEB.L.
GLTS.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: State Street and iShares. Their fees differ too: 0.15% for GLTS.L and 0.22% for ITEB.L.
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