GLTS.L vs. SDEU.L
GLTS.L (SPDR Bloomberg 1-5 Year Gilt UCITS ETF) and SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) are both European Government Bonds funds - GLTS.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 10 years, GLTS.L returned 0.64%/yr vs -0.26%/yr for SDEU.L. At a 0.49 correlation, their price movements are largely independent. GLTS.L charges 0.15%/yr vs 0.20%/yr for SDEU.L.
Performance
GLTS.L vs. SDEU.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLTS.L achieves a 0.16% return, which is significantly higher than SDEU.L's -1.35% return. Over the past 10 years, GLTS.L has outperformed SDEU.L with an annualized return of 0.64%, while SDEU.L has yielded a comparatively lower -0.26% annualized return.
GLTS.L
- 1D
- -0.15%
- 1M
- 0.42%
- YTD
- 0.16%
- 6M
- 0.34%
- 1Y
- 2.70%
- 3Y*
- 3.90%
- 5Y*
- 0.77%
- 10Y*
- 0.64%
SDEU.L
- 1D
- -0.32%
- 1M
- 0.12%
- YTD
- -1.35%
- 6M
- -1.70%
- 1Y
- 1.36%
- 3Y*
- 1.00%
- 5Y*
- -2.85%
- 10Y*
- -0.26%
GLTS.L vs. SDEU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLTS.L SPDR Bloomberg 1-5 Year Gilt UCITS ETF | 0.16% | 5.40% | 1.76% | 3.70% | -5.72% | -1.91% | 1.77% | 1.11% | 0.41% | -0.65% |
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -1.35% | 3.89% | -3.80% | 2.90% | -13.18% | -9.06% | 8.46% | -2.18% | 3.12% | 1.86% |
Correlation
The correlation between GLTS.L and SDEU.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since May 22, 2012 | 0.49 |
The correlation between GLTS.L and SDEU.L shifts across timeframes, from 0.39 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLTS.L vs. SDEU.L — Risk / Return Rank
GLTS.L
SDEU.L
GLTS.L vs. SDEU.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 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.
| GLTS.L | SDEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.05 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 0.32 | +0.89 |
| Martin ratioReturn relative to average drawdown | 3.86 | 0.68 | +3.17 |
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
| GLTS.L | SDEU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 0.26 | +0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | -0.39 | +0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | -0.03 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.06 | +0.28 |
Drawdowns
GLTS.L vs. SDEU.L - Drawdown Comparison
The maximum GLTS.L drawdown since its inception was -11.18%, smaller than the maximum SDEU.L drawdown of -27.61%. Use the drawdown chart below to compare losses from any high point for GLTS.L and SDEU.L.
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Drawdown Indicators
| GLTS.L | SDEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.18% | -27.61% | +16.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.22% | -4.18% | +1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -2.22% | -7.00% | +4.78% |
Max Drawdown (5Y)Largest decline over 5 years | -10.44% | -20.62% | +10.18% |
Max Drawdown (10Y)Largest decline over 10 years | -11.18% | -27.61% | +16.43% |
Current DrawdownCurrent decline from peak | -1.05% | -23.19% | +22.14% |
Average DrawdownAverage peak-to-trough decline | -1.72% | -11.21% | +9.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 1.99% | -1.29% |
Volatility
GLTS.L vs. SDEU.L - Volatility Comparison
The current volatility for SPDR Bloomberg 1-5 Year Gilt UCITS ETF (GLTS.L) is 0.85%, while iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) has a volatility of 1.64%. This indicates that GLTS.L experiences smaller price fluctuations and is considered to be less risky 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
| GLTS.L | SDEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 1.64% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 3.80% | -1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 5.15% | -2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.25% | 7.39% | -4.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.62% | 8.60% | -5.98% |
GLTS.L vs. SDEU.L - Expense Ratio Comparison
GLTS.L has a 0.15% 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
GLTS.L vs. SDEU.L - Dividend Comparison
GLTS.L's dividend yield for the trailing twelve months is around 3.64%, more than SDEU.L's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLTS.L SPDR Bloomberg 1-5 Year Gilt UCITS ETF | 3.64% | 3.44% | 2.74% | 1.30% | 0.18% | 0.13% | 0.46% | 0.60% | 0.39% | 0.52% | 0.88% | 0.98% |
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
GLTS.L and SDEU.L have a correlation of 0.39, 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 0.20% for SDEU.L.
GLTS.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: State Street and iShares. Their fees differ too: 0.15% for GLTS.L and 0.20% for SDEU.L.
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