GLTY.L vs. CE31.L
GLTY.L (SPDR Bloomberg UK Gilt UCITS ETF) and CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) are both European Government Bonds funds - GLTY.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while CE31.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR. Both are passively managed. Over the past 10 years, GLTY.L returned 283.79%/yr vs 1.38%/yr for CE31.L. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
GLTY.L vs. CE31.L - Performance Comparison
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Different Trading Currencies
GLTY.L is traded in GBP, while CE31.L is traded in GBp. To make them comparable, the CE31.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLTY.L achieves a -3.21% return, which is significantly lower than CE31.L's -0.87% return. Over the past 10 years, GLTY.L has outperformed CE31.L with an annualized return of 283.79%, while CE31.L has yielded a comparatively lower 1.38% annualized return.
GLTY.L
- 1D
- -0.55%
- 1M
- 0.71%
- YTD
- -3.21%
- 6M
- -3.32%
- 1Y
- -1.70%
- 3Y*
- 0.59%
- 5Y*
- 73.54%
- 10Y*
- 283.79%
CE31.L
- 1D
- -0.06%
- 1M
- 0.24%
- YTD
- -0.87%
- 6M
- -0.98%
- 1Y
- 3.55%
- 3Y*
- 2.80%
- 5Y*
- 0.92%
- 10Y*
- 1.38%
GLTY.L vs. CE31.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLTY.L SPDR Bloomberg UK Gilt UCITS ETF | -3.21% | 3.10% | -4.48% | 279.86% | 158.03% | 169.82% | 413.90% | 596.36% | 632.13% | 2,267.04% |
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.87% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.80% | 0.64% | 3.54% |
Correlation
The correlation between GLTY.L and CE31.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2013 | 0.21 |
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Return for Risk
GLTY.L vs. CE31.L — Risk / Return Rank
GLTY.L
CE31.L
GLTY.L vs. CE31.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg UK Gilt UCITS ETF (GLTY.L) and iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.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.
| GLTY.L | CE31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.15 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | 1.35 | -1.61 |
| Martin ratioReturn relative to average drawdown | -0.61 | 3.04 | -3.65 |
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
| GLTY.L | CE31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.24 | 0.85 | -1.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.17 | +0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.12 | 0.20 | +0.93 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.08 | +0.74 |
Drawdowns
GLTY.L vs. CE31.L - Drawdown Comparison
The maximum GLTY.L drawdown since its inception was -23.61%, which is greater than CE31.L's maximum drawdown of -18.33%. Use the drawdown chart below to compare losses from any high point for GLTY.L and CE31.L.
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Drawdown Indicators
| GLTY.L | CE31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.61% | -18.33% | -5.28% |
Max Drawdown (1Y)Largest decline over 1 year | -6.40% | -2.62% | -3.78% |
Max Drawdown (3Y)Largest decline over 3 years | -7.96% | -3.05% | -4.91% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -5.98% | -17.63% |
Max Drawdown (10Y)Largest decline over 10 years | -23.61% | -13.14% | -10.47% |
Current DrawdownCurrent decline from peak | -6.57% | -3.95% | -2.62% |
Average DrawdownAverage peak-to-trough decline | -3.92% | -7.25% | +3.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 1.17% | +1.62% |
Volatility
GLTY.L vs. CE31.L - Volatility Comparison
SPDR Bloomberg UK Gilt UCITS ETF (GLTY.L) has a higher volatility of 2.87% compared to iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) at 1.26%. This indicates that GLTY.L's price experiences larger fluctuations and is considered to be riskier than CE31.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLTY.L | CE31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 1.26% | +1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 5.51% | 2.88% | +2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.94% | 4.18% | +2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.35% | 5.29% | +130.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 251.64% | 7.07% | +244.57% |
GLTY.L vs. CE31.L - Expense Ratio Comparison
Both GLTY.L and CE31.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
GLTY.L vs. CE31.L - Dividend Comparison
Neither GLTY.L nor CE31.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GLTY.L SPDR Bloomberg UK Gilt UCITS ETF | 0.00% | 1.74% | 2.72% | 74.77% | 114.99% | 84.01% | 106.35% | 119.69% | 125.98% | 157.59% | 81.07% | 1.87% |
Frequently Asked Questions
GLTY.L and CE31.L have a correlation of 0.14, 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.
GLTY.L and CE31.L have the same expense ratio: 0.15% per year.
GLTY.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR. They also come from different issuers: State Street and iShares.
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