GLTY.L vs. GLTP.L
GLTY.L (SPDR Bloomberg UK Gilt UCITS ETF) and GLTP.L (Invesco UK Gilts UCITS ETF Dist) are both European Government Bonds funds tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, from State Street and Invesco respectively. Both are passively managed. Over the past 5 years, GLTY.L returned 73.54%/yr vs -4.83%/yr for GLTP.L. With a 0.96 correlation, they move nearly in lockstep. GLTY.L charges 0.15%/yr vs 0.06%/yr for GLTP.L.
Performance
GLTY.L vs. GLTP.L - Performance Comparison
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Different Trading Currencies
GLTY.L is traded in GBP, while GLTP.L is traded in GBp. To make them comparable, the GLTP.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 GLTP.L's -1.59% 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%
GLTP.L
- 1D
- -0.60%
- 1M
- 0.49%
- YTD
- -1.59%
- 6M
- -1.50%
- 1Y
- 2.00%
- 3Y*
- 1.93%
- 5Y*
- -4.83%
- 10Y*
- —
GLTY.L vs. GLTP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GLTY.L SPDR Bloomberg UK Gilt UCITS ETF | -3.21% | 3.10% | -4.48% | 279.86% | 158.03% | 169.82% | 413.90% | 155.41% |
GLTP.L Invesco UK Gilts UCITS ETF Dist | -1.59% | 5.35% | -4.39% | 3.50% | -24.95% | -5.40% | 8.70% | 3.59% |
Correlation
The correlation between GLTY.L and GLTP.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019 | 0.96 |
The correlation between GLTY.L and GLTP.L has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
GLTY.L vs. GLTP.L — Risk / Return Rank
GLTY.L
GLTP.L
GLTY.L vs. GLTP.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 Invesco UK Gilts UCITS ETF Dist (GLTP.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 | GLTP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.06 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | 0.35 | -0.62 |
| Martin ratioReturn relative to average drawdown | -0.61 | 0.94 | -1.55 |
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 | GLTP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.24 | 0.31 | -0.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | -0.46 | +1.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.12 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | -0.27 | +1.08 |
Drawdowns
GLTY.L vs. GLTP.L - Drawdown Comparison
The maximum GLTY.L drawdown since its inception was -23.61%, smaller than the maximum GLTP.L drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for GLTY.L and GLTP.L.
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Drawdown Indicators
| GLTY.L | GLTP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.61% | -37.02% | +13.41% |
Max Drawdown (1Y)Largest decline over 1 year | -6.40% | -5.69% | -0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -7.96% | -7.66% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -34.89% | +11.28% |
Max Drawdown (10Y)Largest decline over 10 years | -23.61% | — | — |
Current DrawdownCurrent decline from peak | -6.57% | -28.56% | +21.99% |
Average DrawdownAverage peak-to-trough decline | -3.92% | -18.68% | +14.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 2.13% | +0.66% |
Volatility
GLTY.L vs. GLTP.L - Volatility Comparison
SPDR Bloomberg UK Gilt UCITS ETF (GLTY.L) and Invesco UK Gilts UCITS ETF Dist (GLTP.L) have volatilities of 2.87% and 3.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLTY.L | GLTP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 3.00% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 5.51% | 5.22% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.94% | 6.52% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.35% | 10.58% | +124.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 251.64% | 10.25% | +241.39% |
GLTY.L vs. GLTP.L - Expense Ratio Comparison
GLTY.L has a 0.15% expense ratio, which is higher than GLTP.L's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GLTY.L vs. GLTP.L - Dividend Comparison
GLTY.L has not paid dividends to shareholders, while GLTP.L's dividend yield for the trailing twelve months is around 4.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLTP.L Invesco UK Gilts UCITS ETF Dist | 4.51% | 4.39% | 4.33% | 3.24% | 1.62% | 0.81% | 0.81% | 0.72% | 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
With a correlation of 0.95, GLTY.L and GLTP.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.15% for GLTY.L.
Both ETFs track FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.15% for GLTY.L and 0.06% for GLTP.L.
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