GOVD.L vs. FXGB.L

Last updated Jul 18, 2026

GOVD.L (Lyxor Core Global Government Bond (DR) UCITS ETF - Dist) and FXGB.L (First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc)) are both exchange-traded funds - GOVD.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, while FXGB.L is a Currency fund tracking the Bloomberg G10 Carry Index. Both are passively managed. Over the past 5 years, GOVD.L returned -2.96%/yr vs 5.13%/yr for FXGB.L. At a correlation of -0.18, they often move in opposite directions. GOVD.L charges 0.09%/yr vs 0.75%/yr for FXGB.L.

Performance

GOVD.L vs. FXGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.L) and First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc) (FXGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GOVD.L is traded in GBP, while FXGB.L is traded in GBp. To make them comparable, the FXGB.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GOVD.L achieves a -1.87% return, which is significantly lower than FXGB.L's 6.71% return.

GOVD.L

• 1D: 0.35%
• 1M: -1.70%
• 6M: -1.87%
• YTD: -1.87%
• 1Y: -0.59%
• 3Y*: 0.01%
• 5Y*: -2.96%
• 10Y*: —

FXGB.L

• 1D: 0.47%
• 1M: 1.70%
• 6M: 5.78%
• YTD: 6.71%
• 1Y: 11.40%
• 3Y*: 6.44%
• 5Y*: 5.13%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GOVD.L vs. FXGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GOVD.L Lyxor Core Global Government Bond (DR) UCITS ETF - Dist	-1.87%	-0.20%	-1.78%	-1.14%	-8.48%	-5.98%	-22.93%
FXGB.L First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc)	6.71%	7.73%	5.81%	10.67%	-1.83%	-2.87%	4.53%

Correlation

The correlation between GOVD.L and FXGB.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Jun 24, 2020	-0.18

The correlation between GOVD.L and FXGB.L shifts across timeframes, from -0.18 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GOVD.L vs. FXGB.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GOVD.L

GOVD.L Risk / Return Rank: 25
GOVD.L Sharpe Ratio Rank: 10
GOVD.L Sortino Ratio Rank: 27
GOVD.L Omega Ratio Rank: 70
GOVD.L Calmar Ratio Rank: 10
GOVD.L Martin Ratio Rank: 10

FXGB.L

FXGB.L Risk / Return Rank: 47
FXGB.L Sharpe Ratio Rank: 37
FXGB.L Sortino Ratio Rank: 36
FXGB.L Omega Ratio Rank: 36
FXGB.L Calmar Ratio Rank: 70
FXGB.L Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GOVD.L vs. FXGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.L) and First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc) (FXGB.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.

	GOVD.L	FXGB.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	1.02	-1.03
Sortino ratio: Return per unit of downside risk	1.20	1.50	-0.30
Omega ratio: Gain probability vs. loss probability	1.32	1.19	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.02	2.62	-2.64
Martin ratio: Return relative to average drawdown	-0.03	7.33	-7.35

GOVD.L vs. FXGB.L - Sharpe Ratio Comparison

The current GOVD.L Sharpe Ratio is -0.00, which is lower than the FXGB.L Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of GOVD.L and FXGB.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GOVD.L vs. FXGB.L - Drawdown Comparison

The maximum GOVD.L drawdown since its inception was -38.07%, which is greater than FXGB.L's maximum drawdown of -9.43%. Use the drawdown chart below to compare losses from any high point for GOVD.L and FXGB.L.

Drawdown Indicators

	GOVD.L	FXGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.07%	-9.43%	-28.64%
Max Drawdown (1Y) Largest decline over 1 year	-27.55%	-4.33%	-23.22%
Max Drawdown (3Y) Largest decline over 3 years	-27.55%	-6.86%	-20.69%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	-7.66%	-19.89%
Current Drawdown Current decline from peak	-36.93%	0.00%	-36.93%
Average Drawdown Average peak-to-trough decline	-32.01%	-2.72%	-29.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.11%	1.55%	+21.56%

Volatility

GOVD.L vs. FXGB.L - Volatility Comparison

Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.L) has a higher volatility of 28.36% compared to First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc) (FXGB.L) at 2.67%. This indicates that GOVD.L's price experiences larger fluctuations and is considered to be riskier than FXGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOVD.L	FXGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.36%	2.67%	+25.69%
Volatility (6M) Calculated over the trailing 6-month period	120.69%	8.42%	+112.27%
Volatility (1Y) Calculated over the trailing 1-year period	149.55%	11.10%	+138.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.43%	7.87%	+59.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.78%	6.75%	+55.03%

GOVD.L vs. FXGB.L - Expense Ratio Comparison

GOVD.L has a 0.09% expense ratio, which is lower than FXGB.L's 0.75% expense ratio.

Dividends

GOVD.L vs. FXGB.L - Dividend Comparison

GOVD.L's dividend yield for the trailing twelve months is around 2.73%, while FXGB.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
FXGB.L First Trust FactorFX UCITS ETF Class B GBP Hedged (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GOVD.L Lyxor Core Global Government Bond (DR) UCITS ETF - Dist	2.73%	2.68%	2.45%	1.64%	1.28%	1.23%	0.48%

Frequently Asked Questions

Can I hold both GOVD.L and FXGB.L in my portfolio?

GOVD.L and FXGB.L have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GOVD.L or FXGB.L?

On fees, GOVD.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GOVD.L or FXGB.L?

GOVD.L is cheaper with a 0.09% expense ratio, compared with 0.75% for FXGB.L.

What is the main difference between GOVD.L and FXGB.L?

GOVD.L is categorized as Global Bonds, while FXGB.L is Currency. GOVD.L tracks Bloomberg Global Aggregate TR USD, while FXGB.L tracks Bloomberg G10 Carry Index. They also come from different issuers: Amundi and First Trust. Their fees differ too: 0.09% for GOVD.L and 0.75% for FXGB.L.