IBCA.DE vs. GSY

Last updated Apr 3, 2026

Compare and contrast key facts about iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBCA.DE) and Invesco Ultra Short Duration ETF (GSY).

IBCA.DE and GSY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBCA.DE is a passively managed fund by iShares that tracks the performance of the Bloomberg Euro Government Bond 1-3. It was launched on Jun 5, 2006. GSY is an actively managed fund by Invesco. It was launched on Feb 12, 2008.

Performance

IBCA.DE vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBCA.DE) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

IBCA.DE vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBCA.DE iShares Euro Government Bond 1-3yr UCITS ETF (Dist)	-0.26%	2.31%	3.05%	3.50%	-4.26%	-0.84%	-0.15%	0.14%	-0.27%	0.02%
GSY Invesco Ultra Short Duration ETF	2.71%	-7.49%	12.95%	2.81%	6.21%	7.51%	-6.52%	5.72%	6.97%	-10.66%

Different Trading Currencies

IBCA.DE is traded in EUR, while GSY is traded in USD. To make them comparable, the GSY values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, IBCA.DE achieves a -0.26% return, which is significantly lower than GSY's 2.37% return. Over the past 10 years, IBCA.DE has underperformed GSY with an annualized return of 0.33%, while GSY has yielded a comparatively higher 2.68% annualized return.

IBCA.DE

• 1D: 0.00%
• 1M: -0.54%
• YTD: -0.26%
• 6M: 0.16%
• 1Y: 1.27%
• 3Y*: 2.59%
• 5Y*: 0.70%
• 10Y*: 0.33%

GSY

• 1D: 0.00%
• 1M: 0.50%
• YTD: 2.37%
• 6M: 3.23%
• 1Y: -2.14%
• 3Y*: 3.39%
• 5Y*: 3.89%
• 10Y*: 2.68%

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

IBCA.DE vs. GSY - Expense Ratio Comparison

IBCA.DE has a 0.15% expense ratio, which is lower than GSY'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%.

GSY

Invesco Ultra Short Duration ETF

IBCA.DE

iShares Euro Government Bond 1-3yr UCITS ETF (Dist)

Return for Risk

IBCA.DE vs. GSY — Risk / Return Rank

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

IBCA.DE

IBCA.DE Risk / Return Rank: 50
IBCA.DE Sharpe Ratio Rank: 62
IBCA.DE Sortino Ratio Rank: 57
IBCA.DE Omega Ratio Rank: 64
IBCA.DE Calmar Ratio Rank: 29
IBCA.DE Martin Ratio Rank: 37

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 100
GSY Sortino Ratio Rank: 100
GSY Omega Ratio Rank: 100
GSY Calmar Ratio Rank: 99
GSY Martin Ratio Rank: 99

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.

IBCA.DE vs. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBCA.DE) and Invesco Ultra Short Duration ETF (GSY). 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.

	IBCA.DE	GSY	Difference
Sharpe ratio Return per unit of total volatility	1.15	-0.28	+1.43
Sortino ratio Return per unit of downside risk	1.56	-0.32	+1.88
Omega ratio Gain probability vs. loss probability	1.25	0.96	+0.29
Calmar ratio Return relative to maximum drawdown	0.97	-0.34	+1.31
Martin ratio Return relative to average drawdown	4.35	-0.54	+4.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBCA.DE vs. GSY - Sharpe Ratio Comparison

The current IBCA.DE Sharpe Ratio is 1.15, which is higher than the GSY Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of IBCA.DE and GSY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IBCA.DE	GSY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	-0.28	+1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.51	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	0.37	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.32	-0.08

Correlation

The correlation between IBCA.DE and GSY is 0.00, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IBCA.DE vs. GSY - Dividend Comparison

IBCA.DE's dividend yield for the trailing twelve months is around 2.19%, less than GSY's 4.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBCA.DE iShares Euro Government Bond 1-3yr UCITS ETF (Dist)	2.19%	2.45%	2.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.29%
GSY Invesco Ultra Short Duration ETF	4.42%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%

Drawdowns

IBCA.DE vs. GSY - Drawdown Comparison

The maximum IBCA.DE drawdown since its inception was -8.31%, smaller than the maximum GSY drawdown of -21.95%. Use the drawdown chart below to compare losses from any high point for IBCA.DE and GSY.

Drawdown Indicators

	IBCA.DE	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-8.31%	-12.14%	+3.83%
Max Drawdown (1Y) Largest decline over 1 year	-1.14%	-0.18%	-0.96%
Max Drawdown (5Y) Largest decline over 5 years	-5.24%	-1.48%	-3.76%
Max Drawdown (10Y) Largest decline over 10 years	-8.31%	-5.25%	-3.06%
Current Drawdown Current decline from peak	-0.87%	0.00%	-0.87%
Average Drawdown Average peak-to-trough decline	-1.03%	-2.41%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	0.03%	+0.22%

Volatility

IBCA.DE vs. GSY - Volatility Comparison

The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBCA.DE) is 0.77%, while Invesco Ultra Short Duration ETF (GSY) has a volatility of 2.00%. This indicates that IBCA.DE experiences smaller price fluctuations and is considered to be less risky than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBCA.DE	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	2.00%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	4.22%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	1.10%	7.74%	-6.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.50%	7.59%	-6.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	7.34%	-3.54%