IBGS.L vs. GBPG.L

Last updated Jun 5, 2026

IBGS.L (iShares Euro Government Bond 1-3yr UCITS ETF (Dist)) and GBPG.L (Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)) are both European Government Bonds funds - IBGS.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR while GBPG.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 3 years, IBGS.L returned 2.81%/yr vs 3.68%/yr for GBPG.L. At a 0.20 correlation, their price movements are largely independent. IBGS.L charges 0.15%/yr vs 0.07%/yr for GBPG.L.

Performance

IBGS.L vs. GBPG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBGS.L) and Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBGS.L achieves a -0.83% return, which is significantly lower than GBPG.L's 3.08% return.

IBGS.L

• 1D: 0.19%
• 1M: 0.52%
• YTD: -0.83%
• 6M: -0.66%
• 1Y: 3.70%
• 3Y*: 2.81%
• 5Y*: 0.96%
• 10Y*: 1.34%

GBPG.L

• 1D: 0.21%
• 1M: 1.16%
• YTD: 3.08%
• 6M: 0.07%
• 1Y: 2.85%
• 3Y*: 3.68%
• 5Y*: —
• 10Y*: —

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

IBGS.L vs. GBPG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IBGS.L iShares Euro Government Bond 1-3yr UCITS ETF (Dist)	-0.83%	7.76%	-1.67%	1.50%	1.00%	-2.05%
GBPG.L Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)	3.08%	2.23%	0.17%	4.28%	90.38%	-1.08%

Correlation

The correlation between IBGS.L and GBPG.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 10, 2021	0.20

Return for Risk

IBGS.L vs. GBPG.L — Risk / Return Rank

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

IBGS.L

IBGS.L Risk / Return Rank: 26
IBGS.L Sharpe Ratio Rank: 26
IBGS.L Sortino Ratio Rank: 26
IBGS.L Omega Ratio Rank: 23
IBGS.L Calmar Ratio Rank: 29
IBGS.L Martin Ratio Rank: 24

GBPG.L

GBPG.L Risk / Return Rank: 19
GBPG.L Sharpe Ratio Rank: 17
GBPG.L Sortino Ratio Rank: 16
GBPG.L Omega Ratio Rank: 20
GBPG.L Calmar Ratio Rank: 21
GBPG.L Martin Ratio Rank: 21

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.

IBGS.L vs. GBPG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBGS.L) and Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.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.

	IBGS.L	GBPG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.49	+0.40
Sortino ratio: Return per unit of downside risk	1.38	0.72	+0.66
Omega ratio: Gain probability vs. loss probability	1.15	1.12	+0.03
Calmar ratio: Return relative to maximum drawdown	1.42	0.90	+0.52
Martin ratio: Return relative to average drawdown	3.16	2.44	+0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBGS.L vs. GBPG.L - Sharpe Ratio Comparison

The current IBGS.L Sharpe Ratio is 0.89, which is higher than the GBPG.L Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of IBGS.L and GBPG.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.

Sharpe Ratios by Period

	IBGS.L	GBPG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.49	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.47	-0.22

Drawdowns

IBGS.L vs. GBPG.L - Drawdown Comparison

The maximum IBGS.L drawdown since its inception was -16.59%, which is greater than GBPG.L's maximum drawdown of -7.18%. Use the drawdown chart below to compare losses from any high point for IBGS.L and GBPG.L.

Drawdown Indicators

	IBGS.L	GBPG.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.59%	-7.18%	-9.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.60%	-3.16%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-3.06%	-3.30%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-5.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.11%	—	—
Current Drawdown Current decline from peak	-3.77%	-1.70%	-2.07%
Average Drawdown Average peak-to-trough decline	-5.92%	-1.69%	-4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	1.17%	0.00%

Volatility

IBGS.L vs. GBPG.L - Volatility Comparison

The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBGS.L) is 1.20%, while Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L) has a volatility of 1.51%. This indicates that IBGS.L experiences smaller price fluctuations and is considered to be less risky than GBPG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBGS.L	GBPG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.51%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	5.31%	-2.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	5.83%	-1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.34%	35.50%	-30.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.09%	35.50%	-28.41%

IBGS.L vs. GBPG.L - Expense Ratio Comparison

IBGS.L has a 0.15% expense ratio, which is higher than GBPG.L's 0.07% 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

IBGS.L vs. GBPG.L - Dividend Comparison

IBGS.L's dividend yield for the trailing twelve months is around 2.17%, less than GBPG.L's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBPG.L Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)	4.09%	4.13%	4.10%	3.35%	62.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IBGS.L iShares Euro Government Bond 1-3yr UCITS ETF (Dist)	2.17%	2.39%	2.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.28%

Frequently Asked Questions

Can I hold both IBGS.L and GBPG.L in my portfolio?

IBGS.L and GBPG.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBGS.L or GBPG.L?

On fees, GBPG.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBGS.L or GBPG.L?

GBPG.L is cheaper with a 0.07% expense ratio, compared with 0.15% for IBGS.L.

What is the main difference between IBGS.L and GBPG.L?

IBGS.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while GBPG.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.15% for IBGS.L and 0.07% for GBPG.L.