IBGS.L vs. GLT5.L
IBGS.L (iShares Euro Government Bond 1-3yr UCITS ETF (Dist)) and GLT5.L (Invesco UK Gilt 1-5 Year UCITS ETF Dist) are both European Government Bonds funds - IBGS.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR while GLT5.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 5 years, IBGS.L returned 0.92%/yr vs 0.89%/yr for GLT5.L. At a 0.16 correlation, their price movements are largely independent. IBGS.L charges 0.15%/yr vs 0.06%/yr for GLT5.L.
Performance
IBGS.L vs. GLT5.L - Performance Comparison
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Different Trading Currencies
IBGS.L is traded in GBP, while GLT5.L is traded in GBp. To make them comparable, the GLT5.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBGS.L achieves a -1.02% return, which is significantly lower than GLT5.L's 0.13% return.
IBGS.L
- 1D
- -0.07%
- 1M
- 0.24%
- YTD
- -1.02%
- 6M
- -0.96%
- 1Y
- 3.54%
- 3Y*
- 2.79%
- 5Y*
- 0.92%
- 10Y*
- 1.38%
GLT5.L
- 1D
- -0.12%
- 1M
- 0.52%
- YTD
- 0.13%
- 6M
- 0.46%
- 1Y
- 2.92%
- 3Y*
- 4.01%
- 5Y*
- 0.89%
- 10Y*
- —
IBGS.L vs. GLT5.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBGS.L iShares Euro Government Bond 1-3yr UCITS ETF (Dist) | -1.02% | 7.76% | -1.67% | 1.50% | 1.00% | -7.25% | 5.39% | -0.76% |
GLT5.L Invesco UK Gilt 1-5 Year UCITS ETF Dist | 0.13% | 5.31% | 2.14% | 3.86% | -5.44% | -1.89% | 1.83% | 0.69% |
Correlation
The correlation between IBGS.L and GLT5.L is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2019 | 0.16 |
The correlation between IBGS.L and GLT5.L shifts across timeframes, from 0.08 (1 year) to 0.19 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBGS.L vs. GLT5.L — Risk / Return Rank
IBGS.L
GLT5.L
IBGS.L vs. GLT5.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 Invesco UK Gilt 1-5 Year UCITS ETF Dist (GLT5.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 | GLT5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.21 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.33 | +0.03 |
| Martin ratioReturn relative to average drawdown | 3.05 | 4.26 | -1.21 |
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
| IBGS.L | GLT5.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.85 | 0.97 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.28 | -0.10 |
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 | 0.32 | -0.07 |
Drawdowns
IBGS.L vs. GLT5.L - Drawdown Comparison
The maximum IBGS.L drawdown since its inception was -16.59%, which is greater than GLT5.L's maximum drawdown of -10.98%. Use the drawdown chart below to compare losses from any high point for IBGS.L and GLT5.L.
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Drawdown Indicators
| IBGS.L | GLT5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.59% | -10.98% | -5.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.60% | -2.20% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -3.06% | -2.20% | -0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -5.95% | -10.32% | +4.37% |
Max Drawdown (10Y)Largest decline over 10 years | -13.11% | — | — |
Current DrawdownCurrent decline from peak | -3.95% | -0.99% | -2.96% |
Average DrawdownAverage peak-to-trough decline | -5.92% | -2.63% | -3.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 0.69% | +0.47% |
Volatility
IBGS.L vs. GLT5.L - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBGS.L) is 1.20%, while Invesco UK Gilt 1-5 Year UCITS ETF Dist (GLT5.L) has a volatility of 1.89%. This indicates that IBGS.L experiences smaller price fluctuations and is considered to be less risky than GLT5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBGS.L | GLT5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.89% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 2.63% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 3.00% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 3.25% | +2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.09% | 2.92% | +4.17% |
IBGS.L vs. GLT5.L - Expense Ratio Comparison
IBGS.L has a 0.15% expense ratio, which is higher than GLT5.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
IBGS.L vs. GLT5.L - Dividend Comparison
IBGS.L's dividend yield for the trailing twelve months is around 2.18%, less than GLT5.L's 4.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLT5.L Invesco UK Gilt 1-5 Year UCITS ETF Dist | 4.13% | 4.12% | 4.43% | 3.76% | 1.01% | 0.19% | 0.33% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
IBGS.L iShares Euro Government Bond 1-3yr UCITS ETF (Dist) | 2.18% | 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
IBGS.L and GLT5.L have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLT5.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLT5.L is cheaper with a 0.06% expense ratio, compared with 0.15% for IBGS.L.
IBGS.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while GLT5.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for IBGS.L and 0.06% for GLT5.L.
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