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IBGS.L vs. GLTS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IBGS.L vs. GLTS.L

Last updated Jun 4, 2026

IBGS.L (iShares Euro Government Bond 1-3yr UCITS ETF (Dist)) and GLTS.L (SPDR Bloomberg 1-5 Year Gilt UCITS ETF) are both European Government Bonds funds - IBGS.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR while GLTS.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 10 years, IBGS.L returned 1.38%/yr vs 0.64%/yr for GLTS.L. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

IBGS.L vs. GLTS.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 SPDR Bloomberg 1-5 Year Gilt UCITS ETF (GLTS.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IBGS.L achieves a -1.02% return, which is significantly lower than GLTS.L's 0.16% return. Over the past 10 years, IBGS.L has outperformed GLTS.L with an annualized return of 1.38%, while GLTS.L has yielded a comparatively lower 0.64% annualized 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%

GLTS.L

1D
-0.15%
1M
0.42%
YTD
0.16%
6M
0.34%
1Y
2.70%
3Y*
3.90%
5Y*
0.77%
10Y*
0.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%-4.81%0.64%3.54%
GLTS.L
SPDR Bloomberg 1-5 Year Gilt UCITS ETF		0.16%5.40%1.76%3.70%-5.72%-1.91%1.77%1.11%0.41%-0.65%

Correlation

The correlation between IBGS.L and GLTS.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

0.23

Correlation (5Y)
Calculated over the trailing 5-year period

0.19

Correlation (10Y)
Calculated over the trailing 10-year period

0.21

Correlation (All Time)
Calculated using the full available price history since May 22, 2012

0.23

Compare stocks, funds, or ETFs

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

SPDR Bloomberg 1-5 Year Gilt UCITS ETF

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Often compared with GLTS.L:
GLTS.L vs. GBPG.LGLTS.L vs. EUNT.DEGLTS.L vs. MVUS.LGLTS.L vs. TLTGLTS.L vs. XMU.TOGLTS.L vs. FXAIXGLTS.L vs. XLKQ.L

Return for Risk

IBGS.L vs. GLTS.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: 2424
Overall Rank
IBGS.L Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
IBGS.L Sortino Ratio Rank: 2424
Sortino Ratio Rank
IBGS.L Omega Ratio Rank: 2222
Omega Ratio Rank
IBGS.L Calmar Ratio Rank: 2828
Calmar Ratio Rank
IBGS.L Martin Ratio Rank: 2424
Martin Ratio Rank
GLTS.L
GLTS.L Risk / Return Rank: 2929
Overall Rank
GLTS.L Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
GLTS.L Sortino Ratio Rank: 3030
Sortino Ratio Rank
GLTS.L Omega Ratio Rank: 3131
Omega Ratio Rank
GLTS.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
GLTS.L Martin Ratio Rank: 2828
Martin Ratio Rank
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. GLTS.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 SPDR Bloomberg 1-5 Year Gilt UCITS ETF (GLTS.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.LGLTS.LDifference
Sharpe ratioReturn per unit of total volatility
0.85
1.13

-0.28

Sortino ratioReturn per unit of downside risk
1.33
1.64

-0.32

Omega ratioGain probability vs. loss probability

1.15

1.21

-0.06

Calmar ratioReturn relative to maximum drawdown

1.36

1.21

+0.15

Martin ratioReturn relative to average drawdown

3.05

3.86

-0.81

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. GLTS.L - Sharpe Ratio Comparison

The current IBGS.L Sharpe Ratio is 0.85, which is comparable to the GLTS.L Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of IBGS.L and GLTS.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.

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Sharpe Ratios by Period

IBGS.LGLTS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.85

1.13

-0.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.17

0.24

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.24

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.34

-0.09

Drawdowns

IBGS.L vs. GLTS.L - Drawdown Comparison

The maximum IBGS.L drawdown since its inception was -16.59%, which is greater than GLTS.L's maximum drawdown of -11.18%. Use the drawdown chart below to compare losses from any high point for IBGS.L and GLTS.L.

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Drawdown Indicators

IBGS.LGLTS.LDifference

Max Drawdown

Largest peak-to-trough decline

-16.59%

-11.18%

-5.41%

Max Drawdown (1Y)

Largest decline over 1 year

-2.60%

-2.22%

-0.38%

Max Drawdown (3Y)

Largest decline over 3 years

-3.06%

-2.22%

-0.84%

Max Drawdown (5Y)

Largest decline over 5 years

-5.95%

-10.44%

+4.49%

Max Drawdown (10Y)

Largest decline over 10 years

-13.11%

-11.18%

-1.93%

Current Drawdown

Current decline from peak

-3.95%

-1.05%

-2.90%

Average Drawdown

Average peak-to-trough decline

-5.92%

-1.72%

-4.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.16%

0.70%

+0.46%

Volatility

IBGS.L vs. GLTS.L - Volatility Comparison

iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBGS.L) has a higher volatility of 1.20% compared to SPDR Bloomberg 1-5 Year Gilt UCITS ETF (GLTS.L) at 0.85%. This indicates that IBGS.L's price experiences larger fluctuations and is considered to be riskier than GLTS.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.LGLTS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.20%

0.85%

+0.35%

Volatility (6M)

Calculated over the trailing 6-month period

2.81%

2.01%

+0.80%

Volatility (1Y)

Calculated over the trailing 1-year period

4.16%

2.39%

+1.77%

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%

2.62%

+4.47%

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

Both IBGS.L and GLTS.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IBGS.L vs. GLTS.L - Dividend Comparison

IBGS.L's dividend yield for the trailing twelve months is around 2.18%, less than GLTS.L's 3.64% yield.

PositionTTM20252024202320222021202020192018201720162015
GLTS.L
SPDR Bloomberg 1-5 Year Gilt UCITS ETF		3.64%3.44%2.74%1.30%0.18%0.13%0.46%0.60%0.39%0.52%0.88%0.98%
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 GLTS.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.

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

IBGS.L and GLTS.L have the same expense ratio: 0.15% per year.

IBGS.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while GLTS.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and State Street.

Portfolio Optimizer

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