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

IBGS.L vs. IBTM.L

Last updated Jun 4, 2026

IBGS.L (iShares Euro Government Bond 1-3yr UCITS ETF (Dist)) and IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) are both exchange-traded funds - IBGS.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while IBTM.L is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, IBGS.L returned 1.38%/yr vs 2.30%/yr for IBTM.L. At a 0.39 correlation, their price movements are largely independent. IBGS.L charges 0.15%/yr vs 0.07%/yr for IBTM.L.

Performance

IBGS.L vs. IBTM.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 iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.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 IBTM.L's -0.03% return. Over the past 10 years, IBGS.L has underperformed IBTM.L with an annualized return of 1.38%, while IBTM.L has yielded a comparatively higher 2.30% 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%

IBTM.L

1D
0.15%
1M
1.68%
YTD
-0.03%
6M
-0.91%
1Y
6.38%
3Y*
1.26%
5Y*
0.99%
10Y*
2.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IBGS.L vs. IBTM.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%
IBTM.L
iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)		-0.03%2.28%2.56%-1.50%-4.38%-1.34%6.45%6.25%7.34%-5.92%

Correlation

The correlation between IBGS.L and IBTM.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.43

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

0.45

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

0.54

Correlation (All Time)
Calculated using the full available price history since Jan 3, 2007

0.39

The correlation between IBGS.L and IBTM.L shifts across timeframes, from 0.39 (all time) to 0.54 (10 years), reflecting how their relationship changes across market environments.

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

iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)

Often compared with IBGS.L:
IBGS.L vs. IBGM.LIBGS.L vs. SEGA.LIBGS.L vs. VUSA.ASIBGS.L vs. SCHOIBGS.L vs. IGLT.LIBGS.L vs. IGLS.LIBGS.L vs. QQQ
Often compared with IBTM.L:
IBTM.L vs. IEFIBTM.L vs. IBTS.LIBTM.L vs. VUTA.LIBTM.L vs. VUTY.LIBTM.L vs. SGLP.LIBTM.L vs. TLTIBTM.L vs. BIL

Return for Risk

IBGS.L vs. IBTM.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
IBTM.L
IBTM.L Risk / Return Rank: 2626
Overall Rank
IBTM.L Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
IBTM.L Sortino Ratio Rank: 2929
Sortino Ratio Rank
IBTM.L Omega Ratio Rank: 2626
Omega Ratio Rank
IBTM.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
IBTM.L Martin Ratio Rank: 2222
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. IBTM.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 iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.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.LIBTM.LDifference
Sharpe ratioReturn per unit of total volatility
0.85
1.03

-0.18

Sortino ratioReturn per unit of downside risk
1.33
1.60

-0.28

Omega ratioGain probability vs. loss probability

1.15

1.18

-0.03

Calmar ratioReturn relative to maximum drawdown

1.36

1.17

+0.19

Martin ratioReturn relative to average drawdown

3.05

2.86

+0.19

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. IBTM.L - Sharpe Ratio Comparison

The current IBGS.L Sharpe Ratio is 0.85, which is comparable to the IBTM.L Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of IBGS.L and IBTM.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.LIBTM.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.85

1.03

-0.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.17

0.10

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.22

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.57

-0.32

Drawdowns

IBGS.L vs. IBTM.L - Drawdown Comparison

The maximum IBGS.L drawdown since its inception was -16.59%, smaller than the maximum IBTM.L drawdown of -25.39%. Use the drawdown chart below to compare losses from any high point for IBGS.L and IBTM.L.

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Drawdown Indicators

IBGS.LIBTM.LDifference

Max Drawdown

Largest peak-to-trough decline

-16.59%

-25.39%

+8.80%

Max Drawdown (1Y)

Largest decline over 1 year

-2.60%

-5.58%

+2.98%

Max Drawdown (3Y)

Largest decline over 3 years

-3.06%

-6.93%

+3.87%

Max Drawdown (5Y)

Largest decline over 5 years

-5.95%

-15.83%

+9.88%

Max Drawdown (10Y)

Largest decline over 10 years

-13.11%

-25.39%

+12.28%

Current Drawdown

Current decline from peak

-3.95%

-17.49%

+13.54%

Average Drawdown

Average peak-to-trough decline

-5.92%

-10.52%

+4.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.16%

2.28%

-1.12%

Volatility

IBGS.L vs. IBTM.L - Volatility Comparison

The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBGS.L) is 1.20%, while iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) has a volatility of 1.86%. This indicates that IBGS.L experiences smaller price fluctuations and is considered to be less risky than IBTM.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.LIBTM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.20%

1.86%

-0.66%

Volatility (6M)

Calculated over the trailing 6-month period

2.81%

4.69%

-1.88%

Volatility (1Y)

Calculated over the trailing 1-year period

4.16%

6.35%

-2.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.34%

9.51%

-4.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.09%

10.63%

-3.54%

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

IBGS.L has a 0.15% expense ratio, which is higher than IBTM.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. IBTM.L - Dividend Comparison

IBGS.L's dividend yield for the trailing twelve months is around 2.18%, less than IBTM.L's 5.82% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IBTM.L
iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)		5.82%5.55%5.00%3.93%2.34%1.57%2.13%3.25%3.07%2.64%2.40%3.01%

Frequently Asked Questions

IBGS.L and IBTM.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

IBGS.L is categorized as European Government Bonds, while IBTM.L is Government Bonds. IBGS.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while IBTM.L tracks ICE U.S. Treasury 7-10 Year Bond Index. Their fees differ too: 0.15% for IBGS.L and 0.07% for IBTM.L.

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