IBGS.L vs. SGOV
IBGS.L (iShares Euro Government Bond 1-3yr UCITS ETF (Dist)) and SGOV (iShares 0-3 Month Treasury Bond ETF) 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 SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, IBGS.L returned 0.92%/yr vs 4.65%/yr for SGOV. At a 0.34 correlation, their price movements are largely independent. IBGS.L charges 0.15%/yr vs 0.09%/yr for SGOV.
Performance
IBGS.L vs. SGOV - Performance Comparison
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Different Trading Currencies
IBGS.L is traded in GBP, while SGOV is traded in USD. To make them comparable, the SGOV 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 SGOV's 1.88% 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%
SGOV
- 1D
- 0.28%
- 1M
- 1.10%
- YTD
- 1.88%
- 6M
- 1.27%
- 1Y
- 4.67%
- 3Y*
- 2.13%
- 5Y*
- 4.65%
- 10Y*
- —
IBGS.L vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBGS.L iShares Euro Government Bond 1-3yr UCITS ETF (Dist) | -1.02% | 7.76% | -1.67% | 1.50% | 1.00% | -7.25% | 0.45% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.88% | -3.18% | 7.11% | -0.13% | 13.66% | 0.99% | -9.79% |
Correlation
The correlation between IBGS.L and SGOV is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since May 29, 2020 | 0.34 |
The correlation between IBGS.L and SGOV shifts across timeframes, from 0.20 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBGS.L vs. SGOV — Risk / Return Rank
IBGS.L
SGOV
IBGS.L vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.12 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 0.91 | +0.45 |
| Martin ratioReturn relative to average drawdown | 3.05 | 2.47 | +0.58 |
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 | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.85 | 0.71 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.55 | -0.37 |
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 | 0.17 | +0.07 |
Drawdowns
IBGS.L vs. SGOV - Drawdown Comparison
The maximum IBGS.L drawdown since its inception was -16.59%, which is greater than SGOV's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for IBGS.L and SGOV.
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Drawdown Indicators
| IBGS.L | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.59% | -15.77% | -0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.60% | -5.17% | +2.57% |
Max Drawdown (3Y)Largest decline over 3 years | -3.06% | -9.80% | +6.74% |
Max Drawdown (5Y)Largest decline over 5 years | -5.95% | -15.77% | +9.82% |
Max Drawdown (10Y)Largest decline over 10 years | -13.11% | — | — |
Current DrawdownCurrent decline from peak | -3.95% | -5.94% | +1.99% |
Average DrawdownAverage peak-to-trough decline | -5.92% | -8.18% | +2.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.90% | -0.74% |
Volatility
IBGS.L vs. SGOV - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBGS.L) is 1.20%, while iShares 0-3 Month Treasury Bond ETF (SGOV) has a volatility of 1.77%. This indicates that IBGS.L experiences smaller price fluctuations and is considered to be less risky than SGOV 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 | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.77% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 4.99% | -2.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 6.60% | -2.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 8.56% | -3.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.09% | 8.50% | -1.41% |
IBGS.L vs. SGOV - Expense Ratio Comparison
IBGS.L has a 0.15% expense ratio, which is higher than SGOV's 0.09% 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. SGOV - Dividend Comparison
IBGS.L's dividend yield for the trailing twelve months is around 2.18%, less than SGOV's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.86% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBGS.L and SGOV have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGOV is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.15% for IBGS.L.
IBGS.L is categorized as European Government Bonds, while SGOV is Ultrashort Bond. IBGS.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.15% for IBGS.L and 0.09% for SGOV.
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