IBGX.L vs. GBPG.L
IBGX.L (iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist)) and GBPG.L (Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)) are both European Government Bonds funds - IBGX.L tracks the BBG EU Term 3-5 Year Index while GBPG.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 3 years, IBGX.L returned 2.30%/yr vs 3.97%/yr for GBPG.L. At a 0.44 correlation, their price movements are largely independent. IBGX.L charges 0.15%/yr vs 0.07%/yr for GBPG.L.
Performance
IBGX.L vs. GBPG.L - Performance Comparison
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Returns By Period
In the year-to-date period, IBGX.L achieves a -2.99% return, which is significantly lower than GBPG.L's 3.37% return.
IBGX.L
- 1D
- 0.16%
- 1M
- -2.35%
- 6M
- -2.43%
- YTD
- -2.99%
- 1Y
- -1.44%
- 3Y*
- 2.30%
- 5Y*
- -0.61%
- 10Y*
- 0.25%
GBPG.L
- 1D
- 0.07%
- 1M
- -0.49%
- 6M
- -0.20%
- YTD
- 3.37%
- 1Y
- 2.69%
- 3Y*
- 3.97%
- 5Y*
- —
- 10Y*
- —
IBGX.L vs. GBPG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IBGX.L iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) | -2.99% | 7.79% | -2.42% | 3.20% | -5.19% | -3.01% |
GBPG.L Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) | 3.37% | 2.23% | 0.17% | 4.28% | -9.15% | -1.16% |
Correlation
The correlation between IBGX.L and GBPG.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2021 | 0.44 |
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Return for Risk
IBGX.L vs. GBPG.L — Risk / Return Rank
IBGX.L
GBPG.L
IBGX.L vs. GBPG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IBGX.L | GBPG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.11 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 0.85 | -1.15 |
| Martin ratioReturn relative to average drawdown | -0.72 | 2.18 | -2.90 |
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Drawdowns
IBGX.L vs. GBPG.L - Drawdown Comparison
The maximum IBGX.L drawdown since its inception was -25.93%, which is greater than GBPG.L's maximum drawdown of -15.04%. Use the drawdown chart below to compare losses from any high point for IBGX.L and GBPG.L.
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Drawdown Indicators
| IBGX.L | GBPG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.93% | -15.04% | -10.89% |
Max Drawdown (1Y)Largest decline over 1 year | -4.77% | -3.16% | -1.61% |
Max Drawdown (3Y)Largest decline over 3 years | -4.77% | -3.30% | -1.47% |
Max Drawdown (5Y)Largest decline over 5 years | -12.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.07% | — | — |
Current DrawdownCurrent decline from peak | -10.56% | -1.42% | -9.14% |
Average DrawdownAverage peak-to-trough decline | -8.61% | -5.77% | -2.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.23% | +0.75% |
Volatility
IBGX.L vs. GBPG.L - Volatility Comparison
iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.L) has a higher volatility of 1.17% compared to Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L) at 1.08%. This indicates that IBGX.L's price experiences larger fluctuations and is considered to be riskier than GBPG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBGX.L | GBPG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.08% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.48% | 3.31% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 5.86% | -1.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.83% | 5.36% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 5.36% | +1.58% |
IBGX.L vs. GBPG.L - Expense Ratio Comparison
IBGX.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
IBGX.L vs. GBPG.L - Dividend Comparison
IBGX.L's dividend yield for the trailing twelve months is around 2.51%, less than GBPG.L's 4.08% 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) | 4.08% | 4.13% | 4.10% | 3.35% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBGX.L iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) | 2.51% | 2.47% | 2.65% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.12% | 0.08% | 0.12% | 0.60% |
Frequently Asked Questions
IBGX.L and GBPG.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
GBPG.L is cheaper with a 0.07% expense ratio, compared with 0.15% for IBGX.L.
IBGX.L tracks BBG EU Term 3-5 Year Index, 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 IBGX.L and 0.07% for GBPG.L.
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