IBGX.L vs. GLTA.L
IBGX.L (iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist)) and GLTA.L (Invesco UK Gilts UCITS ETF Acc) are both European Government Bonds funds - IBGX.L tracks the BBG EU Term 3-5 Year Index while GLTA.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 5 years, IBGX.L returned -0.61%/yr vs -5.21%/yr for GLTA.L. At a 0.36 correlation, their price movements are largely independent. IBGX.L charges 0.15%/yr vs 0.06%/yr for GLTA.L.
Performance
IBGX.L vs. GLTA.L - Performance Comparison
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Different Trading Currencies
IBGX.L is traded in GBP, while GLTA.L is traded in GBp. To make them comparable, the GLTA.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBGX.L achieves a -2.99% return, which is significantly lower than GLTA.L's -1.08% 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%
GLTA.L
- 1D
- 0.13%
- 1M
- -1.13%
- 6M
- -1.91%
- YTD
- -1.08%
- 1Y
- 2.32%
- 3Y*
- 2.27%
- 5Y*
- -5.21%
- 10Y*
- —
IBGX.L vs. GLTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBGX.L iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) | -2.99% | 7.79% | -2.42% | 3.20% | -5.19% | -7.77% | 6.63% | -3.96% |
GLTA.L Invesco UK Gilts UCITS ETF Acc | -1.08% | 4.99% | -4.18% | 3.52% | -25.15% | -5.17% | 8.71% | 1.44% |
Correlation
The correlation between IBGX.L and GLTA.L is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2019 | 0.36 |
The correlation between IBGX.L and GLTA.L shifts across timeframes, from 0.32 (1 year) to 0.43 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBGX.L vs. GLTA.L — Risk / Return Rank
IBGX.L
GLTA.L
IBGX.L vs. GLTA.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 Invesco UK Gilts UCITS ETF Acc (GLTA.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 | GLTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.07 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 0.41 | -0.71 |
| Martin ratioReturn relative to average drawdown | -0.72 | 0.99 | -1.72 |
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Drawdowns
IBGX.L vs. GLTA.L - Drawdown Comparison
The maximum IBGX.L drawdown since its inception was -25.93%, smaller than the maximum GLTA.L drawdown of -36.99%. Use the drawdown chart below to compare losses from any high point for IBGX.L and GLTA.L.
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Drawdown Indicators
| IBGX.L | GLTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.93% | -36.99% | +11.06% |
Max Drawdown (1Y)Largest decline over 1 year | -4.77% | -5.70% | +0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -4.77% | -7.70% | +2.93% |
Max Drawdown (5Y)Largest decline over 5 years | -12.06% | -34.87% | +22.81% |
Max Drawdown (10Y)Largest decline over 10 years | -18.07% | — | — |
Current DrawdownCurrent decline from peak | -10.56% | -28.27% | +17.71% |
Average DrawdownAverage peak-to-trough decline | -8.61% | -19.21% | +10.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 2.34% | -0.36% |
Volatility
IBGX.L vs. GLTA.L - Volatility Comparison
The current volatility for iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.L) is 1.17%, while Invesco UK Gilts UCITS ETF Acc (GLTA.L) has a volatility of 1.81%. This indicates that IBGX.L experiences smaller price fluctuations and is considered to be less risky than GLTA.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 | GLTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.81% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 3.48% | 5.29% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 6.39% | -1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.83% | 10.55% | -4.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 10.24% | -3.30% |
IBGX.L vs. GLTA.L - Expense Ratio Comparison
IBGX.L has a 0.15% expense ratio, which is higher than GLTA.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
IBGX.L vs. GLTA.L - Dividend Comparison
IBGX.L's dividend yield for the trailing twelve months is around 2.51%, while GLTA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLTA.L Invesco UK Gilts UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 GLTA.L have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLTA.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLTA.L is cheaper with a 0.06% expense ratio, compared with 0.15% for IBGX.L.
IBGX.L tracks BBG EU Term 3-5 Year Index, while GLTA.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 IBGX.L and 0.06% for GLTA.L.
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