IBGX.L vs. GLTS.L
IBGX.L (iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist)) and GLTS.L (SPDR Bloomberg 1-5 Year Gilt UCITS ETF) are both European Government Bonds funds - IBGX.L tracks the BBG EU Term 3-5 Year Index while GLTS.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 10 years, IBGX.L returned 0.25%/yr vs 0.61%/yr for GLTS.L. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
IBGX.L vs. GLTS.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 GLTS.L's 0.68% return. Over the past 10 years, IBGX.L has underperformed GLTS.L with an annualized return of 0.25%, while GLTS.L has yielded a comparatively higher 0.61% annualized 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%
GLTS.L
- 1D
- 0.04%
- 1M
- -0.14%
- 6M
- 0.38%
- YTD
- 0.68%
- 1Y
- 2.60%
- 3Y*
- 4.34%
- 5Y*
- 0.89%
- 10Y*
- 0.61%
IBGX.L vs. GLTS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | -3.37% | 1.55% | 4.03% |
GLTS.L SPDR Bloomberg 1-5 Year Gilt UCITS ETF | 0.68% | 5.40% | 1.76% | 3.70% | -5.72% | -1.92% | 1.78% | 1.11% | 0.41% | -0.65% |
Correlation
The correlation between IBGX.L and GLTS.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since May 17, 2012 | 0.33 |
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Return for Risk
IBGX.L vs. GLTS.L — Risk / Return Rank
IBGX.L
GLTS.L
IBGX.L vs. GLTS.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 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.
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 | GLTS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.20 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 1.17 | -1.47 |
| Martin ratioReturn relative to average drawdown | -0.72 | 3.56 | -4.29 |
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Drawdowns
IBGX.L vs. GLTS.L - Drawdown Comparison
The maximum IBGX.L drawdown since its inception was -25.93%, 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 IBGX.L and GLTS.L.
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Drawdown Indicators
| IBGX.L | GLTS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.93% | -11.18% | -14.75% |
Max Drawdown (1Y)Largest decline over 1 year | -4.77% | -2.22% | -2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -4.77% | -2.22% | -2.55% |
Max Drawdown (5Y)Largest decline over 5 years | -12.06% | -10.44% | -1.62% |
Max Drawdown (10Y)Largest decline over 10 years | -18.07% | -11.18% | -6.89% |
Current DrawdownCurrent decline from peak | -10.56% | -0.55% | -10.01% |
Average DrawdownAverage peak-to-trough decline | -8.61% | -1.71% | -6.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 0.73% | +1.25% |
Volatility
IBGX.L vs. GLTS.L - Volatility Comparison
iShares € Govt Bond 3-5yr UCITS ETF EUR (Dist) (IBGX.L) has a higher volatility of 1.17% compared to SPDR Bloomberg 1-5 Year Gilt UCITS ETF (GLTS.L) at 0.71%. This indicates that IBGX.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
| IBGX.L | GLTS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.71% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 3.48% | 2.07% | +1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 2.40% | +2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.83% | 3.11% | +2.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 2.52% | +4.42% |
IBGX.L vs. GLTS.L - Expense Ratio Comparison
Both IBGX.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
IBGX.L vs. GLTS.L - Dividend Comparison
IBGX.L's dividend yield for the trailing twelve months is around 2.51%, less than GLTS.L's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLTS.L SPDR Bloomberg 1-5 Year Gilt UCITS ETF | 3.62% | 3.44% | 2.74% | 1.30% | 0.18% | 0.13% | 0.46% | 0.60% | 0.39% | 0.52% | 0.88% | 0.98% |
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 GLTS.L have a correlation of 0.38, 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.
IBGX.L and GLTS.L have the same expense ratio: 0.15% per year.
IBGX.L tracks BBG EU Term 3-5 Year Index, while GLTS.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and State Street.
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