IBTA.L vs. BCOG.L
IBTA.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) and BCOG.L (L&G All Commodities UCITS ETF) are both exchange-traded funds - IBTA.L is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while BCOG.L is a Commodities fund tracking the Bloomberg Commodity. Both are passively managed. Over the past 5 years, IBTA.L returned 1.92%/yr vs 9.72%/yr for BCOG.L. At a correlation of -0.02, they often move in opposite directions. IBTA.L charges 0.07%/yr vs 0.15%/yr for BCOG.L.
Performance
IBTA.L vs. BCOG.L - Performance Comparison
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Different Trading Currencies
IBTA.L is traded in USD, while BCOG.L is traded in GBp. To make them comparable, the BCOG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBTA.L achieves a 0.51% return, which is significantly lower than BCOG.L's 13.79% return.
IBTA.L
- 1D
- 0.00%
- 1M
- 0.34%
- YTD
- 0.51%
- 6M
- 0.85%
- 1Y
- 3.12%
- 3Y*
- 4.33%
- 5Y*
- 1.92%
- 10Y*
- —
BCOG.L
- 1D
- 0.71%
- 1M
- -10.06%
- YTD
- 13.79%
- 6M
- 12.19%
- 1Y
- 24.17%
- 3Y*
- 11.17%
- 5Y*
- 9.72%
- 10Y*
- —
IBTA.L vs. BCOG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.51% | 5.34% | 4.07% | 4.21% | -3.75% | -0.64% | 3.14% | 3.62% | 1.40% | -0.00% |
BCOG.L L&G All Commodities UCITS ETF | 13.79% | 16.33% | 4.36% | -7.69% | 15.53% | 27.87% | -3.37% | 5.91% | -7.01% | -20.38% |
Correlation
The correlation between IBTA.L and BCOG.L is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2017 | -0.02 |
Over the past year, the inverse relationship between IBTA.L and BCOG.L has strengthened: their correlation has moved from -0.02 to -0.23, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IBTA.L vs. BCOG.L — Risk / Return Rank
IBTA.L
BCOG.L
IBTA.L vs. BCOG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) and L&G All Commodities UCITS ETF (BCOG.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.
| IBTA.L | BCOG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.25 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 4.62 | 1.67 | +2.95 |
| Martin ratioReturn relative to average drawdown | 15.80 | 6.79 | +9.00 |
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Drawdowns
IBTA.L vs. BCOG.L - Drawdown Comparison
The maximum IBTA.L drawdown since its inception was -5.80%, smaller than the maximum BCOG.L drawdown of -42.15%. Use the drawdown chart below to compare losses from any high point for IBTA.L and BCOG.L.
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Drawdown Indicators
| IBTA.L | BCOG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.80% | -42.15% | +36.35% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -14.41% | +13.74% |
Max Drawdown (3Y)Largest decline over 3 years | -0.89% | -23.60% | +22.71% |
Max Drawdown (5Y)Largest decline over 5 years | -5.70% | -25.85% | +20.15% |
Current DrawdownCurrent decline from peak | 0.00% | -13.80% | +13.80% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -17.80% | +16.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 3.55% | -3.35% |
Volatility
IBTA.L vs. BCOG.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) is 0.52%, while L&G All Commodities UCITS ETF (BCOG.L) has a volatility of 4.45%. This indicates that IBTA.L experiences smaller price fluctuations and is considered to be less risky than BCOG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBTA.L | BCOG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 4.45% | -3.93% |
Volatility (6M)Calculated over the trailing 6-month period | 1.13% | 15.95% | -14.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.58% | 17.46% | -15.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.17% | 21.84% | -19.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.93% | 20.17% | -18.24% |
IBTA.L vs. BCOG.L - Expense Ratio Comparison
IBTA.L has a 0.07% expense ratio, which is lower than BCOG.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBTA.L vs. BCOG.L - Dividend Comparison
Neither IBTA.L nor BCOG.L has paid dividends to shareholders.
Frequently Asked Questions
IBTA.L and BCOG.L have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTA.L is cheaper with a 0.07% expense ratio, compared with 0.15% for BCOG.L.
IBTA.L is categorized as Government Bonds, while BCOG.L is Commodities. IBTA.L tracks ICE US Treasury 1-3 Year Index, while BCOG.L tracks Bloomberg Commodity. They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.07% for IBTA.L and 0.15% for BCOG.L.
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