IEFV.L vs. GLCB.L
IEFV.L (iShares Edge MSCI Europe Value Factor UCITS ETF) and GLCB.L (SPDR Refinitiv Global Convertible Bond UCITS ETF) are both exchange-traded funds - IEFV.L is a Europe Equities fund tracking the MSCI Europe Value NR EUR, while GLCB.L is a Convertible Bonds fund tracking the Refinitiv Global CB TR USD. Both are passively managed. Over the past 10 years, IEFV.L returned 11.26%/yr vs 5.41%/yr for GLCB.L. At a 0.43 correlation, their price movements are largely independent. IEFV.L charges 0.25%/yr vs 0.50%/yr for GLCB.L.
Performance
IEFV.L vs. GLCB.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IEFV.L having a 12.73% return and GLCB.L slightly higher at 12.80%. Over the past 10 years, IEFV.L has outperformed GLCB.L with an annualized return of 11.26%, while GLCB.L has yielded a comparatively lower 5.41% annualized return.
IEFV.L
- 1D
- -0.21%
- 1M
- -1.02%
- 6M
- 9.89%
- YTD
- 12.73%
- 1Y
- 31.33%
- 3Y*
- 21.33%
- 5Y*
- 15.29%
- 10Y*
- 11.26%
GLCB.L
- 1D
- -0.65%
- 1M
- -4.59%
- 6M
- 7.85%
- YTD
- 12.80%
- 1Y
- 26.22%
- 3Y*
- 14.93%
- 5Y*
- 6.32%
- 10Y*
- 5.41%
IEFV.L vs. GLCB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEFV.L iShares Edge MSCI Europe Value Factor UCITS ETF | 12.73% | 42.20% | 5.40% | 11.41% | 1.47% | 18.58% | -3.74% | 15.71% | -12.67% | 14.28% |
GLCB.L SPDR Refinitiv Global Convertible Bond UCITS ETF | 12.80% | 16.97% | 8.82% | 8.16% | -10.86% | -2.14% | 33.15% | 9.84% | -25.44% | 11.93% |
Correlation
The correlation between IEFV.L and GLCB.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 | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2015 | 0.43 |
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Return for Risk
IEFV.L vs. GLCB.L — Risk / Return Rank
IEFV.L
GLCB.L
IEFV.L vs. GLCB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Value Factor UCITS ETF (IEFV.L) and SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.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.
| IEFV.L | GLCB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.41 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | 4.17 | -1.22 |
| Martin ratioReturn relative to average drawdown | 10.75 | 13.71 | -2.95 |
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Drawdowns
IEFV.L vs. GLCB.L - Drawdown Comparison
The maximum IEFV.L drawdown since its inception was -34.64%, which is greater than GLCB.L's maximum drawdown of -29.82%. Use the drawdown chart below to compare losses from any high point for IEFV.L and GLCB.L.
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Drawdown Indicators
| IEFV.L | GLCB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.64% | -29.82% | -4.82% |
Max Drawdown (1Y)Largest decline over 1 year | -10.57% | -6.26% | -4.31% |
Max Drawdown (3Y)Largest decline over 3 years | -15.02% | -8.41% | -6.61% |
Max Drawdown (5Y)Largest decline over 5 years | -16.16% | -19.80% | +3.64% |
Max Drawdown (10Y)Largest decline over 10 years | -34.64% | -29.82% | -4.82% |
Current DrawdownCurrent decline from peak | -2.36% | -6.26% | +3.90% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -9.78% | +3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 1.91% | +1.00% |
Volatility
IEFV.L vs. GLCB.L - Volatility Comparison
iShares Edge MSCI Europe Value Factor UCITS ETF (IEFV.L) has a higher volatility of 4.35% compared to SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) at 4.12%. This indicates that IEFV.L's price experiences larger fluctuations and is considered to be riskier than GLCB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEFV.L | GLCB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.35% | 4.12% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 11.66% | 9.09% | +2.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.73% | 11.57% | +2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.11% | 10.06% | +7.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 12.99% | +4.55% |
IEFV.L vs. GLCB.L - Expense Ratio Comparison
IEFV.L has a 0.25% expense ratio, which is lower than GLCB.L's 0.50% expense ratio.
Dividends
IEFV.L vs. GLCB.L - Dividend Comparison
IEFV.L has not paid dividends to shareholders, while GLCB.L's dividend yield for the trailing twelve months is around 0.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLCB.L SPDR Refinitiv Global Convertible Bond UCITS ETF | 0.27% | 0.66% | 0.47% | 0.23% | 0.23% | 0.17% | 0.31% | 0.43% | 0.35% | 0.38% |
IEFV.L iShares Edge MSCI Europe Value Factor UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IEFV.L and GLCB.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.
On fees, IEFV.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEFV.L is cheaper with a 0.25% expense ratio, compared with 0.50% for GLCB.L.
IEFV.L is categorized as Europe Equities, while GLCB.L is Convertible Bonds. IEFV.L tracks MSCI Europe Value NR EUR, while GLCB.L tracks Refinitiv Global CB TR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for IEFV.L and 0.50% for GLCB.L.
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