IGL5.L vs. XUSE.AS

Last updated Jun 5, 2026

IGL5.L (iShares UK Gilts 0-5yr UCITS ETF GBP (Acc)) and XUSE.AS (iShares MSCI World ex-USA UCITS ETF) are both exchange-traded funds - IGL5.L is a European Government Bonds fund tracking the FTSE Actuaries UK Conventional Gilts up to 5 Years Index (GBP), while XUSE.AS is a Global Equities fund tracking the MSCI World ex USA Index. Both are passively managed. Over the past year, IGL5.L returned 3.10% vs 23.71% for XUSE.AS. At a 0.24 correlation, their price movements are largely independent. IGL5.L charges 0.07%/yr vs 0.25%/yr for XUSE.AS.

Performance

IGL5.L vs. XUSE.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares UK Gilts 0-5yr UCITS ETF GBP (Acc) (IGL5.L) and iShares MSCI World ex-USA UCITS ETF (XUSE.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IGL5.L is traded in GBP, while XUSE.AS is traded in USD. To make them comparable, the XUSE.AS values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, IGL5.L achieves a 0.92% return, which is significantly lower than XUSE.AS's 8.82% return.

IGL5.L

• 1D: 0.09%
• 1M: 0.61%
• YTD: 0.92%
• 6M: 0.63%
• 1Y: 3.10%
• 3Y*: 4.23%
• 5Y*: —
• 10Y*: —

XUSE.AS

• 1D: 0.27%
• 1M: 3.61%
• YTD: 8.82%
• 6M: 10.50%
• 1Y: 23.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IGL5.L vs. XUSE.AS - Yearly Performance Comparison

	2026 (YTD)	2025
IGL5.L iShares UK Gilts 0-5yr UCITS ETF GBP (Acc)	0.92%	4.01%
XUSE.AS iShares MSCI World ex-USA UCITS ETF	8.82%	15.83%

Correlation

The correlation between IGL5.L and XUSE.AS is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	0.24

The correlation between IGL5.L and XUSE.AS shifts across timeframes, from 0.24 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IGL5.L vs. XUSE.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IGL5.L

IGL5.L Risk / Return Rank: 41
IGL5.L Sharpe Ratio Rank: 42
IGL5.L Sortino Ratio Rank: 44
IGL5.L Omega Ratio Rank: 49
IGL5.L Calmar Ratio Rank: 34
IGL5.L Martin Ratio Rank: 37

XUSE.AS

XUSE.AS Risk / Return Rank: 45
XUSE.AS Sharpe Ratio Rank: 44
XUSE.AS Sortino Ratio Rank: 47
XUSE.AS Omega Ratio Rank: 45
XUSE.AS Calmar Ratio Rank: 43
XUSE.AS Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IGL5.L vs. XUSE.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares UK Gilts 0-5yr UCITS ETF GBP (Acc) (IGL5.L) and iShares MSCI World ex-USA UCITS ETF (XUSE.AS). 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.

	IGL5.L	XUSE.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.80	-0.32
Sortino ratio: Return per unit of downside risk	2.18	2.60	-0.43
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	1.63	2.44	-0.81
Martin ratio: Return relative to average drawdown	5.55	9.07	-3.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGL5.L vs. XUSE.AS - Sharpe Ratio Comparison

The current IGL5.L Sharpe Ratio is 1.48, which is comparable to the XUSE.AS Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of IGL5.L and XUSE.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IGL5.L	XUSE.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	1.80	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	1.29	+0.59

Drawdowns

IGL5.L vs. XUSE.AS - Drawdown Comparison

The maximum IGL5.L drawdown since its inception was -1.89%, smaller than the maximum XUSE.AS drawdown of -12.83%. Use the drawdown chart below to compare losses from any high point for IGL5.L and XUSE.AS.

Drawdown Indicators

	IGL5.L	XUSE.AS	Difference
Max Drawdown Largest peak-to-trough decline	-1.89%	-12.83%	+10.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.89%	-9.60%	+7.71%
Max Drawdown (3Y) Largest decline over 3 years	-1.89%	—	—
Current Drawdown Current decline from peak	-0.64%	-0.61%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.31%	-1.81%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	2.60%	-2.04%

Volatility

IGL5.L vs. XUSE.AS - Volatility Comparison

The current volatility for iShares UK Gilts 0-5yr UCITS ETF GBP (Acc) (IGL5.L) is 0.70%, while iShares MSCI World ex-USA UCITS ETF (XUSE.AS) has a volatility of 3.73%. This indicates that IGL5.L experiences smaller price fluctuations and is considered to be less risky than XUSE.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGL5.L	XUSE.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	3.73%	-3.03%
Volatility (6M) Calculated over the trailing 6-month period	1.89%	11.19%	-9.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.09%	12.99%	-10.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.16%	14.49%	-12.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.16%	14.49%	-12.33%

IGL5.L vs. XUSE.AS - Expense Ratio Comparison

IGL5.L has a 0.07% expense ratio, which is lower than XUSE.AS's 0.25% 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

IGL5.L vs. XUSE.AS - Dividend Comparison

Neither IGL5.L nor XUSE.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IGL5.L and XUSE.AS in my portfolio?

IGL5.L and XUSE.AS have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IGL5.L or XUSE.AS?

On fees, IGL5.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IGL5.L or XUSE.AS?

IGL5.L is cheaper with a 0.07% expense ratio, compared with 0.25% for XUSE.AS.

What is the main difference between IGL5.L and XUSE.AS?

IGL5.L is categorized as European Government Bonds, while XUSE.AS is Global Equities. IGL5.L tracks FTSE Actuaries UK Conventional Gilts up to 5 Years Index (GBP), while XUSE.AS tracks MSCI World ex USA Index. Their fees differ too: 0.07% for IGL5.L and 0.25% for XUSE.AS.