IGLN.L vs. U03A.L
IGLN.L (iShares Physical Gold ETC) and U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) are both exchange-traded funds - IGLN.L is a Gold fund tracking the LBMA Gold Price, while U03A.L is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Bill Index. Both are passively managed. Over the past year, IGLN.L returned 33.05% vs 3.93% for U03A.L. At a correlation of -0.03, they often move in opposite directions. IGLN.L charges 0.25%/yr vs 0.07%/yr for U03A.L.
Performance
IGLN.L vs. U03A.L - Performance Comparison
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Returns By Period
In the year-to-date period, IGLN.L achieves a 3.70% return, which is significantly higher than U03A.L's 1.51% return.
IGLN.L
- 1D
- 0.68%
- 1M
- -4.75%
- YTD
- 3.70%
- 6M
- 6.00%
- 1Y
- 33.05%
- 3Y*
- 31.55%
- 5Y*
- 18.61%
- 10Y*
- 13.42%
U03A.L
- 1D
- 0.03%
- 1M
- 0.33%
- YTD
- 1.51%
- 6M
- 1.79%
- 1Y
- 3.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IGLN.L vs. U03A.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IGLN.L iShares Physical Gold ETC | 3.70% | 64.92% | -2.36% |
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 1.51% | 4.22% | 1.33% |
Correlation
The correlation between IGLN.L and U03A.L is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | -0.03 |
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Return for Risk
IGLN.L vs. U03A.L — Risk / Return Rank
IGLN.L
U03A.L
IGLN.L vs. U03A.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold ETC (IGLN.L) and iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.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.
| IGLN.L | U03A.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.55 | ||
| Sortino ratioReturn per unit of downside risk | -18.67 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 5.03 | -3.78 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 41.98 | -40.13 |
| Martin ratioReturn relative to average drawdown | 4.79 | 274.18 | -269.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IGLN.L | U03A.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 8.85 | -7.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.07 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 4.99 | -4.53 |
Drawdowns
IGLN.L vs. U03A.L - Drawdown Comparison
The maximum IGLN.L drawdown since its inception was -45.24%, which is greater than U03A.L's maximum drawdown of -0.83%. Use the drawdown chart below to compare losses from any high point for IGLN.L and U03A.L.
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Drawdown Indicators
| IGLN.L | U03A.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.24% | -0.83% | -44.41% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -0.10% | -17.26% |
Max Drawdown (3Y)Largest decline over 3 years | -17.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.15% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.15% | — | — |
Current DrawdownCurrent decline from peak | -15.66% | 0.00% | -15.66% |
Average DrawdownAverage peak-to-trough decline | -19.80% | -0.01% | -19.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.74% | 0.01% | +6.73% |
Volatility
IGLN.L vs. U03A.L - Volatility Comparison
iShares Physical Gold ETC (IGLN.L) has a higher volatility of 6.36% compared to iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) at 0.13%. This indicates that IGLN.L's price experiences larger fluctuations and is considered to be riskier than U03A.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGLN.L | U03A.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 0.13% | +6.23% |
Volatility (6M)Calculated over the trailing 6-month period | 21.73% | 0.26% | +21.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.78% | 0.45% | +24.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.36% | 0.88% | +16.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 0.88% | +14.66% |
IGLN.L vs. U03A.L - Expense Ratio Comparison
IGLN.L has a 0.25% expense ratio, which is higher than U03A.L's 0.07% 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
IGLN.L vs. U03A.L - Dividend Comparison
Neither IGLN.L nor U03A.L has paid dividends to shareholders.
Frequently Asked Questions
IGLN.L and U03A.L have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, U03A.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
U03A.L is cheaper with a 0.07% expense ratio, compared with 0.25% for IGLN.L.
IGLN.L is categorized as Gold, while U03A.L is Ultrashort Bond. IGLN.L tracks LBMA Gold Price, while U03A.L tracks ICE 0-3 Month US Treasury Bill Index. Their fees differ too: 0.25% for IGLN.L and 0.07% for U03A.L.
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