IGUS.L vs. PABG.L

Last updated Jun 14, 2026

IGUS.L (iShares S&P 500 GBP Hedged UCITS ETF) and PABG.L (Lyxor Net Zero 2050 S&P Eurozone Climate PAB (DR) UCITS ETF - Acc) are both exchange-traded funds - IGUS.L is a S&P 500 fund tracking the S&P 500 Index, while PABG.L is a Europe Equities fund tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 5 years, IGUS.L returned 11.97%/yr vs 10.08%/yr for PABG.L. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

IGUS.L vs. PABG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares S&P 500 GBP Hedged UCITS ETF (IGUS.L) and Lyxor Net Zero 2050 S&P Eurozone Climate PAB (DR) UCITS ETF - Acc (PABG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IGUS.L is traded in GBp, while PABG.L is traded in GBP. To make them comparable, the PABG.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IGUS.L achieves a 7.87% return, which is significantly higher than PABG.L's 7.45% return.

IGUS.L

• 1D: 2.06%
• 1M: -0.82%
• YTD: 7.87%
• 6M: 9.06%
• 1Y: 24.08%
• 3Y*: 19.90%
• 5Y*: 11.97%
• 10Y*: 13.52%

PABG.L

• 1D: 2.24%
• 1M: 5.50%
• YTD: 7.45%
• 6M: 8.23%
• 1Y: 19.73%
• 3Y*: 16.47%
• 5Y*: 10.08%
• 10Y*: —

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

IGUS.L vs. PABG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IGUS.L iShares S&P 500 GBP Hedged UCITS ETF	7.87%	17.39%	24.64%	24.49%	-20.60%	28.57%	18.92%
PABG.L Lyxor Net Zero 2050 S&P Eurozone Climate PAB (DR) UCITS ETF - Acc	7.45%	27.76%	9.01%	19.39%	-11.91%	5.08%	8.99%

Correlation

The correlation between IGUS.L and PABG.L is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 6, 2020	0.69

The correlation between IGUS.L and PABG.L has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

IGUS.L vs. PABG.L - Sectors Allocation Comparison

Sectors	IGUS.L	PABG.L
Technology	35.6%	20.8%
Financial Services	11.8%	32.0%
Communication Services	11.2%	3.4%
Consumer Cyclical	10.2%	9.8%
Healthcare	8.5%	8.0%
Industrials	8.3%	16.3%
Consumer Defensive	4.9%	4.1%
Energy	3.5%	0.2%
Utilities	2.3%	4.0%
Real Estate	1.9%	1.1%
Basic Materials	1.8%	0.4%

Return for Risk

IGUS.L vs. PABG.L — Risk / Return Rank

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

IGUS.L

IGUS.L Risk / Return Rank: 69
IGUS.L Sharpe Ratio Rank: 68
IGUS.L Sortino Ratio Rank: 73
IGUS.L Omega Ratio Rank: 68
IGUS.L Calmar Ratio Rank: 63
IGUS.L Martin Ratio Rank: 72

PABG.L

PABG.L Risk / Return Rank: 35
PABG.L Sharpe Ratio Rank: 35
PABG.L Sortino Ratio Rank: 37
PABG.L Omega Ratio Rank: 34
PABG.L Calmar Ratio Rank: 34
PABG.L Martin Ratio Rank: 37

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.

IGUS.L vs. PABG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 GBP Hedged UCITS ETF (IGUS.L) and Lyxor Net Zero 2050 S&P Eurozone Climate PAB (DR) UCITS ETF - Acc (PABG.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.

	IGUS.L	PABG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.13	+0.80
Sortino ratio: Return per unit of downside risk	2.85	1.74	+1.11
Omega ratio: Gain probability vs. loss probability	1.35	1.21	+0.14
Calmar ratio: Return relative to maximum drawdown	2.79	1.49	+1.30
Martin ratio: Return relative to average drawdown	11.79	5.14	+6.65

IGUS.L vs. PABG.L - Sharpe Ratio Comparison

The current IGUS.L Sharpe Ratio is 1.93, which is higher than the PABG.L Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of IGUS.L and PABG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IGUS.L vs. PABG.L - Drawdown Comparison

The maximum IGUS.L drawdown since its inception was -36.66%, which is greater than PABG.L's maximum drawdown of -26.49%. Use the drawdown chart below to compare losses from any high point for IGUS.L and PABG.L.

Drawdown Indicators

	IGUS.L	PABG.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.66%	-26.49%	-10.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-11.77%	+3.33%
Max Drawdown (3Y) Largest decline over 3 years	-18.98%	-13.84%	-5.14%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-26.49%	+0.83%
Max Drawdown (10Y) Largest decline over 10 years	-36.66%	—	—
Current Drawdown Current decline from peak	-2.23%	0.00%	-2.23%
Average Drawdown Average peak-to-trough decline	-4.12%	-6.08%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	3.42%	-1.42%

Volatility

IGUS.L vs. PABG.L - Volatility Comparison

iShares S&P 500 GBP Hedged UCITS ETF (IGUS.L) and Lyxor Net Zero 2050 S&P Eurozone Climate PAB (DR) UCITS ETF - Acc (PABG.L) have volatilities of 4.04% and 4.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGUS.L	PABG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	4.25%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	12.94%	-3.81%
Volatility (1Y) Calculated over the trailing 1-year period	12.18%	15.57%	-3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	18.88%	-2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.60%	18.95%	-2.35%

IGUS.L vs. PABG.L - Expense Ratio Comparison

Both IGUS.L and PABG.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IGUS.L vs. PABG.L - Dividend Comparison

Neither IGUS.L nor PABG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IGUS.L and PABG.L in my portfolio?

IGUS.L and PABG.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IGUS.L or PABG.L?

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IGUS.L or PABG.L?

IGUS.L and PABG.L have the same expense ratio: 0.20% per year.

What is the main difference between IGUS.L and PABG.L?

IGUS.L is categorized as S&P 500, while PABG.L is Europe Equities. IGUS.L tracks S&P 500 Index, while PABG.L tracks MSCI EMU NR EUR. They also come from different issuers: iShares and Amundi.