INXG.L vs. IBTL.L
INXG.L (iShares £ Index-Linked Gilts UCITS ETF) and IBTL.L (iShares USD Treasury Bond 20+yr UCITS ETF (Dist)) are both Government Bonds funds from iShares - INXG.L tracks the Bloomberg UK Government Inflation-Linked Bond Index while IBTL.L tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, INXG.L returned -1.18%/yr vs -0.77%/yr for IBTL.L. At a 0.49 correlation, their price movements are largely independent. INXG.L charges 0.10%/yr vs 0.07%/yr for IBTL.L.
Performance
INXG.L vs. IBTL.L - Performance Comparison
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Different Trading Currencies
INXG.L is traded in GBP, while IBTL.L is traded in GBp. To make them comparable, the IBTL.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, INXG.L achieves a 0.04% return, which is significantly higher than IBTL.L's -0.57% return. Over the past 10 years, INXG.L has underperformed IBTL.L with an annualized return of -1.18%, while IBTL.L has yielded a comparatively higher -0.77% annualized return.
INXG.L
- 1D
- 0.44%
- 1M
- 0.13%
- YTD
- 0.04%
- 6M
- -0.13%
- 1Y
- 3.36%
- 3Y*
- -0.63%
- 5Y*
- -8.26%
- 10Y*
- -1.18%
IBTL.L
- 1D
- 0.45%
- 1M
- 1.06%
- YTD
- -0.57%
- 6M
- -1.37%
- 1Y
- 5.26%
- 3Y*
- -4.08%
- 5Y*
- -5.05%
- 10Y*
- -0.77%
INXG.L vs. IBTL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INXG.L iShares £ Index-Linked Gilts UCITS ETF | 0.04% | 1.10% | -8.66% | 0.16% | -34.27% | 4.08% | 11.08% | 6.27% | -0.49% | 2.21% |
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | -0.57% | -2.80% | -5.50% | -3.62% | -22.17% | -3.32% | 13.07% | 12.05% | 3.06% | -0.04% |
Correlation
The correlation between INXG.L and IBTL.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2015 | 0.49 |
The correlation between INXG.L and IBTL.L shifts across timeframes, from 0.42 (1 year) to 0.59 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
INXG.L vs. IBTL.L — Risk / Return Rank
INXG.L
IBTL.L
INXG.L vs. IBTL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares £ Index-Linked Gilts UCITS ETF (INXG.L) and iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.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.
| INXG.L | IBTL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.09 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 0.62 | -0.13 |
| Martin ratioReturn relative to average drawdown | 1.08 | 1.35 | -0.27 |
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
| INXG.L | IBTL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 0.54 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.41 | -0.33 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.07 | -0.05 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.03 | -0.68 |
Drawdowns
INXG.L vs. IBTL.L - Drawdown Comparison
The maximum INXG.L drawdown since its inception was -99.05%, which is greater than IBTL.L's maximum drawdown of -48.85%. Use the drawdown chart below to compare losses from any high point for INXG.L and IBTL.L.
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Drawdown Indicators
| INXG.L | IBTL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.05% | -48.85% | -50.20% |
Max Drawdown (1Y)Largest decline over 1 year | -6.62% | -8.25% | +1.63% |
Max Drawdown (3Y)Largest decline over 3 years | -15.04% | -17.09% | +2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -50.87% | -39.35% | -11.52% |
Max Drawdown (10Y)Largest decline over 10 years | -50.87% | -48.85% | -2.02% |
Current DrawdownCurrent decline from peak | -98.31% | -45.21% | -53.10% |
Average DrawdownAverage peak-to-trough decline | -97.27% | -23.75% | -73.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 3.82% | -0.76% |
Volatility
INXG.L vs. IBTL.L - Volatility Comparison
iShares £ Index-Linked Gilts UCITS ETF (INXG.L) has a higher volatility of 3.49% compared to iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) at 2.45%. This indicates that INXG.L's price experiences larger fluctuations and is considered to be riskier than IBTL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INXG.L | IBTL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.49% | 2.45% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.26% | 6.48% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.89% | 9.53% | +0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.07% | 15.49% | +4.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 16.54% | +0.93% |
INXG.L vs. IBTL.L - Expense Ratio Comparison
INXG.L has a 0.10% expense ratio, which is higher than IBTL.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
INXG.L vs. IBTL.L - Dividend Comparison
INXG.L's dividend yield for the trailing twelve months is around 7.56%, more than IBTL.L's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist) | 4.34% | 4.32% | 4.59% | 3.78% | 2.96% | 1.72% | 1.86% | 2.54% | 2.75% | 2.66% | 2.44% | 2.07% |
INXG.L iShares £ Index-Linked Gilts UCITS ETF | 7.56% | 7.23% | 5.77% | 0.43% | 0.00% | 0.00% | 0.61% | 1.36% | 1.95% | 1.28% | 0.65% | 1.94% |
Frequently Asked Questions
INXG.L and IBTL.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTL.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTL.L is cheaper with a 0.07% expense ratio, compared with 0.10% for INXG.L.
INXG.L tracks Bloomberg UK Government Inflation-Linked Bond Index, while IBTL.L tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.10% for INXG.L and 0.07% for IBTL.L.
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