INXG.L vs. XUT3.L
INXG.L (iShares £ Index-Linked Gilts UCITS ETF) and XUT3.L (Xtrackers II US Treasuries 1-3 UCITS ETF 1D) are both Government Bonds funds - INXG.L tracks the Bloomberg UK Government Inflation-Linked Bond Index while XUT3.L tracks the iBoxx USD Treasuries 1-3 Index. Both are passively managed. Over the past 10 years, INXG.L returned -1.18%/yr vs 2.49%/yr for XUT3.L. At a 0.12 correlation, their price movements are largely independent. INXG.L charges 0.10%/yr vs 0.06%/yr for XUT3.L.
Performance
INXG.L vs. XUT3.L - Performance Comparison
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Different Trading Currencies
INXG.L is traded in GBP, while XUT3.L is traded in USD. To make them comparable, the XUT3.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 lower than XUT3.L's 0.95% return. Over the past 10 years, INXG.L has underperformed XUT3.L with an annualized return of -1.18%, while XUT3.L has yielded a comparatively higher 2.49% 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%
XUT3.L
- 1D
- 0.10%
- 1M
- 1.04%
- YTD
- 0.95%
- 6M
- 0.23%
- 1Y
- 4.46%
- 3Y*
- 1.56%
- 5Y*
- 2.96%
- 10Y*
- 2.49%
INXG.L vs. XUT3.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% |
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 0.92% | -2.42% | 5.95% | -1.10% | 7.87% | 0.32% | -0.08% | -0.38% | 7.45% | -8.40% |
Correlation
The correlation between INXG.L and XUT3.L is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2009 | 0.12 |
The correlation between INXG.L and XUT3.L shifts across timeframes, from -0.18 (1 year) to 0.13 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
INXG.L vs. XUT3.L — Risk / Return Rank
INXG.L
XUT3.L
INXG.L vs. XUT3.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 Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.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 | XUT3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.12 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 0.85 | -0.35 |
| Martin ratioReturn relative to average drawdown | 1.08 | 2.31 | -1.23 |
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 | XUT3.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 0.69 | -0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.41 | 0.36 | -0.77 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.07 | 0.27 | -0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.33 | -1.04 |
Drawdowns
INXG.L vs. XUT3.L - Drawdown Comparison
The maximum INXG.L drawdown since its inception was -99.05%, which is greater than XUT3.L's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for INXG.L and XUT3.L.
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Drawdown Indicators
| INXG.L | XUT3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.05% | -18.58% | -80.47% |
Max Drawdown (1Y)Largest decline over 1 year | -6.62% | -5.21% | -1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -15.04% | -9.27% | -5.77% |
Max Drawdown (5Y)Largest decline over 5 years | -50.87% | -16.72% | -34.15% |
Max Drawdown (10Y)Largest decline over 10 years | -50.87% | -18.58% | -32.29% |
Current DrawdownCurrent decline from peak | -98.31% | -8.02% | -90.29% |
Average DrawdownAverage peak-to-trough decline | -97.27% | -8.22% | -89.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 1.92% | +1.14% |
Volatility
INXG.L vs. XUT3.L - Volatility Comparison
iShares £ Index-Linked Gilts UCITS ETF (INXG.L) has a higher volatility of 3.49% compared to Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L) at 1.65%. This indicates that INXG.L's price experiences larger fluctuations and is considered to be riskier than XUT3.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 | XUT3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.49% | 1.65% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 7.26% | 4.93% | +2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.89% | 6.41% | +3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.07% | 8.22% | +11.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 9.43% | +8.04% |
INXG.L vs. XUT3.L - Expense Ratio Comparison
INXG.L has a 0.10% expense ratio, which is higher than XUT3.L's 0.06% 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. XUT3.L - Dividend Comparison
INXG.L's dividend yield for the trailing twelve months is around 7.56%, more than XUT3.L's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 2.84% | 2.70% | 2.35% | 1.80% | 1.00% | 2.89% | 2.43% | 1.16% | 1.00% | 0.69% | 0.00% | 0.00% |
Frequently Asked Questions
INXG.L and XUT3.L have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUT3.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUT3.L is cheaper with a 0.06% expense ratio, compared with 0.10% for INXG.L.
INXG.L tracks Bloomberg UK Government Inflation-Linked Bond Index, while XUT3.L tracks iBoxx USD Treasuries 1-3 Index. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.10% for INXG.L and 0.06% for XUT3.L.
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