ITEB.L vs. GIL5.L
ITEB.L (iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist)) and GIL5.L (Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist) are both European Government Bonds funds - ITEB.L tracks the Bloomberg Italy Treasury Bond Index while GIL5.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 3 years, ITEB.L returned 5.84%/yr vs 4.44%/yr for GIL5.L. A 0.57 correlation means they provide meaningful diversification when combined. ITEB.L charges 0.22%/yr vs 0.05%/yr for GIL5.L.
Performance
ITEB.L vs. GIL5.L - Performance Comparison
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Returns By Period
In the year-to-date period, ITEB.L achieves a 0.50% return, which is significantly lower than GIL5.L's 0.80% return.
ITEB.L
- 1D
- -0.18%
- 1M
- -0.92%
- 6M
- -0.22%
- YTD
- 0.50%
- 1Y
- 2.68%
- 3Y*
- 5.84%
- 5Y*
- —
- 10Y*
- —
GIL5.L
- 1D
- 0.00%
- 1M
- -0.11%
- 6M
- 0.57%
- YTD
- 0.80%
- 1Y
- 2.70%
- 3Y*
- 4.44%
- 5Y*
- 1.35%
- 10Y*
- —
ITEB.L vs. GIL5.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ITEB.L iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) | 0.50% | 5.10% | 6.13% | 10.70% | 0.86% |
GIL5.L Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist | 0.80% | 5.18% | 2.48% | 4.02% | 2.09% |
Correlation
The correlation between ITEB.L and GIL5.L is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022 | 0.57 |
The correlation between ITEB.L and GIL5.L has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.
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Return for Risk
ITEB.L vs. GIL5.L — Risk / Return Rank
ITEB.L
GIL5.L
ITEB.L vs. GIL5.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) (ITEB.L) and Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist (GIL5.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.
| ITEB.L | GIL5.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.25 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 1.40 | -0.69 |
| Martin ratioReturn relative to average drawdown | 2.22 | 4.57 | -2.35 |
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Drawdowns
ITEB.L vs. GIL5.L - Drawdown Comparison
The maximum ITEB.L drawdown since its inception was -5.97%, smaller than the maximum GIL5.L drawdown of -9.43%. Use the drawdown chart below to compare losses from any high point for ITEB.L and GIL5.L.
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Drawdown Indicators
| ITEB.L | GIL5.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.97% | -9.43% | +3.46% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -1.92% | -2.11% |
Max Drawdown (3Y)Largest decline over 3 years | -4.03% | -1.92% | -2.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.73% | — |
Current DrawdownCurrent decline from peak | -1.61% | -0.34% | -1.27% |
Average DrawdownAverage peak-to-trough decline | -1.24% | -1.50% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 0.59% | +0.70% |
Volatility
ITEB.L vs. GIL5.L - Volatility Comparison
iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) (ITEB.L) has a higher volatility of 1.12% compared to Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist (GIL5.L) at 0.54%. This indicates that ITEB.L's price experiences larger fluctuations and is considered to be riskier than GIL5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITEB.L | GIL5.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 0.54% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 4.19% | 1.75% | +2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.81% | 2.08% | +2.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 2.63% | +3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.19% | 5.55% | +0.64% |
ITEB.L vs. GIL5.L - Expense Ratio Comparison
ITEB.L has a 0.22% expense ratio, which is higher than GIL5.L's 0.05% 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
ITEB.L vs. GIL5.L - Dividend Comparison
ITEB.L's dividend yield for the trailing twelve months is around 2.87%, more than GIL5.L's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GIL5.L Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist | 2.33% | 2.34% | 1.94% | 1.36% | 1.39% | 1.60% | 2.26% | 9.10% | 14.61% | 15.85% | 7.81% |
ITEB.L iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) | 2.87% | 2.81% | 2.58% | 2.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ITEB.L and GIL5.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GIL5.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GIL5.L is cheaper with a 0.05% expense ratio, compared with 0.22% for ITEB.L.
ITEB.L tracks Bloomberg Italy Treasury Bond Index, while GIL5.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.22% for ITEB.L and 0.05% for GIL5.L.
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