ITEB.L vs. GILS.L
ITEB.L (iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist)) and GILS.L (Lyxor Core UK Government Bond (DR) UCITS ETF - Dist) are both European Government Bonds funds - ITEB.L tracks the Bloomberg Italy Treasury Bond Index while GILS.L tracks the FTSE Actuaries UK Conventional Gilts All Stocks. Both are passively managed. Over the past 3 years, ITEB.L returned 5.84%/yr vs 2.49%/yr for GILS.L. A 0.69 correlation means they provide meaningful diversification when combined. ITEB.L charges 0.22%/yr vs 0.05%/yr for GILS.L.
Performance
ITEB.L vs. GILS.L - Performance Comparison
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Different Trading Currencies
ITEB.L is traded in GBP, while GILS.L is traded in GBp. To make them comparable, the GILS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, ITEB.L achieves a 0.50% return, which is significantly higher than GILS.L's -0.92% return.
ITEB.L
- 1D
- -0.18%
- 1M
- -0.92%
- 6M
- -0.22%
- YTD
- 0.50%
- 1Y
- 2.68%
- 3Y*
- 5.84%
- 5Y*
- —
- 10Y*
- —
GILS.L
- 1D
- 0.14%
- 1M
- -1.01%
- 6M
- -1.65%
- YTD
- -0.92%
- 1Y
- 2.65%
- 3Y*
- 2.49%
- 5Y*
- -4.70%
- 10Y*
- -1.37%
ITEB.L vs. GILS.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% |
GILS.L Lyxor Core UK Government Bond (DR) UCITS ETF - Dist | -0.92% | 4.90% | -3.33% | 3.69% | 3.67% |
Correlation
The correlation between ITEB.L and GILS.L is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022 | 0.69 |
The correlation between ITEB.L and GILS.L has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.
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Return for Risk
ITEB.L vs. GILS.L — Risk / Return Rank
ITEB.L
GILS.L
ITEB.L vs. GILS.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 Core UK Government Bond (DR) UCITS ETF - Dist (GILS.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 | GILS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.08 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 0.49 | +0.22 |
| Martin ratioReturn relative to average drawdown | 2.22 | 1.19 | +1.03 |
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Drawdowns
ITEB.L vs. GILS.L - Drawdown Comparison
The maximum ITEB.L drawdown since its inception was -5.97%, smaller than the maximum GILS.L drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for ITEB.L and GILS.L.
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Drawdown Indicators
| ITEB.L | GILS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.97% | -35.61% | +29.64% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -5.42% | +1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -4.03% | -6.96% | +2.93% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.38% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.61% | — |
Current DrawdownCurrent decline from peak | -1.61% | -26.23% | +24.62% |
Average DrawdownAverage peak-to-trough decline | -1.24% | -10.02% | +8.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 2.22% | -0.93% |
Volatility
ITEB.L vs. GILS.L - Volatility Comparison
The current volatility for iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) (ITEB.L) is 1.12%, while Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.L) has a volatility of 1.77%. This indicates that ITEB.L experiences smaller price fluctuations and is considered to be less risky than GILS.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 | GILS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 1.77% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 4.19% | 4.99% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.81% | 6.03% | -1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 9.87% | -3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.19% | 8.76% | -2.57% |
ITEB.L vs. GILS.L - Expense Ratio Comparison
ITEB.L has a 0.22% expense ratio, which is higher than GILS.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. GILS.L - Dividend Comparison
ITEB.L's dividend yield for the trailing twelve months is around 2.87%, less than GILS.L's 3.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GILS.L Lyxor Core UK Government Bond (DR) UCITS ETF - Dist | 3.15% | 3.13% | 2.67% | 2.06% | 2.41% | 1.87% | 2.05% | 2.50% | 2.73% | 2.80% | 2.62% |
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 GILS.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GILS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GILS.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 GILS.L tracks FTSE Actuaries UK Conventional Gilts All Stocks. They also come from different issuers: iShares and Lyxor. Their fees differ too: 0.22% for ITEB.L and 0.05% for GILS.L.
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