ITEB.L vs. GLTA.L
ITEB.L (iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist)) and GLTA.L (Invesco UK Gilts UCITS ETF Acc) are both European Government Bonds funds - ITEB.L tracks the Bloomberg Italy Treasury Bond Index while GLTA.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 2.27%/yr for GLTA.L. A 0.69 correlation means they provide meaningful diversification when combined. ITEB.L charges 0.22%/yr vs 0.06%/yr for GLTA.L.
Performance
ITEB.L vs. GLTA.L - Performance Comparison
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Different Trading Currencies
ITEB.L is traded in GBP, while GLTA.L is traded in GBp. To make them comparable, the GLTA.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 GLTA.L's -1.08% return.
ITEB.L
- 1D
- -0.18%
- 1M
- -0.92%
- 6M
- -0.22%
- YTD
- 0.50%
- 1Y
- 2.68%
- 3Y*
- 5.84%
- 5Y*
- —
- 10Y*
- —
GLTA.L
- 1D
- 0.13%
- 1M
- -1.13%
- 6M
- -1.91%
- YTD
- -1.08%
- 1Y
- 2.32%
- 3Y*
- 2.27%
- 5Y*
- -5.21%
- 10Y*
- —
ITEB.L vs. GLTA.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% |
GLTA.L Invesco UK Gilts UCITS ETF Acc | -1.08% | 4.99% | -4.18% | 3.52% | 3.96% |
Correlation
The correlation between ITEB.L and GLTA.L is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022 | 0.69 |
The correlation between ITEB.L and GLTA.L has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.
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Return for Risk
ITEB.L vs. GLTA.L — Risk / Return Rank
ITEB.L
GLTA.L
ITEB.L vs. GLTA.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 Invesco UK Gilts UCITS ETF Acc (GLTA.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 | GLTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.07 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 0.41 | +0.30 |
| Martin ratioReturn relative to average drawdown | 2.22 | 0.99 | +1.23 |
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Drawdowns
ITEB.L vs. GLTA.L - Drawdown Comparison
The maximum ITEB.L drawdown since its inception was -5.97%, smaller than the maximum GLTA.L drawdown of -36.99%. Use the drawdown chart below to compare losses from any high point for ITEB.L and GLTA.L.
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Drawdown Indicators
| ITEB.L | GLTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.97% | -36.99% | +31.02% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -5.70% | +1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -4.03% | -7.70% | +3.67% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.87% | — |
Current DrawdownCurrent decline from peak | -1.61% | -28.27% | +26.66% |
Average DrawdownAverage peak-to-trough decline | -1.24% | -19.21% | +17.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 2.34% | -1.05% |
Volatility
ITEB.L vs. GLTA.L - Volatility Comparison
The current volatility for iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) (ITEB.L) is 1.12%, while Invesco UK Gilts UCITS ETF Acc (GLTA.L) has a volatility of 1.81%. This indicates that ITEB.L experiences smaller price fluctuations and is considered to be less risky than GLTA.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 | GLTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 1.81% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 4.19% | 5.29% | -1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.81% | 6.39% | -1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 10.55% | -4.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.19% | 10.24% | -4.05% |
ITEB.L vs. GLTA.L - Expense Ratio Comparison
ITEB.L has a 0.22% expense ratio, which is higher than GLTA.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
ITEB.L vs. GLTA.L - Dividend Comparison
ITEB.L's dividend yield for the trailing twelve months is around 2.87%, while GLTA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GLTA.L Invesco UK Gilts UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% |
ITEB.L iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) | 2.87% | 2.81% | 2.58% | 2.25% |
Frequently Asked Questions
ITEB.L and GLTA.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLTA.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLTA.L is cheaper with a 0.06% expense ratio, compared with 0.22% for ITEB.L.
ITEB.L tracks Bloomberg Italy Treasury Bond Index, while GLTA.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.22% for ITEB.L and 0.06% for GLTA.L.
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