ITEB.L vs. JG15.L
ITEB.L (iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist)) and JG15.L (JPMorgan BetaBuilders UK Gilt 1-5 UCITS ETF - GBP (Dist)) are both European Government Bonds funds - ITEB.L tracks the Bloomberg Italy Treasury Bond Index while JG15.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 4.39%/yr for JG15.L. A 0.62 correlation means they provide meaningful diversification when combined. ITEB.L charges 0.22%/yr vs 0.07%/yr for JG15.L.
Performance
ITEB.L vs. JG15.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ITEB.L having a 0.50% return and JG15.L slightly lower at 0.48%.
ITEB.L
- 1D
- -0.18%
- 1M
- -0.92%
- 6M
- -0.22%
- YTD
- 0.50%
- 1Y
- 2.68%
- 3Y*
- 5.84%
- 5Y*
- —
- 10Y*
- —
JG15.L
- 1D
- 0.01%
- 1M
- -0.29%
- 6M
- 0.21%
- YTD
- 0.48%
- 1Y
- 2.68%
- 3Y*
- 4.39%
- 5Y*
- 0.88%
- 10Y*
- —
ITEB.L vs. JG15.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% |
JG15.L JPMorgan BetaBuilders UK Gilt 1-5 UCITS ETF - GBP (Dist) | 0.48% | 5.58% | 1.79% | 3.85% | 2.48% |
Correlation
The correlation between ITEB.L and JG15.L is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022 | 0.62 |
The correlation between ITEB.L and JG15.L has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.
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Return for Risk
ITEB.L vs. JG15.L — Risk / Return Rank
ITEB.L
JG15.L
ITEB.L vs. JG15.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 JPMorgan BetaBuilders UK Gilt 1-5 UCITS ETF - GBP (Dist) (JG15.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 | JG15.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.22 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 1.14 | -0.43 |
| Martin ratioReturn relative to average drawdown | 2.22 | 3.44 | -1.22 |
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Drawdowns
ITEB.L vs. JG15.L - Drawdown Comparison
The maximum ITEB.L drawdown since its inception was -5.97%, smaller than the maximum JG15.L drawdown of -11.34%. Use the drawdown chart below to compare losses from any high point for ITEB.L and JG15.L.
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Drawdown Indicators
| ITEB.L | JG15.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.97% | -11.34% | +5.37% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -2.35% | -1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -4.03% | -2.35% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.68% | — |
Current DrawdownCurrent decline from peak | -1.61% | -0.69% | -0.92% |
Average DrawdownAverage peak-to-trough decline | -1.24% | -2.37% | +1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 0.78% | +0.51% |
Volatility
ITEB.L vs. JG15.L - Volatility Comparison
iShares Italy Govt Bond UCITS ETF GBP Hedged (Dist) (ITEB.L) has a higher volatility of 1.12% compared to JPMorgan BetaBuilders UK Gilt 1-5 UCITS ETF - GBP (Dist) (JG15.L) at 0.72%. This indicates that ITEB.L's price experiences larger fluctuations and is considered to be riskier than JG15.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 | JG15.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 0.72% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 4.19% | 2.17% | +2.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.81% | 2.39% | +2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 3.07% | +3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.19% | 2.54% | +3.65% |
ITEB.L vs. JG15.L - Expense Ratio Comparison
ITEB.L has a 0.22% expense ratio, which is higher than JG15.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
ITEB.L vs. JG15.L - Dividend Comparison
ITEB.L's dividend yield for the trailing twelve months is around 2.87%, less than JG15.L's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
JG15.L JPMorgan BetaBuilders UK Gilt 1-5 UCITS ETF - GBP (Dist) | 3.82% | 3.71% | 3.44% | 2.28% | 0.68% | 0.12% | 0.34% | 0.91% | 0.35% |
Frequently Asked Questions
ITEB.L and JG15.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JG15.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JG15.L is cheaper with a 0.07% expense ratio, compared with 0.22% for ITEB.L.
ITEB.L tracks Bloomberg Italy Treasury Bond Index, while JG15.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.22% for ITEB.L and 0.07% for JG15.L.
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