ITEH.L vs. EU13.L
ITEH.L (iShares Italy Govt Bond UCITS ETF USD Hedged (Acc)) and EU13.L (SPDR Bloomberg 1-3 Year Euro Government Bond UCITS ETF) are both European Government Bonds funds - ITEH.L tracks the Bloomberg Italy Treasury Bond Index while EU13.L tracks the Bloomberg Euro Agg Govt 1-3 Yr TR EUR. Both are passively managed. Over the past 5 years, ITEH.L returned 0.85%/yr vs -0.02%/yr for EU13.L. At a 0.20 correlation, their price movements are largely independent. ITEH.L charges 0.22%/yr vs 0.15%/yr for EU13.L.
Performance
ITEH.L vs. EU13.L - Performance Comparison
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Different Trading Currencies
ITEH.L is traded in USD, while EU13.L is traded in EUR. To make them comparable, the EU13.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ITEH.L achieves a 0.16% return, which is significantly higher than EU13.L's -2.49% return.
ITEH.L
- 1D
- 0.00%
- 1M
- -1.25%
- 6M
- -0.47%
- YTD
- 0.16%
- 1Y
- 2.44%
- 3Y*
- 5.60%
- 5Y*
- 0.85%
- 10Y*
- —
EU13.L
- 1D
- -0.06%
- 1M
- -0.67%
- 6M
- -1.31%
- YTD
- -2.49%
- 1Y
- -0.70%
- 3Y*
- 3.27%
- 5Y*
- -0.02%
- 10Y*
- 0.56%
ITEH.L vs. EU13.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ITEH.L iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) | 0.16% | 5.18% | 6.60% | 11.65% | -15.12% | -2.50% | 8.95% | 13.79% | -1.81% |
EU13.L SPDR Bloomberg 1-3 Year Euro Government Bond UCITS ETF | -2.49% | 15.95% | -3.37% | 6.55% | -10.66% | -7.58% | 8.67% | -1.79% | -7.70% |
Correlation
The correlation between ITEH.L and EU13.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2018 | 0.20 |
Over the past year, ITEH.L and EU13.L have become more correlated (0.40) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
ITEH.L vs. EU13.L — Risk / Return Rank
ITEH.L
EU13.L
ITEH.L vs. EU13.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) (ITEH.L) and SPDR Bloomberg 1-3 Year Euro Government Bond UCITS ETF (EU13.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.
| ITEH.L | EU13.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.99 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | -0.13 | +0.75 |
| Martin ratioReturn relative to average drawdown | 1.89 | -0.25 | +2.14 |
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Drawdowns
ITEH.L vs. EU13.L - Drawdown Comparison
The maximum ITEH.L drawdown since its inception was -19.30%, smaller than the maximum EU13.L drawdown of -27.67%. Use the drawdown chart below to compare losses from any high point for ITEH.L and EU13.L.
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Drawdown Indicators
| ITEH.L | EU13.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.30% | -27.67% | +8.37% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -5.53% | +1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -3.89% | -8.08% | +4.19% |
Max Drawdown (5Y)Largest decline over 5 years | -19.30% | -23.48% | +4.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.65% | — |
Current DrawdownCurrent decline from peak | -1.87% | -6.29% | +4.42% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -10.79% | +5.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 2.77% | -1.48% |
Volatility
ITEH.L vs. EU13.L - Volatility Comparison
The current volatility for iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) (ITEH.L) is 1.17%, while SPDR Bloomberg 1-3 Year Euro Government Bond UCITS ETF (EU13.L) has a volatility of 1.27%. This indicates that ITEH.L experiences smaller price fluctuations and is considered to be less risky than EU13.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITEH.L | EU13.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.27% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 4.11% | 4.92% | -0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.79% | 6.58% | -1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.92% | 7.84% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.23% | 7.38% | -0.15% |
ITEH.L vs. EU13.L - Expense Ratio Comparison
ITEH.L has a 0.22% expense ratio, which is higher than EU13.L's 0.15% 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
ITEH.L vs. EU13.L - Dividend Comparison
ITEH.L has not paid dividends to shareholders, while EU13.L's dividend yield for the trailing twelve months is around 2.28%.
| Position | TTM | 2025 |
|---|---|---|
EU13.L SPDR Bloomberg 1-3 Year Euro Government Bond UCITS ETF | 2.28% | 1.84% |
ITEH.L iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) | 0.00% | 0.00% |
Frequently Asked Questions
ITEH.L and EU13.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EU13.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EU13.L is cheaper with a 0.15% expense ratio, compared with 0.22% for ITEH.L.
ITEH.L tracks Bloomberg Italy Treasury Bond Index, while EU13.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR. They also come from different issuers: iShares and State Street. Their fees differ too: 0.22% for ITEH.L and 0.15% for EU13.L.
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