ITEH.L vs. IGLN.L
ITEH.L (iShares Italy Govt Bond UCITS ETF USD Hedged (Acc)) and IGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - ITEH.L is a Government Bonds fund tracking the iShares Italy Govt Bond UCITS ETF USD Hedged (Acc), while IGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 5 years, ITEH.L returned 0.91%/yr vs 17.30%/yr for IGLN.L. At a 0.24 correlation, their price movements are largely independent. ITEH.L charges 0.22%/yr vs 0.12%/yr for IGLN.L.
Performance
ITEH.L vs. IGLN.L - Performance Comparison
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Returns By Period
In the year-to-date period, ITEH.L achieves a 0.48% return, which is significantly higher than IGLN.L's -6.13% return.
ITEH.L
- 1D
- 0.00%
- 1M
- -0.63%
- 6M
- -0.16%
- YTD
- 0.48%
- 1Y
- 3.10%
- 3Y*
- 6.11%
- 5Y*
- 0.91%
- 10Y*
- —
IGLN.L
- 1D
- -0.82%
- 1M
- -7.02%
- 6M
- -12.44%
- YTD
- -6.13%
- 1Y
- 21.47%
- 3Y*
- 27.22%
- 5Y*
- 17.30%
- 10Y*
- 11.58%
ITEH.L vs. IGLN.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) | 0.48% | 5.18% | 6.60% | 11.65% | -15.12% | -2.50% | 8.95% | 13.79% | -1.81% |
IGLN.L iShares Physical Gold ETC | -6.13% | 64.93% | 26.14% | 13.44% | -0.09% | -4.03% | 24.16% | 18.30% | -5.23% |
Correlation
The correlation between ITEH.L and IGLN.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 | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2018 | 0.24 |
The correlation between ITEH.L and IGLN.L shifts across timeframes, from 0.24 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ITEH.L vs. IGLN.L — Risk / Return Rank
ITEH.L
IGLN.L
ITEH.L vs. IGLN.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 iShares Physical Gold ETC (IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.16 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.88 | -0.08 |
| Martin ratioReturn relative to average drawdown | 2.42 | 2.15 | +0.27 |
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Drawdowns
ITEH.L vs. IGLN.L - Drawdown Comparison
The maximum ITEH.L drawdown since its inception was -19.30%, smaller than the maximum IGLN.L drawdown of -45.25%. Use the drawdown chart below to compare losses from any high point for ITEH.L and IGLN.L.
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Drawdown Indicators
| ITEH.L | IGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.30% | -45.25% | +25.95% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -24.39% | +20.50% |
Max Drawdown (3Y)Largest decline over 3 years | -3.93% | -24.39% | +20.46% |
Max Drawdown (5Y)Largest decline over 5 years | -19.30% | -24.39% | +5.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.39% | — |
Current DrawdownCurrent decline from peak | -1.56% | -23.66% | +22.10% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -19.73% | +14.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 9.97% | -8.69% |
Volatility
ITEH.L vs. IGLN.L - Volatility Comparison
The current volatility for iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) (ITEH.L) is 1.16%, while iShares Physical Gold ETC (IGLN.L) has a volatility of 7.59%. This indicates that ITEH.L experiences smaller price fluctuations and is considered to be less risky than IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 7.59% | -6.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.10% | 23.02% | -18.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.78% | 26.39% | -21.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.92% | 17.79% | -10.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.24% | 15.74% | -8.50% |
ITEH.L vs. IGLN.L - Expense Ratio Comparison
ITEH.L has a 0.22% expense ratio, which is higher than IGLN.L's 0.12% 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. IGLN.L - Dividend Comparison
Neither ITEH.L nor IGLN.L has paid dividends to shareholders.
Frequently Asked Questions
ITEH.L and IGLN.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, IGLN.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGLN.L is cheaper with a 0.12% expense ratio, compared with 0.22% for ITEH.L.
ITEH.L is categorized as Government Bonds, while IGLN.L is Gold. ITEH.L tracks iShares Italy Govt Bond UCITS ETF USD Hedged (Acc), while IGLN.L tracks LBMA Gold Price. Their fees differ too: 0.22% for ITEH.L and 0.12% for IGLN.L.
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