PHAU.AS vs. IBTS.L
PHAU.AS (WisdomTree Physical Gold UCITS ETC) and IBTS.L (iShares $ Treasury Bond 1-3yr UCITS ETF) are both exchange-traded funds - PHAU.AS is a Gold fund tracking the LBMA Gold Price PM, while IBTS.L is a Government Bonds fund tracking the ICE U.S. Treasury 1-3 Year Bond Index. Both are passively managed. Over the past 10 years, PHAU.AS returned 12.91%/yr vs 1.55%/yr for IBTS.L. At a 0.12 correlation, their price movements are largely independent. PHAU.AS charges 0.39%/yr vs 0.07%/yr for IBTS.L.
Performance
PHAU.AS vs. IBTS.L - Performance Comparison
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Different Trading Currencies
PHAU.AS is traded in EUR, while IBTS.L is traded in GBP. To make them comparable, the IBTS.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, PHAU.AS achieves a 4.61% return, which is significantly higher than IBTS.L's 1.55% return. Over the past 10 years, PHAU.AS has outperformed IBTS.L with an annualized return of 12.91%, while IBTS.L has yielded a comparatively lower 1.55% annualized return.
PHAU.AS
- 1D
- 0.56%
- 1M
- -1.68%
- YTD
- 4.61%
- 6M
- 6.21%
- 1Y
- 29.74%
- 3Y*
- 27.67%
- 5Y*
- 19.40%
- 10Y*
- 12.91%
IBTS.L
- 1D
- 0.05%
- 1M
- 0.94%
- YTD
- 1.55%
- 6M
- 1.30%
- 1Y
- 1.74%
- 3Y*
- 1.38%
- 5Y*
- 2.81%
- 10Y*
- 1.55%
PHAU.AS vs. IBTS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHAU.AS WisdomTree Physical Gold UCITS ETC | 4.61% | 45.53% | 34.03% | 9.32% | 5.55% | 3.63% | 13.51% | 20.41% | 2.85% | -1.37% |
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 1.55% | -7.03% | 10.90% | 0.68% | 2.06% | 7.19% | -5.75% | 6.76% | 5.89% | -12.21% |
Correlation
The correlation between PHAU.AS and IBTS.L is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2007 | 0.12 |
The correlation between PHAU.AS and IBTS.L shifts across timeframes, from -0.14 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHAU.AS vs. IBTS.L — Risk / Return Rank
PHAU.AS
IBTS.L
PHAU.AS vs. IBTS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold UCITS ETC (PHAU.AS) and iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.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.
| PHAU.AS | IBTS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.05 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 0.50 | +1.26 |
| Martin ratioReturn relative to average drawdown | 4.43 | 1.14 | +3.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PHAU.AS | IBTS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 0.30 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.19 | 0.37 | +0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 0.20 | +0.69 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.32 | +0.35 |
Drawdowns
PHAU.AS vs. IBTS.L - Drawdown Comparison
The maximum PHAU.AS drawdown since its inception was -37.19%, which is greater than IBTS.L's maximum drawdown of -19.02%. Use the drawdown chart below to compare losses from any high point for PHAU.AS and IBTS.L.
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Drawdown Indicators
| PHAU.AS | IBTS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.19% | -19.02% | -18.17% |
Max Drawdown (1Y)Largest decline over 1 year | -16.74% | -3.49% | -13.25% |
Max Drawdown (3Y)Largest decline over 3 years | -16.74% | -10.85% | -5.89% |
Max Drawdown (5Y)Largest decline over 5 years | -16.74% | -12.74% | -4.00% |
Max Drawdown (10Y)Largest decline over 10 years | -18.59% | -16.80% | -1.79% |
Current DrawdownCurrent decline from peak | -15.26% | -6.95% | -8.31% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -7.06% | -5.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.66% | 1.53% | +5.13% |
Volatility
PHAU.AS vs. IBTS.L - Volatility Comparison
WisdomTree Physical Gold UCITS ETC (PHAU.AS) has a higher volatility of 5.17% compared to iShares $ Treasury Bond 1-3yr UCITS ETF (IBTS.L) at 1.33%. This indicates that PHAU.AS's price experiences larger fluctuations and is considered to be riskier than IBTS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHAU.AS | IBTS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 1.33% | +3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 20.12% | 4.11% | +16.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.04% | 5.81% | +17.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.99% | 7.67% | +8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.29% | 7.75% | +6.54% |
PHAU.AS vs. IBTS.L - Expense Ratio Comparison
PHAU.AS has a 0.39% expense ratio, which is higher than IBTS.L's 0.07% expense ratio.
Dividends
PHAU.AS vs. IBTS.L - Dividend Comparison
PHAU.AS has not paid dividends to shareholders, while IBTS.L's dividend yield for the trailing twelve months is around 3.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTS.L iShares $ Treasury Bond 1-3yr UCITS ETF | 3.99% | 4.22% | 4.12% | 3.08% | 0.75% | 0.61% | 1.84% | 2.39% | 1.49% | 1.01% | 0.67% | 0.49% |
PHAU.AS WisdomTree Physical Gold UCITS ETC | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PHAU.AS and IBTS.L have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTS.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTS.L is cheaper with a 0.07% expense ratio, compared with 0.39% for PHAU.AS.
PHAU.AS is categorized as Gold, while IBTS.L is Government Bonds. PHAU.AS tracks LBMA Gold Price PM, while IBTS.L tracks ICE U.S. Treasury 1-3 Year Bond Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.39% for PHAU.AS and 0.07% for IBTS.L.
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