SDEU.L vs. GBPUSD=X
SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) is European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while GBPUSD=X (GBP/USD) is a currency. Over the past 10 years, SDEU.L returned -0.29%/yr vs -0.01%/yr for GBPUSD=X. At a correlation of -0.01, they often move in opposite directions.
Performance
SDEU.L vs. GBPUSD=X - Performance Comparison
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Different Trading Currencies
SDEU.L is traded in GBP, while GBPUSD=X is traded in USD. To make them comparable, the GBPUSD=X values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SDEU.L achieves a -1.11% return, which is significantly lower than GBPUSD=X's 0.06% return. Over the past 10 years, SDEU.L has underperformed GBPUSD=X with an annualized return of -0.29%, while GBPUSD=X has yielded a comparatively higher -0.01% annualized return.
SDEU.L
- 1D
- 0.24%
- 1M
- 0.20%
- YTD
- -1.11%
- 6M
- -1.01%
- 1Y
- 2.04%
- 3Y*
- 1.13%
- 5Y*
- -2.81%
- 10Y*
- -0.29%
GBPUSD=X
- 1D
- -0.07%
- 1M
- -0.07%
- YTD
- 0.06%
- 6M
- -0.07%
- 1Y
- -0.04%
- 3Y*
- -0.03%
- 5Y*
- -0.00%
- 10Y*
- -0.01%
SDEU.L vs. GBPUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -1.11% | 3.89% | -3.80% | 2.90% | -13.18% | -9.06% | 8.46% | -2.18% | 3.12% | 1.86% |
GBPUSD=X GBP/USD | 0.06% | -0.12% | 0.05% | 0.01% | -0.07% | 0.03% | 0.04% | 0.06% | -0.07% | 0.05% |
Correlation
The correlation between SDEU.L and GBPUSD=X is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since May 10, 2012 | -0.01 |
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Return for Risk
SDEU.L vs. GBPUSD=X — Risk / Return Rank
SDEU.L
GBPUSD=X
SDEU.L vs. GBPUSD=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) and GBP/USD (GBPUSD=X). 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.
| SDEU.L | GBPUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.99 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | -0.06 | +0.44 |
| Martin ratioReturn relative to average drawdown | 0.81 | -0.11 | +0.92 |
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
| SDEU.L | GBPUSD=X | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.31 | -0.03 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.38 | -0.00 | -0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | -0.01 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.00 | +0.06 |
Drawdowns
SDEU.L vs. GBPUSD=X - Drawdown Comparison
The maximum SDEU.L drawdown since its inception was -27.61%, which is greater than GBPUSD=X's maximum drawdown of -3.56%. Use the drawdown chart below to compare losses from any high point for SDEU.L and GBPUSD=X.
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Drawdown Indicators
| SDEU.L | GBPUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.61% | -3.56% | -24.05% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -0.54% | -3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -7.00% | -0.81% | -6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -20.62% | -0.81% | -19.81% |
Max Drawdown (10Y)Largest decline over 10 years | -27.61% | -1.88% | -25.73% |
Current DrawdownCurrent decline from peak | -23.00% | -1.63% | -21.37% |
Average DrawdownAverage peak-to-trough decline | -11.22% | -1.14% | -10.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 0.28% | +1.72% |
Volatility
SDEU.L vs. GBPUSD=X - Volatility Comparison
iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) has a higher volatility of 1.61% compared to GBP/USD (GBPUSD=X) at 0.20%. This indicates that SDEU.L's price experiences larger fluctuations and is considered to be riskier than GBPUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDEU.L | GBPUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 0.20% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 3.81% | 0.60% | +3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.15% | 0.97% | +4.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.39% | 0.84% | +6.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 1.36% | +7.24% |
Frequently Asked Questions
SDEU.L and GBPUSD=X have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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