SDEU.L vs. GC=F

Last updated Jun 5, 2026

SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) is European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while GC=F (Gold Futures) is an asset. Over the past 10 years, SDEU.L returned -0.29%/yr vs 14.57%/yr for GC=F. At a 0.35 correlation, their price movements are largely independent.

Performance

SDEU.L vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SDEU.L is traded in GBP, while GC=F is traded in USD. To make them comparable, the GC=F 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 GC=F's 4.48% return. Over the past 10 years, SDEU.L has underperformed GC=F with an annualized return of -0.29%, while GC=F has yielded a comparatively higher 14.57% 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%

GC=F

• 1D: 1.45%
• 1M: -2.62%
• YTD: 4.48%
• 6M: 6.14%
• 1Y: 35.87%
• 3Y*: 28.66%
• 5Y*: 20.24%
• 10Y*: 14.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SDEU.L vs. GC=F - 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%
GC=F Gold Futures	4.48%	52.80%	29.71%	7.67%	11.41%	-2.55%	20.93%	14.35%	3.66%	3.77%

Correlation

The correlation between SDEU.L and GC=F is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since May 10, 2012	0.35

The correlation between SDEU.L and GC=F shifts across timeframes, from 0.18 (3 years) to 0.37 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SDEU.L vs. GC=F — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SDEU.L

SDEU.L Risk / Return Rank: 13
SDEU.L Sharpe Ratio Rank: 14
SDEU.L Sortino Ratio Rank: 13
SDEU.L Omega Ratio Rank: 12
SDEU.L Calmar Ratio Rank: 14
SDEU.L Martin Ratio Rank: 13

GC=F

GC=F Risk / Return Rank: 54
GC=F Sharpe Ratio Rank: 53
GC=F Sortino Ratio Rank: 52
GC=F Omega Ratio Rank: 54
GC=F Calmar Ratio Rank: 45
GC=F Martin Ratio Rank: 64

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SDEU.L vs. GC=F - 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 Gold Futures (GC=F). 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	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	0.31	1.31	-1.00
Sortino ratio: Return per unit of downside risk	0.49	1.70	-1.21
Omega ratio: Gain probability vs. loss probability	1.05	1.27	-0.22
Calmar ratio: Return relative to maximum drawdown	0.39	1.98	-1.59
Martin ratio: Return relative to average drawdown	0.81	4.99	-4.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDEU.L vs. GC=F - Sharpe Ratio Comparison

The current SDEU.L Sharpe Ratio is 0.31, which is lower than the GC=F Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of SDEU.L and GC=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SDEU.L	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	1.31	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.38	1.16	-1.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	0.85	-0.89
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.69	-0.63

Drawdowns

SDEU.L vs. GC=F - Drawdown Comparison

The maximum SDEU.L drawdown since its inception was -27.61%, smaller than the maximum GC=F drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for SDEU.L and GC=F.

Drawdown Indicators

	SDEU.L	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-27.61%	-40.62%	+13.01%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-16.99%	+12.81%
Max Drawdown (3Y) Largest decline over 3 years	-7.00%	-16.99%	+9.99%
Max Drawdown (5Y) Largest decline over 5 years	-20.62%	-16.99%	-3.63%
Max Drawdown (10Y) Largest decline over 10 years	-27.61%	-22.25%	-5.36%
Current Drawdown Current decline from peak	-23.00%	-15.08%	-7.92%
Average Drawdown Average peak-to-trough decline	-11.22%	-12.19%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	6.82%	-4.82%

Volatility

SDEU.L vs. GC=F - Volatility Comparison

The current volatility for iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) is 1.61%, while Gold Futures (GC=F) has a volatility of 4.24%. This indicates that SDEU.L experiences smaller price fluctuations and is considered to be less risky than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDEU.L	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	4.24%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	3.81%	22.29%	-18.48%
Volatility (1Y) Calculated over the trailing 1-year period	5.15%	25.67%	-20.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.39%	17.38%	-9.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.60%	17.07%	-8.47%

Frequently Asked Questions

Can I hold both SDEU.L and GC=F in my portfolio?

SDEU.L and GC=F have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.