SDEU.L vs. GILS.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) and Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.L).

SDEU.L and GILS.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SDEU.L is a passively managed fund by iShares that tracks the performance of the Bloomberg Euro Agg Govt TR EUR. It was launched on May 8, 2012. GILS.L is a passively managed fund by Lyxor that tracks the performance of the FTSE Actuaries UK Conventional Gilts All Stocks. It was launched on Nov 10, 2010. Both SDEU.L and GILS.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SDEU.L vs. GILS.L - 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 Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.L). The values are adjusted to include any dividend payments, if applicable.

SDEU.L vs. GILS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDEU.L iShares Germany Government Bond UCITS ETF (Dist)	-0.52%	3.89%	-3.80%	2.90%	-13.18%	-9.06%	8.46%	-2.18%	3.12%	1.86%
GILS.L Lyxor Core UK Government Bond (DR) UCITS ETF - Dist	-1.19%	1.70%	-5.79%	1.51%	-25.53%	-6.84%	5.96%	4.09%	-2.08%	-1.13%

Different Trading Currencies

SDEU.L is traded in GBP, while GILS.L is traded in GBp. To make them comparable, the GILS.L 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 -0.52% return, which is significantly higher than GILS.L's -1.19% return. Over the past 10 years, SDEU.L has outperformed GILS.L with an annualized return of -0.39%, while GILS.L has yielded a comparatively lower -3.11% annualized return.

SDEU.L

• 1D: -0.11%
• 1M: -1.87%
• YTD: -0.52%
• 6M: -0.43%
• 1Y: 4.35%
• 3Y*: 0.57%
• 5Y*: -2.68%
• 10Y*: -0.39%

GILS.L

• 1D: 0.66%
• 1M: -2.86%
• YTD: -1.19%
• 6M: -1.38%
• 1Y: -0.45%
• 3Y*: -2.01%
• 5Y*: -6.49%
• 10Y*: -3.11%

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

SDEU.L vs. GILS.L - Expense Ratio Comparison

SDEU.L has a 0.20% expense ratio, which is higher than GILS.L's 0.05% 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%.

SDEU.L

iShares Germany Government Bond UCITS ETF (Dist)

GILS.L

Lyxor Core UK Government Bond (DR) UCITS ETF - Dist

Return for Risk

SDEU.L vs. GILS.L — 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: 33
SDEU.L Sharpe Ratio Rank: 34
SDEU.L Sortino Ratio Rank: 36
SDEU.L Omega Ratio Rank: 29
SDEU.L Calmar Ratio Rank: 37
SDEU.L Martin Ratio Rank: 27

GILS.L

GILS.L Risk / Return Rank: 10
GILS.L Sharpe Ratio Rank: 10
GILS.L Sortino Ratio Rank: 9
GILS.L Omega Ratio Rank: 9
GILS.L Calmar Ratio Rank: 11
GILS.L Martin Ratio Rank: 11

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. GILS.L - 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 Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.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.

	SDEU.L	GILS.L	Difference
Sharpe ratio Return per unit of total volatility	0.70	-0.07	+0.77
Sortino ratio Return per unit of downside risk	1.11	-0.04	+1.15
Omega ratio Gain probability vs. loss probability	1.13	0.99	+0.13
Calmar ratio Return relative to maximum drawdown	1.05	-0.05	+1.10
Martin ratio Return relative to average drawdown	2.34	-0.13	+2.47
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. GILS.L - Sharpe Ratio Comparison

The current SDEU.L Sharpe Ratio is 0.70, which is higher than the GILS.L Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of SDEU.L and GILS.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SDEU.L	GILS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	-0.07	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	-0.65	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.04	-0.34	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.01	+0.06

Correlation

The correlation between SDEU.L and GILS.L is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SDEU.L vs. GILS.L - Dividend Comparison

SDEU.L's dividend yield for the trailing twelve months is around 2.51%, while GILS.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SDEU.L iShares Germany Government Bond UCITS ETF (Dist)	2.51%	2.50%	2.57%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.34%
GILS.L Lyxor Core UK Government Bond (DR) UCITS ETF - Dist	0.00%	0.00%	0.00%	0.00%	0.02%	0.02%	0.02%	0.03%	0.03%	0.03%	0.03%	0.00%

Drawdowns

SDEU.L vs. GILS.L - Drawdown Comparison

The maximum SDEU.L drawdown since its inception was -27.61%, smaller than the maximum GILS.L drawdown of -38.75%. Use the drawdown chart below to compare losses from any high point for SDEU.L and GILS.L.

Drawdown Indicators

	SDEU.L	GILS.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.61%	-38.75%	+11.14%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-5.53%	+1.26%
Max Drawdown (5Y) Largest decline over 5 years	-20.62%	-34.64%	+14.02%
Max Drawdown (10Y) Largest decline over 10 years	-27.61%	-38.75%	+11.14%
Current Drawdown Current decline from peak	-22.54%	-35.89%	+13.35%
Average Drawdown Average peak-to-trough decline	-11.08%	-11.75%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	2.04%	-0.13%

Volatility

SDEU.L vs. GILS.L - Volatility Comparison

The current volatility for iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) is 1.78%, while Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.L) has a volatility of 2.81%. This indicates that SDEU.L experiences smaller price fluctuations and is considered to be less risky than GILS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDEU.L	GILS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	2.81%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	3.65%	5.10%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	6.17%	6.69%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.44%	10.05%	-2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.70%	9.03%	-0.33%