SDEU.L vs. GLTA.L
SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) and GLTA.L (Invesco UK Gilts UCITS ETF Acc) are both European Government Bonds funds - SDEU.L tracks the Bloomberg Euro Agg Govt TR EUR while GLTA.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 5 years, SDEU.L returned -2.81%/yr vs -4.77%/yr for GLTA.L. A 0.58 correlation means they provide meaningful diversification when combined. SDEU.L charges 0.20%/yr vs 0.06%/yr for GLTA.L.
Performance
SDEU.L vs. GLTA.L - Performance Comparison
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Different Trading Currencies
SDEU.L is traded in GBP, while GLTA.L is traded in GBp. To make them comparable, the GLTA.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with SDEU.L having a -1.11% return and GLTA.L slightly lower at -1.16%.
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%
GLTA.L
- 1D
- 0.22%
- 1M
- 1.66%
- YTD
- -1.16%
- 6M
- -1.33%
- 1Y
- 1.96%
- 3Y*
- 2.19%
- 5Y*
- -4.77%
- 10Y*
- —
SDEU.L vs. GLTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -1.11% | 3.89% | -3.80% | 2.90% | -13.18% | -9.06% | 8.46% | -4.86% |
GLTA.L Invesco UK Gilts UCITS ETF Acc | -1.16% | 4.99% | -4.18% | 3.52% | -25.15% | -5.17% | 8.71% | 1.44% |
Correlation
The correlation between SDEU.L and GLTA.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2019 | 0.58 |
The correlation between SDEU.L and GLTA.L shifts across timeframes, from 0.44 (1 year) to 0.60 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SDEU.L vs. GLTA.L — Risk / Return Rank
SDEU.L
GLTA.L
SDEU.L vs. GLTA.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 Invesco UK Gilts UCITS ETF Acc (GLTA.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 | GLTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.06 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | 0.34 | +0.04 |
| Martin ratioReturn relative to average drawdown | 0.81 | 0.90 | -0.09 |
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 | GLTA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.31 | 0.30 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.38 | -0.45 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | -0.29 | +0.36 |
Drawdowns
SDEU.L vs. GLTA.L - Drawdown Comparison
The maximum SDEU.L drawdown since its inception was -27.61%, smaller than the maximum GLTA.L drawdown of -36.99%. Use the drawdown chart below to compare losses from any high point for SDEU.L and GLTA.L.
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Drawdown Indicators
| SDEU.L | GLTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.61% | -36.99% | +9.38% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -5.70% | +1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -7.00% | -7.70% | +0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -20.62% | -34.87% | +14.25% |
Max Drawdown (10Y)Largest decline over 10 years | -27.61% | — | — |
Current DrawdownCurrent decline from peak | -23.00% | -28.33% | +5.33% |
Average DrawdownAverage peak-to-trough decline | -11.22% | -19.08% | +7.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 2.17% | -0.17% |
Volatility
SDEU.L vs. GLTA.L - Volatility Comparison
The current volatility for iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) is 1.61%, while Invesco UK Gilts UCITS ETF Acc (GLTA.L) has a volatility of 2.77%. This indicates that SDEU.L experiences smaller price fluctuations and is considered to be less risky than GLTA.L 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 | GLTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 2.77% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.81% | 5.12% | -1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.15% | 6.47% | -1.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.39% | 10.56% | -3.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 10.31% | -1.71% |
SDEU.L vs. GLTA.L - Expense Ratio Comparison
SDEU.L has a 0.20% expense ratio, which is higher than GLTA.L's 0.06% 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
SDEU.L vs. GLTA.L - Dividend Comparison
SDEU.L's dividend yield for the trailing twelve months is around 2.53%, while GLTA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLTA.L Invesco UK Gilts UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | 2.53% | 2.50% | 2.57% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.34% |
Frequently Asked Questions
SDEU.L and GLTA.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLTA.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLTA.L is cheaper with a 0.06% expense ratio, compared with 0.20% for SDEU.L.
SDEU.L tracks Bloomberg Euro Agg Govt TR EUR, while GLTA.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for SDEU.L and 0.06% for GLTA.L.
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