SDEU.L vs. IEF
SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - SDEU.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, SDEU.L returned -0.29%/yr vs 1.48%/yr for IEF. A 0.56 correlation means they provide meaningful diversification when combined. SDEU.L charges 0.20%/yr vs 0.15%/yr for IEF.
Performance
SDEU.L vs. IEF - Performance Comparison
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Different Trading Currencies
SDEU.L is traded in GBP, while IEF is traded in USD. To make them comparable, the IEF 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 IEF's -0.06% return. Over the past 10 years, SDEU.L has underperformed IEF with an annualized return of -0.29%, while IEF has yielded a comparatively higher 1.48% 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%
IEF
- 1D
- 0.09%
- 1M
- 0.75%
- YTD
- -0.06%
- 6M
- -1.12%
- 1Y
- 5.00%
- 3Y*
- -0.08%
- 5Y*
- -0.03%
- 10Y*
- 1.48%
SDEU.L vs. IEF - 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% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.06% | 0.34% | 1.10% | -1.54% | -5.07% | -2.41% | 6.78% | 3.92% | 6.98% | -6.31% |
Correlation
The correlation between SDEU.L and IEF is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since May 10, 2012 | 0.56 |
Over the past year, the correlation between SDEU.L and IEF has dropped to 0.34 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
SDEU.L vs. IEF — Risk / Return Rank
SDEU.L
IEF
SDEU.L vs. IEF - 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 iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.14 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | 0.82 | -0.43 |
| Martin ratioReturn relative to average drawdown | 0.81 | 2.03 | -1.22 |
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 | IEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.31 | 0.75 | -0.44 |
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 | 0.14 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.48 | -0.42 |
Drawdowns
SDEU.L vs. IEF - Drawdown Comparison
The maximum SDEU.L drawdown since its inception was -27.61%, roughly equal to the maximum IEF drawdown of -26.56%. Use the drawdown chart below to compare losses from any high point for SDEU.L and IEF.
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Drawdown Indicators
| SDEU.L | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.61% | -26.56% | -1.05% |
Max Drawdown (1Y)Largest decline over 1 year | -4.18% | -6.12% | +1.94% |
Max Drawdown (3Y)Largest decline over 3 years | -7.00% | -7.75% | +0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -20.62% | -16.26% | -4.36% |
Max Drawdown (10Y)Largest decline over 10 years | -27.61% | -26.56% | -1.05% |
Current DrawdownCurrent decline from peak | -23.00% | -21.64% | -1.36% |
Average DrawdownAverage peak-to-trough decline | -11.22% | -11.03% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 2.46% | -0.46% |
Volatility
SDEU.L vs. IEF - Volatility Comparison
iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) has a higher volatility of 1.61% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.45%. This indicates that SDEU.L's price experiences larger fluctuations and is considered to be riskier than IEF 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 | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 1.45% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.81% | 5.07% | -1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.15% | 6.67% | -1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.39% | 9.68% | -2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 10.74% | -2.14% |
SDEU.L vs. IEF - Expense Ratio Comparison
SDEU.L has a 0.20% expense ratio, which is higher than IEF's 0.15% 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. IEF - Dividend Comparison
SDEU.L's dividend yield for the trailing twelve months is around 2.53%, less than IEF's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.92% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
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 IEF have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEF is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEF is cheaper with a 0.15% expense ratio, compared with 0.20% for SDEU.L.
SDEU.L is categorized as European Government Bonds, while IEF is Government Bonds. SDEU.L tracks Bloomberg Euro Agg Govt TR EUR, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. Their fees differ too: 0.20% for SDEU.L and 0.15% for IEF.
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