SDEU.L vs. JPYUSD=X
SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) is European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while JPYUSD=X (JPY/USD) is a currency. Over the past 10 years, SDEU.L returned -0.57%/yr vs -3.55%/yr for JPYUSD=X. At a 0.49 correlation, their price movements are largely independent.
Performance
SDEU.L vs. JPYUSD=X - Performance Comparison
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Different Trading Currencies
SDEU.L is traded in GBP, while JPYUSD=X is traded in USD. To make them comparable, the JPYUSD=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 -1.16% return, which is significantly higher than JPYUSD=X's -1.73% return. Over the past 10 years, SDEU.L has outperformed JPYUSD=X with an annualized return of -0.57%, while JPYUSD=X has yielded a comparatively lower -3.55% annualized return.
SDEU.L
- 1D
- 0.09%
- 1M
- 0.46%
- YTD
- -1.16%
- 6M
- -1.51%
- 1Y
- -0.26%
- 3Y*
- 1.28%
- 5Y*
- -2.98%
- 10Y*
- -0.57%
JPYUSD=X
- 1D
- -0.09%
- 1M
- -0.65%
- YTD
- -1.73%
- 6M
- -2.98%
- 1Y
- -8.98%
- 3Y*
- -6.28%
- 5Y*
- -6.34%
- 10Y*
- -3.55%
SDEU.L vs. JPYUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -1.16% | 3.53% | -4.21% | 3.07% | -13.18% | -9.05% | 8.45% | -2.18% | 3.12% | 1.86% |
JPYUSD=X JPY/USD | -1.73% | -6.82% | -8.69% | -11.69% | -1.79% | -9.39% | 2.10% | -2.98% | 8.91% | -5.07% |
Correlation
The correlation between SDEU.L and JPYUSD=X is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since May 8, 2012 | 0.49 |
The correlation between SDEU.L and JPYUSD=X shifts across timeframes, from 0.39 (1 year) to 0.51 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SDEU.L vs. JPYUSD=X — Risk / Return Rank
SDEU.L
JPYUSD=X
SDEU.L vs. JPYUSD=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 JPY/USD (JPYUSD=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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SDEU.L | JPYUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.81 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | -0.74 | +0.67 |
| Martin ratioReturn relative to average drawdown | -0.12 | -1.16 | +1.04 |
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Drawdowns
SDEU.L vs. JPYUSD=X - Drawdown Comparison
The maximum SDEU.L drawdown since its inception was -27.60%, smaller than the maximum JPYUSD=X drawdown of -45.67%. Use the drawdown chart below to compare losses from any high point for SDEU.L and JPYUSD=X.
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Drawdown Indicators
| SDEU.L | JPYUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.60% | -45.67% | +18.07% |
Max Drawdown (1Y)Largest decline over 1 year | -4.23% | -9.92% | +5.69% |
Max Drawdown (3Y)Largest decline over 3 years | -7.01% | -17.98% | +10.97% |
Max Drawdown (5Y)Largest decline over 5 years | -20.62% | -31.00% | +10.38% |
Max Drawdown (10Y)Largest decline over 10 years | -27.60% | -42.14% | +14.54% |
Current DrawdownCurrent decline from peak | -23.49% | -45.31% | +21.82% |
Average DrawdownAverage peak-to-trough decline | -14.48% | -21.67% | +7.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.12% | 5.61% | -3.49% |
Volatility
SDEU.L vs. JPYUSD=X - Volatility Comparison
iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) has a higher volatility of 1.57% compared to JPY/USD (JPYUSD=X) at 0.82%. This indicates that SDEU.L's price experiences larger fluctuations and is considered to be riskier than JPYUSD=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 | JPYUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 0.82% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 3.74% | 4.44% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.09% | 6.10% | -1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.38% | 9.28% | -1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.59% | 10.87% | -2.28% |
Frequently Asked Questions
SDEU.L and JPYUSD=X have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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