SPY vs. IGLS.L
SPY (State Street SPDR S&P 500 ETF) and IGLS.L (iShares UK Gilts 0-5yr UCITS ETF GBP (Dist)) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while IGLS.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 10 years, SPY returned 15.42%/yr vs 0.39%/yr for IGLS.L. At a 0.24 correlation, their price movements are largely independent. SPY charges 0.09%/yr vs 0.07%/yr for IGLS.L.
Performance
SPY vs. IGLS.L - Performance Comparison
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Different Trading Currencies
SPY is traded in USD, while IGLS.L is traded in GBP. To make them comparable, the IGLS.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPY achieves a 9.07% return, which is significantly higher than IGLS.L's 0.07% return. Over the past 10 years, SPY has outperformed IGLS.L with an annualized return of 15.42%, while IGLS.L has yielded a comparatively lower 0.39% annualized return.
SPY
- 1D
- 0.54%
- 1M
- -0.86%
- YTD
- 9.07%
- 6M
- 9.42%
- 1Y
- 25.67%
- 3Y*
- 20.86%
- 5Y*
- 13.36%
- 10Y*
- 15.42%
IGLS.L
- 1D
- 0.05%
- 1M
- 0.62%
- YTD
- 0.07%
- 6M
- 1.24%
- 1Y
- 1.87%
- 3Y*
- 6.74%
- 5Y*
- 0.31%
- 10Y*
- 0.39%
SPY vs. IGLS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 9.07% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
IGLS.L iShares UK Gilts 0-5yr UCITS ETF GBP (Dist) | 0.07% | 13.20% | 0.94% | 9.69% | -14.66% | -2.57% | 4.59% | 5.11% | -5.53% | 9.10% |
Correlation
The correlation between SPY and IGLS.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2009 | 0.24 |
The correlation between SPY and IGLS.L shifts across timeframes, from 0.24 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPY vs. IGLS.L — Risk / Return Rank
SPY
IGLS.L
SPY vs. IGLS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and iShares UK Gilts 0-5yr UCITS ETF GBP (Dist) (IGLS.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.
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.
| SPY | IGLS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.04 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 0.25 | +2.50 |
| Martin ratioReturn relative to average drawdown | 12.39 | 0.58 | +11.81 |
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Drawdowns
SPY vs. IGLS.L - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, which is greater than IGLS.L's maximum drawdown of -38.64%. Use the drawdown chart below to compare losses from any high point for SPY and IGLS.L.
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Drawdown Indicators
| SPY | IGLS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -38.64% | -16.55% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -5.31% | -3.57% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -9.30% | -9.46% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -30.42% | +5.92% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -32.19% | -1.53% |
Current DrawdownCurrent decline from peak | -2.35% | -10.18% | +7.83% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -13.50% | +4.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 2.28% | -0.31% |
Volatility
SPY vs. IGLS.L - Volatility Comparison
State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 4.34% compared to iShares UK Gilts 0-5yr UCITS ETF GBP (Dist) (IGLS.L) at 2.12%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than IGLS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPY | IGLS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 2.12% | +2.22% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 5.46% | +4.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.29% | 7.32% | +4.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 9.34% | +7.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.96% | 9.55% | +8.41% |
SPY vs. IGLS.L - Expense Ratio Comparison
SPY has a 0.09% expense ratio, which is higher than IGLS.L's 0.07% 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
SPY vs. IGLS.L - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.00%, less than IGLS.L's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGLS.L iShares UK Gilts 0-5yr UCITS ETF GBP (Dist) | 3.97% | 3.88% | 3.67% | 1.62% | 0.30% | 0.25% | 0.53% | 0.46% | 0.33% | 0.53% | 0.88% | 0.48% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPY and IGLS.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IGLS.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGLS.L is cheaper with a 0.07% expense ratio, compared with 0.09% for SPY.
SPY is categorized as S&P 500, while IGLS.L is European Government Bonds. SPY tracks S&P 500 Index, while IGLS.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: State Street and iShares. Their fees differ too: 0.09% for SPY and 0.07% for IGLS.L.
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