TGBT.DE vs. ICOM.L
TGBT.DE (VanEck iBoxx EUR Sovereign Diversified 1-10 UCITS ETF) and ICOM.L (iShares Diversified Commodity Swap UCITS ETF) are both exchange-traded funds - TGBT.DE is a European Government Bonds fund tracking the iBoxx® EUR Liquid Sovereigns Diversified 1-10, while ICOM.L is a Commodities fund tracking the Bloomberg Commodity (Total Return Index). Both are passively managed. Over the past 5 years, TGBT.DE returned -2.05%/yr vs 12.09%/yr for ICOM.L. At a correlation of -0.10, they often move in opposite directions. TGBT.DE charges 0.15%/yr vs 0.19%/yr for ICOM.L.
Performance
TGBT.DE vs. ICOM.L - Performance Comparison
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Different Trading Currencies
TGBT.DE is traded in EUR, while ICOM.L is traded in USD. To make them comparable, the ICOM.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, TGBT.DE achieves a -0.51% return, which is significantly lower than ICOM.L's 26.16% return.
TGBT.DE
- 1D
- 0.11%
- 1M
- 0.02%
- YTD
- -0.51%
- 6M
- 0.56%
- 1Y
- 0.78%
- 3Y*
- 2.64%
- 5Y*
- -2.05%
- 10Y*
- —
ICOM.L
- 1D
- -1.40%
- 1M
- -3.00%
- YTD
- 26.16%
- 6M
- 24.53%
- 1Y
- 35.35%
- 3Y*
- 12.59%
- 5Y*
- 12.09%
- 10Y*
- —
TGBT.DE vs. ICOM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TGBT.DE VanEck iBoxx EUR Sovereign Diversified 1-10 UCITS ETF | -0.51% | 2.54% | 1.35% | 7.34% | -18.19% | -2.64% | 3.34% | 5.03% | 0.26% |
ICOM.L iShares Diversified Commodity Swap UCITS ETF | 26.17% | 2.64% | 12.00% | -10.82% | 21.94% | 36.55% | -11.68% | 9.16% | -7.31% |
Correlation
The correlation between TGBT.DE and ICOM.L is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2018 | -0.10 |
Over the past year, the inverse relationship between TGBT.DE and ICOM.L has strengthened: their correlation has moved from -0.10 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TGBT.DE vs. ICOM.L — Risk / Return Rank
TGBT.DE
ICOM.L
TGBT.DE vs. ICOM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck iBoxx EUR Sovereign Diversified 1-10 UCITS ETF (TGBT.DE) and iShares Diversified Commodity Swap UCITS ETF (ICOM.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.
| TGBT.DE | ICOM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.35 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 4.20 | -4.09 |
| Martin ratioReturn relative to average drawdown | 0.29 | 9.36 | -9.07 |
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
| TGBT.DE | ICOM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.08 | 1.92 | -1.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.71 | -1.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.54 | -0.63 |
Drawdowns
TGBT.DE vs. ICOM.L - Drawdown Comparison
The maximum TGBT.DE drawdown since its inception was -21.36%, smaller than the maximum ICOM.L drawdown of -27.93%. Use the drawdown chart below to compare losses from any high point for TGBT.DE and ICOM.L.
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Drawdown Indicators
| TGBT.DE | ICOM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.36% | -27.93% | +6.57% |
Max Drawdown (1Y)Largest decline over 1 year | -3.32% | -8.39% | +5.07% |
Max Drawdown (3Y)Largest decline over 3 years | -3.56% | -15.83% | +12.27% |
Max Drawdown (5Y)Largest decline over 5 years | -21.12% | -27.93% | +6.81% |
Current DrawdownCurrent decline from peak | -11.91% | -4.66% | -7.25% |
Average DrawdownAverage peak-to-trough decline | -9.23% | -12.70% | +3.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 3.77% | -2.51% |
Volatility
TGBT.DE vs. ICOM.L - Volatility Comparison
The current volatility for VanEck iBoxx EUR Sovereign Diversified 1-10 UCITS ETF (TGBT.DE) is 1.55%, while iShares Diversified Commodity Swap UCITS ETF (ICOM.L) has a volatility of 5.73%. This indicates that TGBT.DE experiences smaller price fluctuations and is considered to be less risky than ICOM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TGBT.DE | ICOM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 5.73% | -4.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.94% | 15.96% | -12.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.44% | 18.31% | -13.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.38% | 17.08% | -10.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.67% | 15.84% | -10.17% |
TGBT.DE vs. ICOM.L - Expense Ratio Comparison
TGBT.DE has a 0.15% expense ratio, which is lower than ICOM.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TGBT.DE vs. ICOM.L - Dividend Comparison
TGBT.DE's dividend yield for the trailing twelve months is around 1.95%, while ICOM.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ICOM.L iShares Diversified Commodity Swap UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TGBT.DE VanEck iBoxx EUR Sovereign Diversified 1-10 UCITS ETF | 1.95% | 2.17% | 1.13% | 0.57% | 0.60% | 0.77% | 0.75% | 0.35% |
Frequently Asked Questions
TGBT.DE and ICOM.L have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TGBT.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TGBT.DE is cheaper with a 0.15% expense ratio, compared with 0.19% for ICOM.L.
TGBT.DE is categorized as European Government Bonds, while ICOM.L is Commodities. TGBT.DE tracks iBoxx® EUR Liquid Sovereigns Diversified 1-10, while ICOM.L tracks Bloomberg Commodity (Total Return Index). They also come from different issuers: VanEck and iShares. Their fees differ too: 0.15% for TGBT.DE and 0.19% for ICOM.L.
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