TGBT.DE vs. X03B.DE

Last updated Jun 5, 2026

TGBT.DE (VanEck iBoxx EUR Sovereign Diversified 1-10 UCITS ETF) and X03B.DE (Xtrackers Eurozone Government Bond 1-3 UCITS ETF) are both European Government Bonds funds - TGBT.DE tracks the iBoxx® EUR Liquid Sovereigns Diversified 1-10 while X03B.DE tracks the iBoxx® EUR Eurozone 1-3. Both are passively managed. Over the past 5 years, TGBT.DE returned -2.05%/yr vs 0.68%/yr for X03B.DE. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

TGBT.DE vs. X03B.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in VanEck iBoxx EUR Sovereign Diversified 1-10 UCITS ETF (TGBT.DE) and Xtrackers Eurozone Government Bond 1-3 UCITS ETF (X03B.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TGBT.DE achieves a -0.51% return, which is significantly lower than X03B.DE's 0.05% 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*: —

X03B.DE

• 1D: 0.04%
• 1M: 0.05%
• YTD: 0.05%
• 6M: 0.20%
• 1Y: 0.95%
• 3Y*: 2.63%
• 5Y*: 0.68%
• 10Y*: 0.23%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TGBT.DE vs. X03B.DE - 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%
X03B.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF	0.05%	2.25%	3.05%	3.35%	-4.64%	-0.79%	-0.13%	0.14%	0.19%

Correlation

The correlation between TGBT.DE and X03B.DE is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 12, 2018	0.83

The correlation between TGBT.DE and X03B.DE shifts across timeframes, from 0.75 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TGBT.DE vs. X03B.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TGBT.DE

TGBT.DE Risk / Return Rank: 10
TGBT.DE Sharpe Ratio Rank: 10
TGBT.DE Sortino Ratio Rank: 9
TGBT.DE Omega Ratio Rank: 9
TGBT.DE Calmar Ratio Rank: 10
TGBT.DE Martin Ratio Rank: 10

X03B.DE

X03B.DE Risk / Return Rank: 19
X03B.DE Sharpe Ratio Rank: 20
X03B.DE Sortino Ratio Rank: 18
X03B.DE Omega Ratio Rank: 20
X03B.DE Calmar Ratio Rank: 17
X03B.DE Martin Ratio Rank: 19

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TGBT.DE vs. X03B.DE - 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 Xtrackers Eurozone Government Bond 1-3 UCITS ETF (X03B.DE). 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	X03B.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.08	0.62	-0.54
Sortino ratio: Return per unit of downside risk	0.15	0.91	-0.76
Omega ratio: Gain probability vs. loss probability	1.02	1.13	-0.11
Calmar ratio: Return relative to maximum drawdown	0.11	0.63	-0.52
Martin ratio: Return relative to average drawdown	0.29	2.04	-1.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGBT.DE vs. X03B.DE - Sharpe Ratio Comparison

The current TGBT.DE Sharpe Ratio is 0.08, which is lower than the X03B.DE Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of TGBT.DE and X03B.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TGBT.DE	X03B.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	0.62	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	0.41	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.57	-0.66

Drawdowns

TGBT.DE vs. X03B.DE - Drawdown Comparison

The maximum TGBT.DE drawdown since its inception was -21.36%, which is greater than X03B.DE's maximum drawdown of -6.78%. Use the drawdown chart below to compare losses from any high point for TGBT.DE and X03B.DE.

Drawdown Indicators

	TGBT.DE	X03B.DE	Difference
Max Drawdown Largest peak-to-trough decline	-21.36%	-6.78%	-14.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-1.28%	-2.04%
Max Drawdown (3Y) Largest decline over 3 years	-3.56%	-1.28%	-2.28%
Max Drawdown (5Y) Largest decline over 5 years	-21.12%	-5.67%	-15.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-6.78%	—
Current Drawdown Current decline from peak	-11.91%	-0.51%	-11.40%
Average Drawdown Average peak-to-trough decline	-9.23%	-1.19%	-8.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	0.40%	+0.86%

Volatility

TGBT.DE vs. X03B.DE - Volatility Comparison

VanEck iBoxx EUR Sovereign Diversified 1-10 UCITS ETF (TGBT.DE) has a higher volatility of 1.55% compared to Xtrackers Eurozone Government Bond 1-3 UCITS ETF (X03B.DE) at 0.50%. This indicates that TGBT.DE's price experiences larger fluctuations and is considered to be riskier than X03B.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGBT.DE	X03B.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	0.50%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	3.94%	1.20%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	4.44%	1.30%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	1.63%	+4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.67%	1.32%	+4.35%

TGBT.DE vs. X03B.DE - Expense Ratio Comparison

Both TGBT.DE and X03B.DE have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TGBT.DE vs. X03B.DE - Dividend Comparison

TGBT.DE's dividend yield for the trailing twelve months is around 1.95%, more than X03B.DE's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%	0.00%
X03B.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF	1.53%	1.39%	0.98%	0.28%	0.12%	0.13%	0.00%	0.00%	0.00%	0.00%	0.65%	0.66%

Frequently Asked Questions

Can I hold both TGBT.DE and X03B.DE in my portfolio?

TGBT.DE and X03B.DE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TGBT.DE or X03B.DE?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TGBT.DE or X03B.DE?

TGBT.DE and X03B.DE have the same expense ratio: 0.15% per year.

What is the main difference between TGBT.DE and X03B.DE?

TGBT.DE tracks iBoxx® EUR Liquid Sovereigns Diversified 1-10, while X03B.DE tracks iBoxx® EUR Eurozone 1-3. They also come from different issuers: VanEck and Xtrackers.