UKG5.L vs. GLTP.L
UKG5.L (L&G UK Gilt 0-5 Year UCITS ETF) and GLTP.L (Invesco UK Gilts UCITS ETF Dist) are both European Government Bonds funds tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, from Legal & General and Invesco respectively. Both are passively managed. Over the past 3 years, UKG5.L returned 4.11%/yr vs 2.16%/yr for GLTP.L. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 0.06% expense ratio.
Performance
UKG5.L vs. GLTP.L - Performance Comparison
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Returns By Period
In the year-to-date period, UKG5.L achieves a 0.57% return, which is significantly higher than GLTP.L's -1.34% return.
UKG5.L
- 1D
- 0.09%
- 1M
- 0.74%
- YTD
- 0.57%
- 6M
- 0.66%
- 1Y
- 3.09%
- 3Y*
- 4.11%
- 5Y*
- —
- 10Y*
- —
GLTP.L
- 1D
- 0.25%
- 1M
- 1.64%
- YTD
- -1.34%
- 6M
- -1.41%
- 1Y
- 2.02%
- 3Y*
- 2.16%
- 5Y*
- -4.79%
- 10Y*
- —
UKG5.L vs. GLTP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UKG5.L L&G UK Gilt 0-5 Year UCITS ETF | 0.57% | 5.06% | 2.37% | 3.91% | -5.07% | -0.54% |
GLTP.L Invesco UK Gilts UCITS ETF Dist | -1.34% | 5.35% | -4.39% | 3.50% | -24.95% | 2.27% |
Correlation
The correlation between UKG5.L and GLTP.L is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since May 17, 2021 | 0.62 |
Over the past year, UKG5.L and GLTP.L have become more correlated (0.84) than their long-term average of 0.62, meaning their price movements have been converging.
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Return for Risk
UKG5.L vs. GLTP.L — Risk / Return Rank
UKG5.L
GLTP.L
UKG5.L vs. GLTP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G UK Gilt 0-5 Year UCITS ETF (UKG5.L) and Invesco UK Gilts UCITS ETF Dist (GLTP.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.
| UKG5.L | GLTP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.06 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 0.35 | +1.29 |
| Martin ratioReturn relative to average drawdown | 5.63 | 0.94 | +4.69 |
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
| UKG5.L | GLTP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.64 | 0.31 | +1.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.45 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | -0.26 | +0.79 |
Drawdowns
UKG5.L vs. GLTP.L - Drawdown Comparison
The maximum UKG5.L drawdown since its inception was -8.78%, smaller than the maximum GLTP.L drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for UKG5.L and GLTP.L.
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Drawdown Indicators
| UKG5.L | GLTP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.78% | -37.02% | +28.24% |
Max Drawdown (1Y)Largest decline over 1 year | -1.87% | -5.69% | +3.82% |
Max Drawdown (3Y)Largest decline over 3 years | -1.87% | -7.66% | +5.79% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.89% | — |
Current DrawdownCurrent decline from peak | -0.60% | -28.38% | +27.78% |
Average DrawdownAverage peak-to-trough decline | -2.40% | -18.68% | +16.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 2.15% | -1.60% |
Volatility
UKG5.L vs. GLTP.L - Volatility Comparison
The current volatility for L&G UK Gilt 0-5 Year UCITS ETF (UKG5.L) is 0.86%, while Invesco UK Gilts UCITS ETF Dist (GLTP.L) has a volatility of 2.85%. This indicates that UKG5.L experiences smaller price fluctuations and is considered to be less risky than GLTP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UKG5.L | GLTP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 2.85% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 1.68% | 5.22% | -3.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.88% | 6.51% | -4.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.80% | 10.58% | -7.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.80% | 10.25% | -7.45% |
UKG5.L vs. GLTP.L - Expense Ratio Comparison
Both UKG5.L and GLTP.L have an expense ratio of 0.06%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
UKG5.L vs. GLTP.L - Dividend Comparison
UKG5.L's dividend yield for the trailing twelve months is around 3.94%, less than GLTP.L's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GLTP.L Invesco UK Gilts UCITS ETF Dist | 4.50% | 4.39% | 4.33% | 3.24% | 1.62% | 0.81% | 0.81% | 0.72% |
UKG5.L L&G UK Gilt 0-5 Year UCITS ETF | 3.94% | 3.94% | 3.66% | 2.02% | 0.04% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UKG5.L and GLTP.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.06% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
UKG5.L and GLTP.L have the same expense ratio: 0.06% per year.
Both ETFs track FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Legal & General and Invesco.
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