UKG5.L vs. IBGM.L
UKG5.L (L&G UK Gilt 0-5 Year UCITS ETF) and IBGM.L (iShares Euro Government Bond 7-10yr UCITS ETF EUR (Dist)) are both European Government Bonds funds - UKG5.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while IBGM.L tracks the Bloomberg Euro Agg Govt TR EUR. Both are passively managed. Over the past 3 years, UKG5.L returned 4.11%/yr vs 1.73%/yr for IBGM.L. At a 0.48 correlation, their price movements are largely independent. UKG5.L charges 0.06%/yr vs 0.15%/yr for IBGM.L.
Performance
UKG5.L vs. IBGM.L - Performance Comparison
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Different Trading Currencies
UKG5.L is traded in GBp, while IBGM.L is traded in GBP. To make them comparable, the IBGM.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, UKG5.L achieves a 0.57% return, which is significantly higher than IBGM.L's -2.35% return.
UKG5.L
- 1D
- 0.09%
- 1M
- 0.74%
- YTD
- 0.57%
- 6M
- 0.66%
- 1Y
- 3.09%
- 3Y*
- 4.11%
- 5Y*
- —
- 10Y*
- —
IBGM.L
- 1D
- 0.20%
- 1M
- -0.49%
- YTD
- -2.35%
- 6M
- -2.43%
- 1Y
- 0.02%
- 3Y*
- 1.73%
- 5Y*
- 39.50%
- 10Y*
- 31.18%
UKG5.L vs. IBGM.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% |
IBGM.L iShares Euro Government Bond 7-10yr UCITS ETF EUR (Dist) | -2.35% | 5.38% | -3.53% | 465.78% | -3.14% | -2.12% |
Correlation
The correlation between UKG5.L and IBGM.L is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since May 17, 2021 | 0.48 |
The correlation between UKG5.L and IBGM.L shifts across timeframes, from 0.48 (all time) to 0.63 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UKG5.L vs. IBGM.L — Risk / Return Rank
UKG5.L
IBGM.L
UKG5.L vs. IBGM.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 iShares Euro Government Bond 7-10yr UCITS ETF EUR (Dist) (IBGM.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 | IBGM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.64 | ||
| Sortino ratioReturn per unit of downside risk | +2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.01 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 0.00 | +1.64 |
| Martin ratioReturn relative to average drawdown | 5.63 | 0.01 | +5.62 |
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 | IBGM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.64 | 0.00 | +1.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.20 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.21 | +0.31 |
Drawdowns
UKG5.L vs. IBGM.L - Drawdown Comparison
The maximum UKG5.L drawdown since its inception was -8.78%, smaller than the maximum IBGM.L drawdown of -26.66%. Use the drawdown chart below to compare losses from any high point for UKG5.L and IBGM.L.
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Drawdown Indicators
| UKG5.L | IBGM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.78% | -26.66% | +17.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.87% | -6.20% | +4.33% |
Max Drawdown (3Y)Largest decline over 3 years | -1.87% | -6.85% | +4.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.27% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.66% | — |
Current DrawdownCurrent decline from peak | -0.60% | -5.51% | +4.91% |
Average DrawdownAverage peak-to-trough decline | -2.40% | -4.98% | +2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 2.84% | -2.29% |
Volatility
UKG5.L vs. IBGM.L - Volatility Comparison
The current volatility for L&G UK Gilt 0-5 Year UCITS ETF (UKG5.L) is 0.86%, while iShares Euro Government Bond 7-10yr UCITS ETF EUR (Dist) (IBGM.L) has a volatility of 2.59%. This indicates that UKG5.L experiences smaller price fluctuations and is considered to be less risky than IBGM.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 | IBGM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 2.59% | -1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 1.68% | 4.94% | -3.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.88% | 6.31% | -4.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.80% | 193.47% | -190.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.80% | 138.63% | -135.83% |
UKG5.L vs. IBGM.L - Expense Ratio Comparison
UKG5.L has a 0.06% expense ratio, which is lower than IBGM.L's 0.15% 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
UKG5.L vs. IBGM.L - Dividend Comparison
UKG5.L's dividend yield for the trailing twelve months is around 3.94%, while IBGM.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBGM.L iShares Euro Government Bond 7-10yr UCITS ETF EUR (Dist) | 0.00% | 1.33% | 2.78% | 79.03% | 13.18% | 0.00% | 8.74% | 63.75% | 0.74% | 0.74% | 0.77% | 1.07% |
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% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UKG5.L and IBGM.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UKG5.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UKG5.L is cheaper with a 0.06% expense ratio, compared with 0.15% for IBGM.L.
UKG5.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while IBGM.L tracks Bloomberg Euro Agg Govt TR EUR. They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.06% for UKG5.L and 0.15% for IBGM.L.
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