X03G.DE vs. IBCA.DE
X03G.DE (Xtrackers II Germany Government Bond UCITS ETF) and IBCA.DE (iShares Euro Government Bond 1-3yr UCITS ETF (Dist)) are both European Government Bonds funds - X03G.DE tracks the iBoxx® EUR Germany while IBCA.DE tracks the Bloomberg Euro Government Bond 1-3. Both are passively managed. Over the past 10 years, X03G.DE returned -1.28%/yr vs 0.36%/yr for IBCA.DE. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.
Performance
X03G.DE vs. IBCA.DE - Performance Comparison
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Returns By Period
In the year-to-date period, X03G.DE achieves a -0.04% return, which is significantly lower than IBCA.DE's 0.16% return. Over the past 10 years, X03G.DE has underperformed IBCA.DE with an annualized return of -1.28%, while IBCA.DE has yielded a comparatively higher 0.36% annualized return.
X03G.DE
- 1D
- 0.11%
- 1M
- -0.00%
- YTD
- -0.04%
- 6M
- -0.24%
- 1Y
- -0.95%
- 3Y*
- 0.86%
- 5Y*
- -3.03%
- 10Y*
- -1.28%
IBCA.DE
- 1D
- 0.06%
- 1M
- 0.09%
- YTD
- 0.16%
- 6M
- 0.30%
- 1Y
- 1.12%
- 3Y*
- 2.71%
- 5Y*
- 0.81%
- 10Y*
- 0.36%
X03G.DE vs. IBCA.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
X03G.DE Xtrackers II Germany Government Bond UCITS ETF | -0.04% | -1.48% | 0.14% | 5.23% | -17.79% | -2.57% | 2.71% | 2.86% | 2.17% | -1.47% |
IBCA.DE iShares Euro Government Bond 1-3yr UCITS ETF (Dist) | 0.16% | 2.31% | 3.05% | 3.50% | -4.26% | -0.84% | -0.15% | 0.14% | -0.27% | 0.02% |
Correlation
The correlation between X03G.DE and IBCA.DE is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2011 | 0.38 |
Over the past year, X03G.DE and IBCA.DE have become more correlated (0.72) than their long-term average of 0.38, meaning their price movements have been converging.
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Return for Risk
X03G.DE vs. IBCA.DE — Risk / Return Rank
X03G.DE
IBCA.DE
X03G.DE vs. IBCA.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Germany Government Bond UCITS ETF (X03G.DE) and iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBCA.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.
| X03G.DE | IBCA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.51 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.15 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | 0.84 | -1.31 |
| Martin ratioReturn relative to average drawdown | -0.99 | 2.70 | -3.69 |
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
| X03G.DE | IBCA.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.37 | 0.71 | -1.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | 0.52 | -1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.25 | 0.09 | -0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.04 | 0.25 | -0.20 |
Drawdowns
X03G.DE vs. IBCA.DE - Drawdown Comparison
The maximum X03G.DE drawdown since its inception was -23.87%, which is greater than IBCA.DE's maximum drawdown of -8.31%. Use the drawdown chart below to compare losses from any high point for X03G.DE and IBCA.DE.
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Drawdown Indicators
| X03G.DE | IBCA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.87% | -8.31% | -15.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -1.14% | -1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -5.00% | -1.14% | -3.86% |
Max Drawdown (5Y)Largest decline over 5 years | -21.19% | -5.21% | -15.98% |
Max Drawdown (10Y)Largest decline over 10 years | -23.87% | -8.31% | -15.56% |
Current DrawdownCurrent decline from peak | -19.28% | -0.45% | -18.83% |
Average DrawdownAverage peak-to-trough decline | -7.77% | -1.03% | -6.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 0.36% | +1.02% |
Volatility
X03G.DE vs. IBCA.DE - Volatility Comparison
Xtrackers II Germany Government Bond UCITS ETF (X03G.DE) has a higher volatility of 1.43% compared to iShares Euro Government Bond 1-3yr UCITS ETF (Dist) (IBCA.DE) at 0.64%. This indicates that X03G.DE's price experiences larger fluctuations and is considered to be riskier than IBCA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| X03G.DE | IBCA.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 0.64% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 1.27% | +1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 1.36% | +2.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.16% | 1.55% | +4.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 3.81% | +1.34% |
X03G.DE vs. IBCA.DE - Expense Ratio Comparison
Both X03G.DE and IBCA.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
X03G.DE vs. IBCA.DE - Dividend Comparison
X03G.DE has not paid dividends to shareholders, while IBCA.DE's dividend yield for the trailing twelve months is around 2.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBCA.DE iShares Euro Government Bond 1-3yr UCITS ETF (Dist) | 2.18% | 2.45% | 2.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.04% | 0.29% |
X03G.DE Xtrackers II Germany Government Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.33% |
Frequently Asked Questions
X03G.DE and IBCA.DE have a correlation of 0.72, 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 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
X03G.DE and IBCA.DE have the same expense ratio: 0.15% per year.
X03G.DE tracks iBoxx® EUR Germany, while IBCA.DE tracks Bloomberg Euro Government Bond 1-3. They also come from different issuers: Xtrackers and iShares.
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