XBI vs. GLTL.L

Last updated Jun 14, 2026

XBI (SPDR S&P Biotech ETF) and GLTL.L (SPDR Bloomberg 15+ Year Gilt UCITS ETF) are both exchange-traded funds - XBI is a Health & Biotech Equities fund tracking the S&P Biotechnology Select Industry Index, while GLTL.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 10 years, XBI returned 9.55%/yr vs -4.28%/yr for GLTL.L. At a 0.05 correlation, their price movements are largely independent. XBI charges 0.35%/yr vs 0.15%/yr for GLTL.L.

Performance

XBI vs. GLTL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Biotech ETF (XBI) and SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XBI is traded in USD, while GLTL.L is traded in GBP. To make them comparable, the GLTL.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XBI achieves a 9.73% return, which is significantly higher than GLTL.L's -3.16% return. Over the past 10 years, XBI has outperformed GLTL.L with an annualized return of 9.55%, while GLTL.L has yielded a comparatively lower -4.28% annualized return.

XBI

• 1D: 0.79%
• 1M: -0.79%
• YTD: 9.73%
• 6M: 9.02%
• 1Y: 60.62%
• 3Y*: 14.23%
• 5Y*: -0.20%
• 10Y*: 9.55%

GLTL.L

• 1D: 0.60%
• 1M: 5.66%
• YTD: -3.16%
• 6M: -1.57%
• 1Y: -1.33%
• 3Y*: 1.99%
• 5Y*: -11.91%
• 10Y*: -4.28%

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

XBI vs. GLTL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XBI SPDR S&P Biotech ETF	9.73%	35.89%	1.01%	7.60%	-25.87%	-20.45%	48.33%	32.56%	-15.28%	43.77%
GLTL.L SPDR Bloomberg 15+ Year Gilt UCITS ETF	-3.16%	10.93%	-11.96%	6.60%	-47.01%	-7.42%	17.09%	16.02%	-5.45%	13.15%

Correlation

The correlation between XBI and GLTL.L is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since May 17, 2012	0.05

Over the past year, XBI and GLTL.L have become more correlated (0.35) than their long-term average of 0.05, meaning their price movements have been converging.

Return for Risk

XBI vs. GLTL.L — Risk / Return Rank

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

XBI

XBI Risk / Return Rank: 84
XBI Sharpe Ratio Rank: 82
XBI Sortino Ratio Rank: 81
XBI Omega Ratio Rank: 73
XBI Calmar Ratio Rank: 94
XBI Martin Ratio Rank: 90

GLTL.L

GLTL.L Risk / Return Rank: 8
GLTL.L Sharpe Ratio Rank: 9
GLTL.L Sortino Ratio Rank: 8
GLTL.L Omega Ratio Rank: 8
GLTL.L Calmar Ratio Rank: 9
GLTL.L Martin Ratio Rank: 9

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.

XBI vs. GLTL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Biotech ETF (XBI) and SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XBI	GLTL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.28	-0.15	+2.43
Sortino ratio: Return per unit of downside risk	3.11	-0.10	+3.21
Omega ratio: Gain probability vs. loss probability	1.37	0.99	+0.38
Calmar ratio: Return relative to maximum drawdown	6.12	-0.20	+6.32
Martin ratio: Return relative to average drawdown	18.07	-0.47	+18.54

XBI vs. GLTL.L - Sharpe Ratio Comparison

The current XBI Sharpe Ratio is 2.28, which is higher than the GLTL.L Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of XBI and GLTL.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XBI vs. GLTL.L - Drawdown Comparison

The maximum XBI drawdown since its inception was -63.89%, roughly equal to the maximum GLTL.L drawdown of -63.35%. Use the drawdown chart below to compare losses from any high point for XBI and GLTL.L.

Drawdown Indicators

	XBI	GLTL.L	Difference
Max Drawdown Largest peak-to-trough decline	-63.89%	-63.35%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	-11.93%	+2.21%
Max Drawdown (3Y) Largest decline over 3 years	-32.99%	-20.98%	-12.01%
Max Drawdown (5Y) Largest decline over 5 years	-54.71%	-62.68%	+7.97%
Max Drawdown (10Y) Largest decline over 10 years	-63.89%	-63.35%	-0.54%
Current Drawdown Current decline from peak	-22.67%	-50.64%	+27.97%
Average Drawdown Average peak-to-trough decline	-20.93%	-19.35%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	5.16%	-1.86%

Volatility

XBI vs. GLTL.L - Volatility Comparison

SPDR S&P Biotech ETF (XBI) has a higher volatility of 10.39% compared to SPDR Bloomberg 15+ Year Gilt UCITS ETF (GLTL.L) at 5.42%. This indicates that XBI's price experiences larger fluctuations and is considered to be riskier than GLTL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBI	GLTL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	5.42%	+4.97%
Volatility (6M) Calculated over the trailing 6-month period	20.76%	11.76%	+9.00%
Volatility (1Y) Calculated over the trailing 1-year period	26.09%	15.78%	+10.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.21%	22.61%	+9.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.01%	19.38%	+12.63%

XBI vs. GLTL.L - Expense Ratio Comparison

XBI has a 0.35% expense ratio, which is higher than GLTL.L's 0.15% expense ratio.

Dividends

XBI vs. GLTL.L - Dividend Comparison

XBI's dividend yield for the trailing twelve months is around 0.33%, less than GLTL.L's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLTL.L SPDR Bloomberg 15+ Year Gilt UCITS ETF	5.08%	4.77%	4.39%	2.97%	1.63%	0.87%	1.01%	1.43%	1.55%	1.86%	1.99%	2.51%
XBI SPDR S&P Biotech ETF	0.33%	0.37%	0.15%	0.02%	0.00%	0.04%	0.20%	0.00%	0.28%	0.24%	0.26%	0.61%

Frequently Asked Questions

Can I hold both XBI and GLTL.L in my portfolio?

XBI and GLTL.L have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XBI or GLTL.L?

On fees, GLTL.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XBI or GLTL.L?

GLTL.L is cheaper with a 0.15% expense ratio, compared with 0.35% for XBI.

What is the main difference between XBI and GLTL.L?

XBI is categorized as Health & Biotech Equities, while GLTL.L is European Government Bonds. XBI tracks S&P Biotechnology Select Industry Index, while GLTL.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. Their fees differ too: 0.35% for XBI and 0.15% for GLTL.L.