XGSI.L vs. XXSC.L

Last updated Jun 5, 2026

XGSI.L (Xtrackers Global Government Bond UCITS ETF 3C USD hedged) and XXSC.L (Xtrackers MSCI Europe Small Cap UCITS ETF 1C) are both exchange-traded funds - XGSI.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg USD, while XXSC.L is a Europe Equities fund tracking the MSCI Europe Small Cap NR EUR. Both are passively managed. Over the past 5 years, XGSI.L returned -0.67%/yr vs 3.16%/yr for XXSC.L. At a 0.05 correlation, their price movements are largely independent. XGSI.L charges 0.25%/yr vs 0.30%/yr for XXSC.L.

Performance

XGSI.L vs. XXSC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Global Government Bond UCITS ETF 3C USD hedged (XGSI.L) and Xtrackers MSCI Europe Small Cap UCITS ETF 1C (XXSC.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XGSI.L is traded in USD, while XXSC.L is traded in GBp. To make them comparable, the XXSC.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XGSI.L achieves a -0.36% return, which is significantly lower than XXSC.L's 6.32% return.

XGSI.L

• 1D: 0.08%
• 1M: 0.28%
• YTD: -0.36%
• 6M: -0.28%
• 1Y: 2.05%
• 3Y*: 2.69%
• 5Y*: -0.67%
• 10Y*: —

XXSC.L

• 1D: 0.61%
• 1M: 1.75%
• YTD: 6.32%
• 6M: 10.15%
• 1Y: 14.54%
• 3Y*: 14.72%
• 5Y*: 3.16%
• 10Y*: 7.65%

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

XGSI.L vs. XXSC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XGSI.L Xtrackers Global Government Bond UCITS ETF 3C USD hedged	-0.36%	3.99%	1.24%	5.84%	-13.31%	-2.49%	5.86%	7.44%	2.26%	0.95%
XXSC.L Xtrackers MSCI Europe Small Cap UCITS ETF 1C	6.32%	31.50%	-0.99%	16.35%	-26.32%	14.35%	13.94%	30.36%	-20.02%	18.98%

Correlation

The correlation between XGSI.L and XXSC.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Apr 25, 2017	0.05

Over the past year, XGSI.L and XXSC.L have become more correlated (0.44) than their long-term average of 0.05, meaning their price movements have been converging.

Return for Risk

XGSI.L vs. XXSC.L — Risk / Return Rank

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

XGSI.L

XGSI.L Risk / Return Rank: 17
XGSI.L Sharpe Ratio Rank: 17
XGSI.L Sortino Ratio Rank: 15
XGSI.L Omega Ratio Rank: 16
XGSI.L Calmar Ratio Rank: 17
XGSI.L Martin Ratio Rank: 18

XXSC.L

XXSC.L Risk / Return Rank: 34
XXSC.L Sharpe Ratio Rank: 35
XXSC.L Sortino Ratio Rank: 35
XXSC.L Omega Ratio Rank: 36
XXSC.L Calmar Ratio Rank: 30
XXSC.L Martin Ratio Rank: 35

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.

XGSI.L vs. XXSC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Global Government Bond UCITS ETF 3C USD hedged (XGSI.L) and Xtrackers MSCI Europe Small Cap UCITS ETF 1C (XXSC.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.

	XGSI.L	XXSC.L	Difference
Sharpe ratio: Return per unit of total volatility	0.46	0.97	-0.51
Sortino ratio: Return per unit of downside risk	0.69	1.45	-0.76
Omega ratio: Gain probability vs. loss probability	1.09	1.18	-0.09
Calmar ratio: Return relative to maximum drawdown	0.65	1.17	-0.52
Martin ratio: Return relative to average drawdown	1.81	4.10	-2.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XGSI.L vs. XXSC.L - Sharpe Ratio Comparison

The current XGSI.L Sharpe Ratio is 0.46, which is lower than the XXSC.L Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of XGSI.L and XXSC.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.

Sharpe Ratios by Period

	XGSI.L	XXSC.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	0.97	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.16	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.63	-0.40

Drawdowns

XGSI.L vs. XXSC.L - Drawdown Comparison

The maximum XGSI.L drawdown since its inception was -17.29%, smaller than the maximum XXSC.L drawdown of -44.46%. Use the drawdown chart below to compare losses from any high point for XGSI.L and XXSC.L.

Drawdown Indicators

	XGSI.L	XXSC.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.29%	-44.46%	+27.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-12.42%	+9.27%
Max Drawdown (3Y) Largest decline over 3 years	-4.29%	-17.68%	+13.39%
Max Drawdown (5Y) Largest decline over 5 years	-16.39%	-44.46%	+28.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.46%	—
Current Drawdown Current decline from peak	-6.48%	-1.49%	-4.99%
Average Drawdown Average peak-to-trough decline	-5.68%	-11.06%	+5.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	3.54%	-2.41%

Volatility

XGSI.L vs. XXSC.L - Volatility Comparison

The current volatility for Xtrackers Global Government Bond UCITS ETF 3C USD hedged (XGSI.L) is 1.47%, while Xtrackers MSCI Europe Small Cap UCITS ETF 1C (XXSC.L) has a volatility of 4.85%. This indicates that XGSI.L experiences smaller price fluctuations and is considered to be less risky than XXSC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XGSI.L	XXSC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	4.85%	-3.38%
Volatility (6M) Calculated over the trailing 6-month period	2.87%	12.13%	-9.26%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	14.92%	-10.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	19.90%	-14.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.77%	19.81%	-15.04%

XGSI.L vs. XXSC.L - Expense Ratio Comparison

XGSI.L has a 0.25% expense ratio, which is lower than XXSC.L's 0.30% expense ratio.

Dividends

XGSI.L vs. XXSC.L - Dividend Comparison

Neither XGSI.L nor XXSC.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XGSI.L Xtrackers Global Government Bond UCITS ETF 3C USD hedged	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XXSC.L Xtrackers MSCI Europe Small Cap UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.95%

Frequently Asked Questions

Can I hold both XGSI.L and XXSC.L in my portfolio?

XGSI.L and XXSC.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XGSI.L or XXSC.L?

On fees, XGSI.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XGSI.L or XXSC.L?

XGSI.L is cheaper with a 0.25% expense ratio, compared with 0.30% for XXSC.L.

What is the main difference between XGSI.L and XXSC.L?

XGSI.L is categorized as Global Bonds, while XXSC.L is Europe Equities. XGSI.L tracks Bloomberg Global Aggregate TR Hdg USD, while XXSC.L tracks MSCI Europe Small Cap NR EUR. Their fees differ too: 0.25% for XGSI.L and 0.30% for XXSC.L.