XZWG.L vs. FGOV.L

Last updated Jun 5, 2026

XZWG.L (Xtrackers II ESG Global Government Bond UCITS ETF) and FGOV.L (First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist) are both Global Bonds funds - XZWG.L tracks the Bloomberg Global Aggregate TR Hdg EUR while FGOV.L tracks the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 3 years, XZWG.L returned 2.54%/yr vs 7.40%/yr for FGOV.L. A 0.59 correlation means they provide meaningful diversification when combined. XZWG.L charges 0.20%/yr vs 0.45%/yr for FGOV.L.

Performance

XZWG.L vs. FGOV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers II ESG Global Government Bond UCITS ETF (XZWG.L) and First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, XZWG.L achieves a -0.93% return, which is significantly lower than FGOV.L's 1.03% return.

XZWG.L

• 1D: 0.17%
• 1M: -0.13%
• YTD: -0.93%
• 6M: -0.55%
• 1Y: 0.34%
• 3Y*: 2.54%
• 5Y*: —
• 10Y*: —

FGOV.L

• 1D: 0.06%
• 1M: -0.23%
• YTD: 1.03%
• 6M: 2.09%
• 1Y: 3.03%
• 3Y*: 7.40%
• 5Y*: -0.15%
• 10Y*: —

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

XZWG.L vs. FGOV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XZWG.L Xtrackers II ESG Global Government Bond UCITS ETF	-0.93%	7.85%	-4.18%	6.19%	-21.45%	-0.83%
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist	1.03%	13.25%	1.79%	11.60%	-17.38%	1.63%

Correlation

The correlation between XZWG.L and FGOV.L is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.59

The correlation between XZWG.L and FGOV.L has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

Return for Risk

XZWG.L vs. FGOV.L — Risk / Return Rank

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

XZWG.L

XZWG.L Risk / Return Rank: 9
XZWG.L Sharpe Ratio Rank: 10
XZWG.L Sortino Ratio Rank: 9
XZWG.L Omega Ratio Rank: 9
XZWG.L Calmar Ratio Rank: 10
XZWG.L Martin Ratio Rank: 10

FGOV.L

FGOV.L Risk / Return Rank: 65
FGOV.L Sharpe Ratio Rank: 69
FGOV.L Sortino Ratio Rank: 79
FGOV.L Omega Ratio Rank: 80
FGOV.L Calmar Ratio Rank: 47
FGOV.L Martin Ratio Rank: 48

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.

XZWG.L vs. FGOV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers II ESG Global Government Bond UCITS ETF (XZWG.L) and First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.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.

	XZWG.L	FGOV.L	Difference
Sharpe ratio: Return per unit of total volatility	0.05	0.41	-0.36
Sortino ratio: Return per unit of downside risk	0.12	0.66	-0.53
Omega ratio: Gain probability vs. loss probability	1.01	1.08	-0.06
Calmar ratio: Return relative to maximum drawdown	0.08	0.60	-0.52
Martin ratio: Return relative to average drawdown	0.19	1.51	-1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XZWG.L vs. FGOV.L - Sharpe Ratio Comparison

The current XZWG.L Sharpe Ratio is 0.05, which is lower than the FGOV.L Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of XZWG.L and FGOV.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

	XZWG.L	FGOV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	0.41	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	0.12	-0.54

Drawdowns

XZWG.L vs. FGOV.L - Drawdown Comparison

The maximum XZWG.L drawdown since its inception was -27.49%, smaller than the maximum FGOV.L drawdown of -33.61%. Use the drawdown chart below to compare losses from any high point for XZWG.L and FGOV.L.

Drawdown Indicators

	XZWG.L	FGOV.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.49%	-33.61%	+6.12%
Max Drawdown (1Y) Largest decline over 1 year	-4.29%	-5.03%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-9.90%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.80%	—
Current Drawdown Current decline from peak	-15.46%	-2.13%	-13.33%
Average Drawdown Average peak-to-trough decline	-17.81%	-12.08%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.01%	-0.21%

Volatility

XZWG.L vs. FGOV.L - Volatility Comparison

Xtrackers II ESG Global Government Bond UCITS ETF (XZWG.L) and First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) have volatilities of 2.37% and 2.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XZWG.L	FGOV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	2.37%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	5.58%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	7.29%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	9.46%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.63%	9.26%	-0.63%

XZWG.L vs. FGOV.L - Expense Ratio Comparison

XZWG.L has a 0.20% expense ratio, which is lower than FGOV.L's 0.45% expense ratio.

Dividends

XZWG.L vs. FGOV.L - Dividend Comparison

XZWG.L's dividend yield for the trailing twelve months is around 2.59%, less than FGOV.L's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist	3.07%	2.82%	2.27%	1.86%	1.01%	1.20%
XZWG.L Xtrackers II ESG Global Government Bond UCITS ETF	2.59%	2.42%	2.65%	1.69%	1.11%	0.00%

Frequently Asked Questions

Can I hold both XZWG.L and FGOV.L in my portfolio?

XZWG.L and FGOV.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XZWG.L or FGOV.L?

On fees, XZWG.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XZWG.L or FGOV.L?

XZWG.L is cheaper with a 0.20% expense ratio, compared with 0.45% for FGOV.L.

What is the main difference between XZWG.L and FGOV.L?

XZWG.L tracks Bloomberg Global Aggregate TR Hdg EUR, while FGOV.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: DWS and First Trust. Their fees differ too: 0.20% for XZWG.L and 0.45% for FGOV.L.