XEON: Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C returns, drawdowns and risk
Funds on very short-term government bills or overnight rates: close to cash, with a return that follows short-term interest rates.
Data updated October 2026
XEON · Borsa Italiana · EURCategory: Cash and T-bill ETFsData from January 2010
From January 2010 to October 2026 XEON returned 0.5% a year on average with dividends reinvested, in euros: €10,000 invested at the start grew to €10,892.
Its deepest fall was 3.8%, from November 2013 to September 2022, and it took about 123 months to get back to the previous high. Annual volatility was 0.4%; at the last close it was at or near its high.
Against AGGH (iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc)), over the 88 months both have data, the correlation of monthly returns was 0.14: they moved largely independently. Beta was 0.02. In months when AGGH rose, XEON moved 13% as much on average; in months when AGGH fell, -9% as much.
Key figures
- Annual return (CAGR)
- +0.5%
- 1-year return
- +2.1%
- 5 years, a year
- +2.2%
- 10 years, a year
- +0.8%
- Annual volatility
- 0.4%
- Maximum drawdown
- −3.8%
- Sharpe ratio
- 0.21
- Worst year
- 2021: −0.6%
Trailing returns
| Period | XEON | AGGH |
|---|---|---|
| 1 year | +2.1% | −2.6% |
| 3 years, a year | +2.8% | +2.9% |
| 5 years, a year | +2.2% | −1.6% |
| 10 years, a year | +0.8% | — |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of €10,000: XEON vs AGGH
Month-end values from July 2019, the first month both funds have data.
XEON drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | XEON | AGGH |
|---|---|---|
| 2026(partial) | +1.7% | −2.1% |
| 2025 | +2.2% | +2.4% |
| 2024 | +3.7% | +1.7% |
| 2023 | +3.3% | +4.5% |
| 2022 | +0.0% | −13.4% |
| 2021 | −0.6% | −2.7% |
| 2020 | −0.6% | +3.9% |
| 2019 | −0.5% | +1.3% |
| 2018 | −0.5% | — |
| 2017 | −0.5% | — |
| 2016 | −0.5% | — |
| 2015 | −0.2% | — |
| 2014 | 0.0% | — |
| 2013 | −0.0% | — |
| 2012 | +0.1% | — |
| 2011 | +0.7% | — |
| 2010(partial) | +0.3% | — |
XEON compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of XEON?
From January 2010 to October 2026 XEON returned 0.5% a year on average (CAGR) with dividends reinvested, in EUR. Over the last 5 years: +2.2% a year. Over the last 12 months: +2.1%.
What was the worst drawdown of XEON?
3.8%, from November 2013 to September 2022; it took about 123 months from the previous high to get back to it.
How volatile is XEON?
Annual volatility was 0.4% over the period. Its worst month was −0.4% and 47% of months were positive. Worst calendar year: 2021 (−0.6%).
How closely does XEON follow AGGH?
Over 88 months the correlation of monthly returns was 0.14, so they moved largely independently, with a beta of 0.02.
Use XEON in a free tool
Other Cash and T-bill ETFs
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.