  We proceed to study the hybrid integrable structure in two-dimensional
non-linear sigma models with target space three-dimensional squashed spheres. A
quantum affine algebra and a pair of Yangian algebras are realized in the sigma
models and, according to them, there are two descriptions to describe the
classical dynamics 1) the trigonometric description and 2) the rational
description, respectively. For every description, a Lax pair is constructed and
the associated monodromy matrix is also constructed. In this paper we show the
gauge-equivalence of the monodromy matrices in the trigonometric and rational
description under a certain relation between spectral parameters and the
rescalings of sl(2) generators.
