AGHG.L vs. GAAA.L
AGHG.L (Amundi Index Global Aggregate 500M UCITS ETF DR - Hedged GBP (D)) and GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) are both Global Bonds funds - AGHG.L tracks the Bloomberg Global Aggregate TR Hdg GBP while GAAA.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 3 years, AGHG.L returned 3.65%/yr vs 1.34%/yr for GAAA.L. A 0.50 correlation means they provide meaningful diversification when combined. AGHG.L charges 0.08%/yr vs 0.20%/yr for GAAA.L.
Performance
AGHG.L vs. GAAA.L - Performance Comparison
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Different Trading Currencies
AGHG.L is traded in GBp, while GAAA.L is traded in USD. To make them comparable, the GAAA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with AGHG.L having a 0.55% return and GAAA.L slightly lower at 0.53%.
AGHG.L
- 1D
- 0.12%
- 1M
- 0.11%
- YTD
- 0.55%
- 6M
- 0.82%
- 1Y
- 3.39%
- 3Y*
- 3.65%
- 5Y*
- —
- 10Y*
- —
GAAA.L
- 1D
- 0.20%
- 1M
- 0.92%
- YTD
- 0.53%
- 6M
- -0.01%
- 1Y
- 2.89%
- 3Y*
- 1.34%
- 5Y*
- -1.98%
- 10Y*
- —
AGHG.L vs. GAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AGHG.L Amundi Index Global Aggregate 500M UCITS ETF DR - Hedged GBP (D) | 0.55% | 4.58% | 2.41% | 5.75% | -4.49% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.50% | 2.56% | -3.42% | 2.85% | -6.88% |
Correlation
The correlation between AGHG.L and GAAA.L is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 12, 2022 | 0.50 |
The correlation between AGHG.L and GAAA.L has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.
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Return for Risk
AGHG.L vs. GAAA.L — Risk / Return Rank
AGHG.L
GAAA.L
AGHG.L vs. GAAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi Index Global Aggregate 500M UCITS ETF DR - Hedged GBP (D) (AGHG.L) and iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.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.
| AGHG.L | GAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.08 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 0.80 | +0.70 |
| Martin ratioReturn relative to average drawdown | 4.24 | 1.60 | +2.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGHG.L | GAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 0.48 | +0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.25 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | -0.09 | +0.59 |
Drawdowns
AGHG.L vs. GAAA.L - Drawdown Comparison
The maximum AGHG.L drawdown since its inception was -6.65%, smaller than the maximum GAAA.L drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for AGHG.L and GAAA.L.
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Drawdown Indicators
| AGHG.L | GAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.65% | -24.49% | +17.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.24% | -3.62% | +1.38% |
Max Drawdown (3Y)Largest decline over 3 years | -4.02% | -5.86% | +1.84% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.04% | — |
Current DrawdownCurrent decline from peak | -1.02% | -18.20% | +17.18% |
Average DrawdownAverage peak-to-trough decline | -1.70% | -12.61% | +10.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 1.80% | -1.02% |
Volatility
AGHG.L vs. GAAA.L - Volatility Comparison
The current volatility for Amundi Index Global Aggregate 500M UCITS ETF DR - Hedged GBP (D) (AGHG.L) is 1.23%, while iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a volatility of 2.22%. This indicates that AGHG.L experiences smaller price fluctuations and is considered to be less risky than GAAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGHG.L | GAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 2.22% | -0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 5.00% | -2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.89% | 5.97% | -3.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.96% | 7.86% | -2.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.96% | 7.94% | -2.98% |
AGHG.L vs. GAAA.L - Expense Ratio Comparison
AGHG.L has a 0.08% expense ratio, which is lower than GAAA.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
AGHG.L vs. GAAA.L - Dividend Comparison
AGHG.L's dividend yield for the trailing twelve months is around 2.97%, while GAAA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
AGHG.L Amundi Index Global Aggregate 500M UCITS ETF DR - Hedged GBP (D) | 2.97% | 2.98% | 2.78% | 2.54% | 2.18% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AGHG.L and GAAA.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AGHG.L is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AGHG.L is cheaper with a 0.08% expense ratio, compared with 0.20% for GAAA.L.
AGHG.L tracks Bloomberg Global Aggregate TR Hdg GBP, while GAAA.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.08% for AGHG.L and 0.20% for GAAA.L.
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