EGOV.L vs. GAGG.L

Last updated Jun 5, 2026

EGOV.L (UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (USD) A-acc) and GAGG.L (Amundi Index Barclays Global Agg 500M) are both Global Bonds funds tracking the Bloomberg Global Aggregate TR USD, from UBS and Amundi respectively. Both are passively managed. Over the past 5 years, EGOV.L returned -2.07%/yr vs -0.76%/yr for GAGG.L. Their correlation of 0.87 suggests significant overlap in exposure. EGOV.L charges 0.15%/yr vs 0.03%/yr for GAGG.L.

Performance

EGOV.L vs. GAGG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (USD) A-acc (EGOV.L) and Amundi Index Barclays Global Agg 500M (GAGG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EGOV.L achieves a -1.11% return, which is significantly lower than GAGG.L's 0.08% return.

EGOV.L

• 1D: 0.12%
• 1M: 0.64%
• YTD: -1.11%
• 6M: -1.50%
• 1Y: 0.45%
• 3Y*: -0.82%
• 5Y*: -2.07%
• 10Y*: —

GAGG.L

• 1D: 0.15%
• 1M: 1.11%
• YTD: 0.08%
• 6M: -0.06%
• 1Y: 3.13%
• 3Y*: 0.64%
• 5Y*: -0.76%
• 10Y*: —

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

EGOV.L vs. GAGG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EGOV.L UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (USD) A-acc	-1.11%	0.21%	-2.55%	-1.25%	-7.09%	-5.75%	5.54%	-1.92%
GAGG.L Amundi Index Barclays Global Agg 500M	0.08%	0.42%	0.19%	-0.73%	-5.96%	-3.91%	5.63%	-1.58%

Correlation

The correlation between EGOV.L and GAGG.L is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 23, 2019	0.87

The correlation between EGOV.L and GAGG.L has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

EGOV.L vs. GAGG.L — Risk / Return Rank

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

EGOV.L

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

GAGG.L

GAGG.L Risk / Return Rank: 19
GAGG.L Sharpe Ratio Rank: 20
GAGG.L Sortino Ratio Rank: 20
GAGG.L Omega Ratio Rank: 19
GAGG.L Calmar Ratio Rank: 20
GAGG.L Martin Ratio Rank: 18

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.

EGOV.L vs. GAGG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (USD) A-acc (EGOV.L) and Amundi Index Barclays Global Agg 500M (GAGG.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.

	EGOV.L	GAGG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.10	0.66	-0.56
Sortino ratio: Return per unit of downside risk	0.18	1.03	-0.85
Omega ratio: Gain probability vs. loss probability	1.02	1.11	-0.09
Calmar ratio: Return relative to maximum drawdown	0.10	0.84	-0.73
Martin ratio: Return relative to average drawdown	0.20	1.75	-1.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EGOV.L vs. GAGG.L - Sharpe Ratio Comparison

The current EGOV.L Sharpe Ratio is 0.10, which is lower than the GAGG.L Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of EGOV.L and GAGG.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

	EGOV.L	GAGG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	0.66	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	-0.12	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	0.03	-0.28

Drawdowns

EGOV.L vs. GAGG.L - Drawdown Comparison

The maximum EGOV.L drawdown since its inception was -25.11%, which is greater than GAGG.L's maximum drawdown of -19.47%. Use the drawdown chart below to compare losses from any high point for EGOV.L and GAGG.L.

Drawdown Indicators

	EGOV.L	GAGG.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.11%	-19.47%	-5.64%
Max Drawdown (1Y) Largest decline over 1 year	-4.49%	-3.73%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-5.55%	-4.94%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-16.45%	-14.17%	-2.28%
Current Drawdown Current decline from peak	-22.96%	-14.03%	-8.93%
Average Drawdown Average peak-to-trough decline	-16.59%	-9.68%	-6.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.78%	+0.47%

Volatility

EGOV.L vs. GAGG.L - Volatility Comparison

UBS ETF (LU) J.P. Morgan Global Government ESG Liquid Bond UCITS ETF (USD) A-acc (EGOV.L) has a higher volatility of 1.39% compared to Amundi Index Barclays Global Agg 500M (GAGG.L) at 1.19%. This indicates that EGOV.L's price experiences larger fluctuations and is considered to be riskier than GAGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EGOV.L	GAGG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	1.19%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	3.32%	3.47%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.51%	4.70%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.13%	6.55%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.77%	7.17%	+1.60%

EGOV.L vs. GAGG.L - Expense Ratio Comparison

EGOV.L has a 0.15% expense ratio, which is higher than GAGG.L's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EGOV.L vs. GAGG.L - Dividend Comparison

Neither EGOV.L nor GAGG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EGOV.L and GAGG.L in my portfolio?

EGOV.L and GAGG.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EGOV.L or GAGG.L?

On fees, GAGG.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EGOV.L or GAGG.L?

GAGG.L is cheaper with a 0.03% expense ratio, compared with 0.15% for EGOV.L.

What is the main difference between EGOV.L and GAGG.L?

Both ETFs track Bloomberg Global Aggregate TR USD. They also come from different issuers: UBS and Amundi. Their fees differ too: 0.15% for EGOV.L and 0.03% for GAGG.L.