FGBL.L vs. GBDV.L

Last updated Jul 16, 2026

FGBL.L (First Trust Global Equity Income UCITS ETF Class A USD) and GBDV.L (SPDR S&P Global Dividend Aristocrats UCITS) are both exchange-traded funds - FGBL.L is a Dividend fund tracking the First Trust Global Equity Income UCITS ETF Class A USD, while GBDV.L is a Global Equities fund tracking the S&P Global Dividend Aristocrats index. Both are passively managed. Over the past 10 years, FGBL.L returned 9.31%/yr vs 6.34%/yr for GBDV.L. A 0.78 correlation means they provide meaningful diversification when combined.

Performance

FGBL.L vs. GBDV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust Global Equity Income UCITS ETF Class A USD (FGBL.L) and SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FGBL.L is traded in GBp, while GBDV.L is traded in GBP. To make them comparable, the GBDV.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FGBL.L achieves a 13.08% return, which is significantly higher than GBDV.L's 10.40% return. Over the past 10 years, FGBL.L has outperformed GBDV.L with an annualized return of 9.31%, while GBDV.L has yielded a comparatively lower 6.34% annualized return.

FGBL.L

• 1D: -0.04%
• 1M: 0.91%
• 6M: 10.70%
• YTD: 13.08%
• 1Y: 28.79%
• 3Y*: 19.89%
• 5Y*: 12.77%
• 10Y*: 9.31%

GBDV.L

• 1D: -0.03%
• 1M: 1.54%
• 6M: 7.72%
• YTD: 10.40%
• 1Y: 16.44%
• 3Y*: 13.61%
• 5Y*: 7.68%
• 10Y*: 6.34%

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

FGBL.L vs. GBDV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGBL.L First Trust Global Equity Income UCITS ETF Class A USD	13.08%	30.51%	6.22%	11.15%	3.62%	10.79%	-8.84%	11.01%	-5.93%	11.89%
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	10.40%	9.25%	8.98%	1.23%	4.57%	16.69%	-12.13%	15.83%	-3.84%	8.16%

Correlation

The correlation between FGBL.L and GBDV.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	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Aug 28, 2015	0.78

Over the past year, the correlation between FGBL.L and GBDV.L has dropped to 0.53 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

FGBL.L vs. GBDV.L — Risk / Return Rank

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

FGBL.L

FGBL.L Risk / Return Rank: 94
FGBL.L Sharpe Ratio Rank: 96
FGBL.L Sortino Ratio Rank: 95
FGBL.L Omega Ratio Rank: 95
FGBL.L Calmar Ratio Rank: 93
FGBL.L Martin Ratio Rank: 92

GBDV.L

GBDV.L Risk / Return Rank: 68
GBDV.L Sharpe Ratio Rank: 74
GBDV.L Sortino Ratio Rank: 71
GBDV.L Omega Ratio Rank: 71
GBDV.L Calmar Ratio Rank: 67
GBDV.L Martin Ratio Rank: 59

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.

FGBL.L vs. GBDV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Global Equity Income UCITS ETF Class A USD (FGBL.L) and SPDR S&P Global Dividend Aristocrats UCITS (GBDV.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FGBL.L	GBDV.L	Difference
Sharpe ratio: Return per unit of total volatility	3.17	1.89	+1.28
Sortino ratio: Return per unit of downside risk	4.28	2.60	+1.68
Omega ratio: Gain probability vs. loss probability	1.57	1.34	+0.24
Calmar ratio: Return relative to maximum drawdown	5.20	2.70	+2.50
Martin ratio: Return relative to average drawdown	18.15	8.37	+9.77

FGBL.L vs. GBDV.L - Sharpe Ratio Comparison

The current FGBL.L Sharpe Ratio is 3.17, which is higher than the GBDV.L Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FGBL.L and GBDV.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.

Drawdowns

FGBL.L vs. GBDV.L - Drawdown Comparison

The maximum FGBL.L drawdown since its inception was -40.36%, roughly equal to the maximum GBDV.L drawdown of -40.46%. Use the drawdown chart below to compare losses from any high point for FGBL.L and GBDV.L.

Drawdown Indicators

	FGBL.L	GBDV.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.36%	-40.46%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.68%	-6.06%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-12.45%	-13.57%	+1.12%
Max Drawdown (5Y) Largest decline over 5 years	-12.45%	-16.18%	+3.73%
Max Drawdown (10Y) Largest decline over 10 years	-29.44%	-34.77%	+5.33%
Current Drawdown Current decline from peak	-0.63%	-0.03%	-0.60%
Average Drawdown Average peak-to-trough decline	-8.01%	-11.55%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.96%	-0.33%

Volatility

FGBL.L vs. GBDV.L - Volatility Comparison

The current volatility for First Trust Global Equity Income UCITS ETF Class A USD (FGBL.L) is 2.12%, while SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) has a volatility of 2.36%. This indicates that FGBL.L experiences smaller price fluctuations and is considered to be less risky than GBDV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGBL.L	GBDV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	2.36%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	7.11%	6.60%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.36%	8.67%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	11.73%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.92%	14.05%	-0.13%

Dividends

FGBL.L vs. GBDV.L - Dividend Comparison

FGBL.L has not paid dividends to shareholders, while GBDV.L's dividend yield for the trailing twelve months is around 3.78%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGBL.L First Trust Global Equity Income UCITS ETF Class A USD	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	3.78%	4.21%	3.80%	4.25%	4.26%	3.68%	3.91%	3.60%	3.87%	3.28%	3.49%	3.73%

Frequently Asked Questions

Can I hold both FGBL.L and GBDV.L in my portfolio?

FGBL.L and GBDV.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.

What is the main difference between FGBL.L and GBDV.L?

FGBL.L is categorized as Dividend, while GBDV.L is Global Equities. FGBL.L tracks First Trust Global Equity Income UCITS ETF Class A USD, while GBDV.L tracks S&P Global Dividend Aristocrats index. They also come from different issuers: First Trust and State Street.