FGOV.L vs. GAAA.L
FGOV.L (First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist) and GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) are both Global Bonds funds - FGOV.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 5 years, FGOV.L returned 0.91%/yr vs -1.98%/yr for GAAA.L. At a 0.29 correlation, their price movements are largely independent. FGOV.L charges 0.45%/yr vs 0.20%/yr for GAAA.L.
Performance
FGOV.L vs. GAAA.L - Performance Comparison
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Different Trading Currencies
FGOV.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
In the year-to-date period, FGOV.L achieves a 1.28% return, which is significantly higher than GAAA.L's 0.53% return.
FGOV.L
- 1D
- 0.01%
- 1M
- 0.62%
- YTD
- 1.28%
- 6M
- 1.34%
- 1Y
- 4.02%
- 3Y*
- 4.70%
- 5Y*
- 0.91%
- 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*
- —
FGOV.L vs. GAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 1.28% | 5.31% | 3.51% | 6.01% | -7.49% | -6.11% | 0.70% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.53% | 2.56% | -3.42% | 2.85% | -11.17% | -7.89% | -0.92% |
Correlation
The correlation between FGOV.L and GAAA.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2020 | 0.29 |
The correlation between FGOV.L and GAAA.L shifts across timeframes, from 0.18 (1 year) to 0.30 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FGOV.L vs. GAAA.L — Risk / Return Rank
FGOV.L
GAAA.L
FGOV.L vs. GAAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.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.
| FGOV.L | GAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.08 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 0.80 | +1.50 |
| Martin ratioReturn relative to average drawdown | 7.91 | 1.60 | +6.31 |
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
| FGOV.L | GAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 0.48 | +1.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | -0.25 | +0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | -0.09 | +0.22 |
Drawdowns
FGOV.L vs. GAAA.L - Drawdown Comparison
The maximum FGOV.L drawdown since its inception was -14.18%, smaller than the maximum GAAA.L drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for FGOV.L and GAAA.L.
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Drawdown Indicators
| FGOV.L | GAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.18% | -24.49% | +10.31% |
Max Drawdown (1Y)Largest decline over 1 year | -1.74% | -3.62% | +1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -1.74% | -5.86% | +4.12% |
Max Drawdown (5Y)Largest decline over 5 years | -11.94% | -19.04% | +7.10% |
Current DrawdownCurrent decline from peak | -0.19% | -18.20% | +18.01% |
Average DrawdownAverage peak-to-trough decline | -6.05% | -12.61% | +6.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 1.80% | -1.29% |
Volatility
FGOV.L vs. GAAA.L - Volatility Comparison
The current volatility for First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) is 0.80%, while iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a volatility of 2.22%. This indicates that FGOV.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
| FGOV.L | GAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 2.22% | -1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 5.00% | -3.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.80% | 5.97% | -4.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 7.86% | -4.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.18% | 7.94% | -4.76% |
FGOV.L vs. GAAA.L - Expense Ratio Comparison
FGOV.L has a 0.45% expense ratio, which is higher than GAAA.L's 0.20% expense ratio.
Dividends
FGOV.L vs. GAAA.L - Dividend Comparison
FGOV.L's dividend yield for the trailing twelve months is around 3.07%, while GAAA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 3.07% | 2.82% | 2.27% | 1.86% | 1.01% | 1.20% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FGOV.L and GAAA.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GAAA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GAAA.L is cheaper with a 0.20% expense ratio, compared with 0.45% for FGOV.L.
FGOV.L tracks Bloomberg Global Aggregate TR Hdg GBP, while GAAA.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.45% for FGOV.L and 0.20% for GAAA.L.
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