GAAA.L vs. AGGG.L
GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) and AGGG.L (iShares Global Aggregate Bond UCITS Dist) are both Global Bonds funds from iShares tracking the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, GAAA.L returned -3.02%/yr vs -1.74%/yr for AGGG.L. Their correlation of 0.85 suggests significant overlap in exposure. GAAA.L charges 0.20%/yr vs 0.10%/yr for AGGG.L.
Performance
GAAA.L vs. AGGG.L - Performance Comparison
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Returns By Period
In the year-to-date period, GAAA.L achieves a 0.12% return, which is significantly higher than AGGG.L's -0.28% return.
GAAA.L
- 1D
- 0.20%
- 1M
- -0.00%
- YTD
- 0.12%
- 6M
- 0.69%
- 1Y
- 1.91%
- 3Y*
- 3.95%
- 5Y*
- -3.02%
- 10Y*
- —
AGGG.L
- 1D
- 0.08%
- 1M
- -0.26%
- YTD
- -0.28%
- 6M
- 0.43%
- 1Y
- 2.20%
- 3Y*
- 3.42%
- 5Y*
- -1.74%
- 10Y*
- —
GAAA.L vs. AGGG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.12% | 10.43% | -5.07% | 8.26% | -20.61% | -8.76% | 12.37% | 4.92% | -1.16% |
AGGG.L iShares Global Aggregate Bond UCITS Dist | -0.28% | 8.06% | -1.44% | 5.27% | -15.93% | -5.32% | 9.37% | 6.85% | 0.12% |
Correlation
The correlation between GAAA.L and AGGG.L is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.85 |
The correlation between GAAA.L and AGGG.L has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
GAAA.L vs. AGGG.L — Risk / Return Rank
GAAA.L
AGGG.L
GAAA.L vs. AGGG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) and iShares Global Aggregate Bond UCITS Dist (AGGG.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.
| GAAA.L | AGGG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.08 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 0.63 | -0.26 |
| Martin ratioReturn relative to average drawdown | 0.98 | 1.66 | -0.69 |
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
| GAAA.L | AGGG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 0.43 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.26 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.05 | -0.12 |
Drawdowns
GAAA.L vs. AGGG.L - Drawdown Comparison
The maximum GAAA.L drawdown since its inception was -33.06%, which is greater than AGGG.L's maximum drawdown of -25.91%. Use the drawdown chart below to compare losses from any high point for GAAA.L and AGGG.L.
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Drawdown Indicators
| GAAA.L | AGGG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.06% | -25.91% | -7.15% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -3.48% | -1.60% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -7.20% | -3.09% |
Max Drawdown (5Y)Largest decline over 5 years | -30.55% | -24.24% | -6.31% |
Current DrawdownCurrent decline from peak | -17.69% | -11.01% | -6.68% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -9.53% | -4.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 1.32% | +0.63% |
Volatility
GAAA.L vs. AGGG.L - Volatility Comparison
iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a higher volatility of 2.52% compared to iShares Global Aggregate Bond UCITS Dist (AGGG.L) at 1.74%. This indicates that GAAA.L's price experiences larger fluctuations and is considered to be riskier than AGGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GAAA.L | AGGG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 1.74% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 3.91% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 5.10% | +2.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.91% | 6.81% | +2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 6.32% | +1.64% |
GAAA.L vs. AGGG.L - Expense Ratio Comparison
GAAA.L has a 0.20% expense ratio, which is higher than AGGG.L's 0.10% 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
GAAA.L vs. AGGG.L - Dividend Comparison
GAAA.L has not paid dividends to shareholders, while AGGG.L's dividend yield for the trailing twelve months is around 3.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AGGG.L iShares Global Aggregate Bond UCITS Dist | 3.16% | 2.97% | 2.74% | 2.01% | 1.55% | 1.33% | 1.46% | 1.62% | 0.96% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GAAA.L and AGGG.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AGGG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AGGG.L is cheaper with a 0.10% expense ratio, compared with 0.20% for GAAA.L.
Both ETFs track Bloomberg Global Aggregate TR USD. Their fees differ too: 0.20% for GAAA.L and 0.10% for AGGG.L.
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