GAAA.L vs. AGGU.L
GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) and AGGU.L (iShares Core Global Aggregate Bond UCITS ETF) are both Global Bonds funds from iShares - GAAA.L tracks the Bloomberg Global Aggregate TR USD while AGGU.L tracks the Bloomberg Global Aggregate Bond Index. Both are passively managed. Over the past 5 years, GAAA.L returned -3.02%/yr vs 0.58%/yr for AGGU.L. A 0.62 correlation means they provide meaningful diversification when combined. GAAA.L charges 0.20%/yr vs 0.10%/yr for AGGU.L.
Performance
GAAA.L vs. AGGU.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 lower than AGGU.L's 0.36% 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*
- —
AGGU.L
- 1D
- 0.09%
- 1M
- 0.15%
- YTD
- 0.36%
- 6M
- 0.66%
- 1Y
- 3.26%
- 3Y*
- 4.17%
- 5Y*
- 0.58%
- 10Y*
- —
GAAA.L vs. AGGU.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% |
AGGU.L iShares Core Global Aggregate Bond UCITS ETF | 0.36% | 4.72% | 3.45% | 6.71% | -11.53% | -1.81% | 5.15% | 8.16% | 1.46% |
Correlation
The correlation between GAAA.L and AGGU.L is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.62 |
The correlation between GAAA.L and AGGU.L has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.
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Return for Risk
GAAA.L vs. AGGU.L — Risk / Return Rank
GAAA.L
AGGU.L
GAAA.L vs. AGGU.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 Core Global Aggregate Bond UCITS ETF (AGGU.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 | AGGU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.19 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 1.45 | -1.07 |
| Martin ratioReturn relative to average drawdown | 0.98 | 4.44 | -3.46 |
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 | AGGU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 1.06 | -0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | 0.12 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.40 | -0.47 |
Drawdowns
GAAA.L vs. AGGU.L - Drawdown Comparison
The maximum GAAA.L drawdown since its inception was -33.06%, which is greater than AGGU.L's maximum drawdown of -15.55%. Use the drawdown chart below to compare losses from any high point for GAAA.L and AGGU.L.
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Drawdown Indicators
| GAAA.L | AGGU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.06% | -15.55% | -17.51% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -2.24% | -2.84% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -3.48% | -6.81% |
Max Drawdown (5Y)Largest decline over 5 years | -30.55% | -15.20% | -15.35% |
Current DrawdownCurrent decline from peak | -17.69% | -1.02% | -16.67% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -3.90% | -9.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 0.73% | +1.22% |
Volatility
GAAA.L vs. AGGU.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 Core Global Aggregate Bond UCITS ETF (AGGU.L) at 1.26%. This indicates that GAAA.L's price experiences larger fluctuations and is considered to be riskier than AGGU.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 | AGGU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 1.26% | +1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 2.56% | +3.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 3.08% | +4.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.91% | 4.77% | +4.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 4.43% | +3.53% |
GAAA.L vs. AGGU.L - Expense Ratio Comparison
GAAA.L has a 0.20% expense ratio, which is higher than AGGU.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. AGGU.L - Dividend Comparison
Neither GAAA.L nor AGGU.L has paid dividends to shareholders.
Frequently Asked Questions
GAAA.L and AGGU.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AGGU.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AGGU.L is cheaper with a 0.10% expense ratio, compared with 0.20% for GAAA.L.
GAAA.L tracks Bloomberg Global Aggregate TR USD, while AGGU.L tracks Bloomberg Global Aggregate Bond Index. Their fees differ too: 0.20% for GAAA.L and 0.10% for AGGU.L.
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