GAAA.L vs. CSP1.L
GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) and CSP1.L (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - GAAA.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, while CSP1.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, GAAA.L returned -3.02%/yr vs 13.73%/yr for CSP1.L. At a 0.16 correlation, their price movements are largely independent. GAAA.L charges 0.20%/yr vs 0.07%/yr for CSP1.L.
Performance
GAAA.L vs. CSP1.L - Performance Comparison
Loading charts...
Different Trading Currencies
GAAA.L is traded in USD, while CSP1.L is traded in GBp. To make them comparable, the CSP1.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GAAA.L achieves a 0.12% return, which is significantly lower than CSP1.L's 10.28% 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*
- —
CSP1.L
- 1D
- 0.10%
- 1M
- 4.65%
- YTD
- 10.28%
- 6M
- 11.29%
- 1Y
- 27.90%
- 3Y*
- 22.09%
- 5Y*
- 13.73%
- 10Y*
- 15.23%
GAAA.L vs. CSP1.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% |
CSP1.L iShares Core S&P 500 UCITS ETF | 10.28% | 17.63% | 25.22% | 26.11% | -18.77% | 29.88% | 17.14% | 31.49% | -7.66% |
Correlation
The correlation between GAAA.L and CSP1.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.16 |
The correlation between GAAA.L and CSP1.L shifts across timeframes, from 0.16 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GAAA.L vs. CSP1.L — Risk / Return Rank
GAAA.L
CSP1.L
GAAA.L vs. CSP1.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 S&P 500 UCITS ETF (CSP1.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 | CSP1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.44 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 3.20 | -2.82 |
| Martin ratioReturn relative to average drawdown | 0.98 | 13.82 | -12.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GAAA.L | CSP1.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 2.48 | -2.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | 0.88 | -1.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.94 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 1.00 | -1.06 |
Drawdowns
GAAA.L vs. CSP1.L - Drawdown Comparison
The maximum GAAA.L drawdown since its inception was -33.06%, roughly equal to the maximum CSP1.L drawdown of -33.51%. Use the drawdown chart below to compare losses from any high point for GAAA.L and CSP1.L.
Loading charts...
Drawdown Indicators
| GAAA.L | CSP1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.06% | -33.51% | +0.45% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -8.68% | +3.60% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -18.69% | +8.40% |
Max Drawdown (5Y)Largest decline over 5 years | -30.55% | -25.16% | -5.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.51% | — |
Current DrawdownCurrent decline from peak | -17.69% | -0.55% | -17.14% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -3.87% | -9.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.01% | -0.06% |
Volatility
GAAA.L vs. CSP1.L - Volatility Comparison
iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) and iShares Core S&P 500 UCITS ETF (CSP1.L) have volatilities of 2.52% and 2.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GAAA.L | CSP1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 2.58% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 7.99% | -2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 11.21% | -3.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.91% | 15.68% | -6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 16.12% | -8.16% |
GAAA.L vs. CSP1.L - Expense Ratio Comparison
GAAA.L has a 0.20% expense ratio, which is higher than CSP1.L's 0.07% 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. CSP1.L - Dividend Comparison
Neither GAAA.L nor CSP1.L has paid dividends to shareholders.
Frequently Asked Questions
GAAA.L and CSP1.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSP1.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSP1.L is cheaper with a 0.07% expense ratio, compared with 0.20% for GAAA.L.
GAAA.L is categorized as Global Bonds, while CSP1.L is S&P 500. GAAA.L tracks Bloomberg Global Aggregate TR USD, while CSP1.L tracks S&P 500 Index. Their fees differ too: 0.20% for GAAA.L and 0.07% for CSP1.L.
Find the right allocation for GAAA.L and CSP1.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer