GAAA.L vs. GGOV.L
GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) and GGOV.L (Amundi Index J.P. Morgan GBI Global Govies) are both Global Bonds funds tracking the Bloomberg Global Aggregate TR USD, from iShares and Amundi respectively. Both are passively managed. Over the past 5 years, GAAA.L returned -3.02%/yr vs -3.23%/yr for GGOV.L. A 0.55 correlation means they provide meaningful diversification when combined. GAAA.L charges 0.20%/yr vs 0.10%/yr for GGOV.L.
Performance
GAAA.L vs. GGOV.L - Performance Comparison
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Different Trading Currencies
GAAA.L is traded in USD, while GGOV.L is traded in GBp. To make them comparable, the GGOV.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 higher than GGOV.L's -1.16% 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*
- —
GGOV.L
- 1D
- 0.20%
- 1M
- -0.12%
- YTD
- -1.16%
- 6M
- -0.81%
- 1Y
- -0.32%
- 3Y*
- 1.17%
- 5Y*
- -3.23%
- 10Y*
- —
GAAA.L vs. GGOV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | -0.93% |
GGOV.L Amundi Index J.P. Morgan GBI Global Govies | -1.16% | 6.24% | -3.46% | 3.23% | -17.30% | -6.55% | 9.85% | -1.00% |
Correlation
The correlation between GAAA.L and GGOV.L is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2019 | 0.55 |
The correlation between GAAA.L and GGOV.L shifts across timeframes, from 0.55 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GAAA.L vs. GGOV.L — Risk / Return Rank
GAAA.L
GGOV.L
GAAA.L vs. GGOV.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 Amundi Index J.P. Morgan GBI Global Govies (GGOV.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 | GGOV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.00 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | -0.08 | +0.45 |
| Martin ratioReturn relative to average drawdown | 0.98 | -0.18 | +1.16 |
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 | GGOV.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | -0.05 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.46 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | -0.28 | +0.21 |
Drawdowns
GAAA.L vs. GGOV.L - Drawdown Comparison
The maximum GAAA.L drawdown since its inception was -33.06%, which is greater than GGOV.L's maximum drawdown of -28.02%. Use the drawdown chart below to compare losses from any high point for GAAA.L and GGOV.L.
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Drawdown Indicators
| GAAA.L | GGOV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.06% | -28.02% | -5.04% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -4.10% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -8.11% | -2.18% |
Max Drawdown (5Y)Largest decline over 5 years | -30.55% | -25.66% | -4.89% |
Current DrawdownCurrent decline from peak | -17.69% | -19.41% | +1.72% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -15.43% | +1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 1.74% | +0.21% |
Volatility
GAAA.L vs. GGOV.L - Volatility Comparison
iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a higher volatility of 2.52% compared to Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) at 2.05%. This indicates that GAAA.L's price experiences larger fluctuations and is considered to be riskier than GGOV.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 | GGOV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 2.05% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 4.55% | +1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 6.18% | +1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.91% | 9.20% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 9.50% | -1.54% |
GAAA.L vs. GGOV.L - Expense Ratio Comparison
GAAA.L has a 0.20% expense ratio, which is higher than GGOV.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. GGOV.L - Dividend Comparison
Neither GAAA.L nor GGOV.L has paid dividends to shareholders.
Frequently Asked Questions
GAAA.L and GGOV.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GGOV.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GGOV.L is cheaper with a 0.10% expense ratio, compared with 0.20% for GAAA.L.
Both ETFs track Bloomberg Global Aggregate TR USD. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.20% for GAAA.L and 0.10% for GGOV.L.
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