GAAA.L vs. GOVT

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) and iShares U.S. Treasury Bond ETF (GOVT).

GAAA.L and GOVT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GAAA.L is a passively managed fund by iShares that tracks the performance of the Bloomberg Global Aggregate TR USD. It was launched on Jun 29, 2018. GOVT is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. Treasury Bond Index. It was launched on Feb 14, 2012. Both GAAA.L and GOVT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GAAA.L vs. GOVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) and iShares U.S. Treasury Bond ETF (GOVT). The values are adjusted to include any dividend payments, if applicable.

GAAA.L vs. GOVT - 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)	-0.80%	10.43%	-5.07%	8.26%	-20.61%	-8.76%	12.37%	4.92%	-1.16%
GOVT iShares U.S. Treasury Bond ETF	0.02%	3.77%	2.95%	4.17%	-13.39%	-1.11%	7.28%	7.36%	1.30%

Returns By Period

In the year-to-date period, GAAA.L achieves a -0.80% return, which is significantly lower than GOVT's 0.02% return.

GAAA.L

• 1D: 0.79%
• 1M: -2.48%
• YTD: -0.80%
• 6M: -0.44%
• 1Y: 6.78%
• 3Y*: 2.93%
• 5Y*: -2.78%
• 10Y*: —

GOVT

• 1D: -0.05%
• 1M: -1.30%
• YTD: 0.02%
• 6M: 0.58%
• 1Y: 2.93%
• 3Y*: 2.53%
• 5Y*: -0.25%
• 10Y*: 0.95%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GAAA.L vs. GOVT - Expense Ratio Comparison

GAAA.L has a 0.20% expense ratio, which is higher than GOVT's 0.15% 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%.

GAAA.L

iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)

GOVT

iShares U.S. Treasury Bond ETF

Return for Risk

GAAA.L vs. GOVT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GAAA.L

GAAA.L Risk / Return Rank: 43
GAAA.L Sharpe Ratio Rank: 46
GAAA.L Sortino Ratio Rank: 46
GAAA.L Omega Ratio Rank: 38
GAAA.L Calmar Ratio Rank: 46
GAAA.L Martin Ratio Rank: 39

GOVT

GOVT Risk / Return Rank: 36
GOVT Sharpe Ratio Rank: 37
GOVT Sortino Ratio Rank: 35
GOVT Omega Ratio Rank: 28
GOVT Calmar Ratio Rank: 45
GOVT Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GAAA.L vs. GOVT - 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 U.S. Treasury Bond ETF (GOVT). 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	GOVT	Difference
Sharpe ratio Return per unit of total volatility	0.89	0.73	+0.17
Sortino ratio Return per unit of downside risk	1.34	1.06	+0.27
Omega ratio Gain probability vs. loss probability	1.16	1.12	+0.04
Calmar ratio Return relative to maximum drawdown	1.31	1.23	+0.07
Martin ratio Return relative to average drawdown	4.01	3.16	+0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAAA.L vs. GOVT - Sharpe Ratio Comparison

The current GAAA.L Sharpe Ratio is 0.89, which is comparable to the GOVT Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of GAAA.L and GOVT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GAAA.L	GOVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.73	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	-0.04	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.26	-0.35

Correlation

The correlation between GAAA.L and GOVT is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GAAA.L vs. GOVT - Dividend Comparison

GAAA.L has not paid dividends to shareholders, while GOVT's dividend yield for the trailing twelve months is around 3.52%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
GOVT iShares U.S. Treasury Bond ETF	3.52%	3.49%	3.14%	2.65%	1.77%	0.96%	2.17%	1.98%	1.97%	1.57%	1.40%	1.25%

Drawdowns

GAAA.L vs. GOVT - Drawdown Comparison

The maximum GAAA.L drawdown since its inception was -33.06%, which is greater than GOVT's maximum drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for GAAA.L and GOVT.

Drawdown Indicators

	GAAA.L	GOVT	Difference
Max Drawdown Largest peak-to-trough decline	-33.06%	-19.07%	-13.99%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-2.58%	-2.50%
Max Drawdown (5Y) Largest decline over 5 years	-30.55%	-16.60%	-13.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.07%	—
Current Drawdown Current decline from peak	-18.45%	-7.05%	-11.40%
Average Drawdown Average peak-to-trough decline	-13.72%	-5.23%	-8.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	1.01%	+0.65%

Volatility

GAAA.L vs. GOVT - Volatility Comparison

iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a higher volatility of 2.84% compared to iShares U.S. Treasury Bond ETF (GOVT) at 1.45%. This indicates that GAAA.L's price experiences larger fluctuations and is considered to be riskier than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAAA.L	GOVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	1.45%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	4.76%	2.45%	+2.31%
Volatility (1Y) Calculated over the trailing 1-year period	7.58%	4.06%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.80%	6.03%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.94%	5.22%	+2.72%