GAAA.L vs. HBKS.L
GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) and HBKS.L (HSBC Global Sukuk UCITS ETF C USD) are both Global Bonds funds - GAAA.L tracks the Bloomberg Global Aggregate TR USD while HBKS.L tracks the FTSE IdealRatings Sukuk Index. Both are passively managed. Over the past year, GAAA.L returned 1.91% vs 4.14% for HBKS.L. At a 0.16 correlation, their price movements are largely independent. GAAA.L charges 0.20%/yr vs 0.40%/yr for HBKS.L.
Performance
GAAA.L vs. HBKS.L - Performance Comparison
Loading charts...
Different Trading Currencies
GAAA.L is traded in USD, while HBKS.L is traded in GBP. To make them comparable, the HBKS.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 HBKS.L's 0.44% 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*
- —
HBKS.L
- 1D
- 0.36%
- 1M
- 0.74%
- YTD
- 0.44%
- 6M
- 0.30%
- 1Y
- 4.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GAAA.L vs. HBKS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.12% | 10.43% | -5.07% | 8.83% |
HBKS.L HSBC Global Sukuk UCITS ETF C USD | 0.44% | 7.18% | 2.74% | 3.71% |
Correlation
The correlation between GAAA.L and HBKS.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023 | 0.16 |
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. HBKS.L — Risk / Return Rank
GAAA.L
HBKS.L
GAAA.L vs. HBKS.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 HSBC Global Sukuk UCITS ETF C USD (HBKS.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 | HBKS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.12 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 1.04 | -0.66 |
| Martin ratioReturn relative to average drawdown | 0.98 | 3.55 | -2.57 |
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 | HBKS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 0.69 | -0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.99 | -1.06 |
Drawdowns
GAAA.L vs. HBKS.L - Drawdown Comparison
The maximum GAAA.L drawdown since its inception was -33.06%, which is greater than HBKS.L's maximum drawdown of -3.97%. Use the drawdown chart below to compare losses from any high point for GAAA.L and HBKS.L.
Loading charts...
Drawdown Indicators
| GAAA.L | HBKS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.06% | -3.97% | -29.09% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -3.97% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -30.55% | — | — |
Current DrawdownCurrent decline from peak | -17.69% | -1.56% | -16.13% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -0.89% | -12.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 1.16% | +0.79% |
Volatility
GAAA.L vs. HBKS.L - Volatility Comparison
iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a higher volatility of 2.52% compared to HSBC Global Sukuk UCITS ETF C USD (HBKS.L) at 2.14%. This indicates that GAAA.L's price experiences larger fluctuations and is considered to be riskier than HBKS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GAAA.L | HBKS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 2.14% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 5.03% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 5.95% | +1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.91% | 5.18% | +3.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 5.18% | +2.78% |
GAAA.L vs. HBKS.L - Expense Ratio Comparison
GAAA.L has a 0.20% expense ratio, which is lower than HBKS.L's 0.40% expense ratio.
Dividends
GAAA.L vs. HBKS.L - Dividend Comparison
Neither GAAA.L nor HBKS.L has paid dividends to shareholders.
Frequently Asked Questions
GAAA.L and HBKS.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GAAA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GAAA.L is cheaper with a 0.20% expense ratio, compared with 0.40% for HBKS.L.
GAAA.L tracks Bloomberg Global Aggregate TR USD, while HBKS.L tracks FTSE IdealRatings Sukuk Index. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.20% for GAAA.L and 0.40% for HBKS.L.
Find the right allocation for GAAA.L and HBKS.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