GAAA.L vs. IGLN.L
GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) and IGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - GAAA.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, while IGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 5 years, GAAA.L returned -3.02%/yr vs 18.61%/yr for IGLN.L. At a 0.49 correlation, their price movements are largely independent. GAAA.L charges 0.20%/yr vs 0.25%/yr for IGLN.L.
Performance
GAAA.L vs. IGLN.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 IGLN.L's 3.70% 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*
- —
IGLN.L
- 1D
- 0.68%
- 1M
- -2.35%
- YTD
- 3.70%
- 6M
- 6.03%
- 1Y
- 32.37%
- 3Y*
- 31.55%
- 5Y*
- 18.61%
- 10Y*
- 13.42%
GAAA.L vs. IGLN.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% |
IGLN.L iShares Physical Gold ETC | 3.70% | 64.92% | 26.14% | 13.44% | -0.09% | -4.03% | 24.16% | 18.28% | 2.03% |
Correlation
The correlation between GAAA.L and IGLN.L is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.49 |
The correlation between GAAA.L and IGLN.L has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.
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Return for Risk
GAAA.L vs. IGLN.L — Risk / Return Rank
GAAA.L
IGLN.L
GAAA.L vs. IGLN.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 Physical Gold ETC (IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.25 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 1.86 | -1.48 |
| Martin ratioReturn relative to average drawdown | 0.98 | 4.79 | -3.82 |
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 | IGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 1.30 | -1.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | 1.07 | -1.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.86 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.46 | -0.52 |
Drawdowns
GAAA.L vs. IGLN.L - Drawdown Comparison
The maximum GAAA.L drawdown since its inception was -33.06%, smaller than the maximum IGLN.L drawdown of -45.24%. Use the drawdown chart below to compare losses from any high point for GAAA.L and IGLN.L.
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Drawdown Indicators
| GAAA.L | IGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.06% | -45.24% | +12.18% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -17.36% | +12.28% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -17.36% | +7.07% |
Max Drawdown (5Y)Largest decline over 5 years | -30.55% | -21.15% | -9.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.15% | — |
Current DrawdownCurrent decline from peak | -17.69% | -15.66% | -2.03% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -19.80% | +6.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 6.74% | -4.79% |
Volatility
GAAA.L vs. IGLN.L - Volatility Comparison
The current volatility for iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) is 2.52%, while iShares Physical Gold ETC (IGLN.L) has a volatility of 6.36%. This indicates that GAAA.L experiences smaller price fluctuations and is considered to be less risky than IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 6.36% | -3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 21.73% | -16.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 24.78% | -17.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.91% | 17.36% | -8.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 15.54% | -7.58% |
GAAA.L vs. IGLN.L - Expense Ratio Comparison
GAAA.L has a 0.20% expense ratio, which is lower than IGLN.L's 0.25% expense ratio. Despite the difference, 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. IGLN.L - Dividend Comparison
Neither GAAA.L nor IGLN.L has paid dividends to shareholders.
Frequently Asked Questions
GAAA.L and IGLN.L have a correlation of 0.51, 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 0.25% for IGLN.L.
GAAA.L is categorized as Global Bonds, while IGLN.L is Gold. GAAA.L tracks Bloomberg Global Aggregate TR USD, while IGLN.L tracks LBMA Gold Price. Their fees differ too: 0.20% for GAAA.L and 0.25% for IGLN.L.
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