GAAA.L vs. SAAA.L
GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) and SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) are both Global Bonds funds from iShares tracking the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, GAAA.L returned -3.02%/yr vs -3.00%/yr for SAAA.L. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
GAAA.L vs. SAAA.L - Performance Comparison
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Different Trading Currencies
GAAA.L is traded in USD, while SAAA.L is traded in GBP. To make them comparable, the SAAA.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 SAAA.L's 0.05% 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*
- —
SAAA.L
- 1D
- 0.23%
- 1M
- -0.06%
- YTD
- 0.05%
- 6M
- 0.95%
- 1Y
- 2.07%
- 3Y*
- 3.90%
- 5Y*
- -3.00%
- 10Y*
- -0.34%
GAAA.L vs. SAAA.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% |
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 0.05% | 10.73% | -5.07% | 7.72% | -20.88% | -7.79% | 11.43% | 5.68% | -1.52% |
Correlation
The correlation between GAAA.L and SAAA.L is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.79 |
The correlation between GAAA.L and SAAA.L has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.
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Return for Risk
GAAA.L vs. SAAA.L — Risk / Return Rank
GAAA.L
SAAA.L
GAAA.L vs. SAAA.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 Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.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 | SAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.05 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 0.38 | -0.01 |
| Martin ratioReturn relative to average drawdown | 0.98 | 1.01 | -0.03 |
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 | SAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 0.28 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.32 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.04 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | -0.05 | -0.01 |
Drawdowns
GAAA.L vs. SAAA.L - Drawdown Comparison
The maximum GAAA.L drawdown since its inception was -33.06%, roughly equal to the maximum SAAA.L drawdown of -33.47%. Use the drawdown chart below to compare losses from any high point for GAAA.L and SAAA.L.
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Drawdown Indicators
| GAAA.L | SAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.06% | -33.47% | +0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -5.38% | +0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -10.15% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -30.55% | -31.19% | +0.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.47% | — |
Current DrawdownCurrent decline from peak | -17.69% | -17.54% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -10.72% | -3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.05% | -0.10% |
Volatility
GAAA.L vs. SAAA.L - Volatility Comparison
iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a higher volatility of 2.52% compared to iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) at 2.09%. This indicates that GAAA.L's price experiences larger fluctuations and is considered to be riskier than SAAA.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 | SAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 2.09% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 5.50% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 7.29% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.91% | 9.26% | -0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 8.41% | -0.45% |
GAAA.L vs. SAAA.L - Expense Ratio Comparison
Both GAAA.L and SAAA.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
GAAA.L vs. SAAA.L - Dividend Comparison
GAAA.L has not paid dividends to shareholders, while SAAA.L's dividend yield for the trailing twelve months is around 2.68%.
| Position | 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% |
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 2.68% | 2.48% | 2.34% | 1.57% | 0.76% | 0.48% | 0.61% | 0.89% | 0.87% | 0.81% | 0.83% | 1.06% |
Frequently Asked Questions
GAAA.L and SAAA.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GAAA.L and SAAA.L have the same expense ratio: 0.20% per year.
Both ETFs track Bloomberg Global Aggregate TR USD.
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