GAAA.L vs. SWRD.L
GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) and SWRD.L (SPDR MSCI World UCITS ETF) are both exchange-traded funds - GAAA.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, while SWRD.L is a Large Cap Growth Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 5 years, GAAA.L returned -3.02%/yr vs 11.98%/yr for SWRD.L. At a 0.28 correlation, their price movements are largely independent. GAAA.L charges 0.20%/yr vs 0.12%/yr for SWRD.L.
Performance
GAAA.L vs. SWRD.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 SWRD.L's 9.88% 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*
- —
SWRD.L
- 1D
- 0.06%
- 1M
- 4.05%
- YTD
- 9.88%
- 6M
- 11.00%
- 1Y
- 26.07%
- 3Y*
- 20.92%
- 5Y*
- 11.98%
- 10Y*
- —
GAAA.L vs. SWRD.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% | 4.36% |
SWRD.L SPDR MSCI World UCITS ETF | 9.88% | 21.09% | 19.26% | 24.41% | -17.81% | 22.11% | 15.89% | 14.63% |
Correlation
The correlation between GAAA.L and SWRD.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2019 | 0.28 |
Over the past year, GAAA.L and SWRD.L have become more correlated (0.49) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
GAAA.L vs. SWRD.L — Risk / Return Rank
GAAA.L
SWRD.L
GAAA.L vs. SWRD.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 SPDR MSCI World UCITS ETF (SWRD.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 | SWRD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.40 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 3.12 | -2.75 |
| Martin ratioReturn relative to average drawdown | 0.98 | 13.22 | -12.25 |
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 | SWRD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 2.20 | -1.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | 0.77 | -1.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.83 | -0.89 |
Drawdowns
GAAA.L vs. SWRD.L - Drawdown Comparison
The maximum GAAA.L drawdown since its inception was -33.06%, roughly equal to the maximum SWRD.L drawdown of -34.10%. Use the drawdown chart below to compare losses from any high point for GAAA.L and SWRD.L.
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Drawdown Indicators
| GAAA.L | SWRD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.06% | -34.10% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -8.31% | +3.23% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -16.89% | +6.60% |
Max Drawdown (5Y)Largest decline over 5 years | -30.55% | -25.54% | -5.01% |
Current DrawdownCurrent decline from peak | -17.69% | -0.49% | -17.20% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -5.02% | -8.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 1.97% | -0.02% |
Volatility
GAAA.L vs. SWRD.L - Volatility Comparison
The current volatility for iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) is 2.52%, while SPDR MSCI World UCITS ETF (SWRD.L) has a volatility of 3.33%. This indicates that GAAA.L experiences smaller price fluctuations and is considered to be less risky than SWRD.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 | SWRD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 3.33% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 9.04% | -3.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 11.81% | -4.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.91% | 15.52% | -6.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 17.26% | -9.30% |
GAAA.L vs. SWRD.L - Expense Ratio Comparison
GAAA.L has a 0.20% expense ratio, which is higher than SWRD.L's 0.12% 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. SWRD.L - Dividend Comparison
Neither GAAA.L nor SWRD.L has paid dividends to shareholders.
Frequently Asked Questions
GAAA.L and SWRD.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SWRD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SWRD.L is cheaper with a 0.12% expense ratio, compared with 0.20% for GAAA.L.
GAAA.L is categorized as Global Bonds, while SWRD.L is Large Cap Growth Equities. GAAA.L tracks Bloomberg Global Aggregate TR USD, while SWRD.L tracks MSCI World Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for GAAA.L and 0.12% for SWRD.L.
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