GAAA.L vs. VAGP.L
GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) and VAGP.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing) are both Global Bonds funds - GAAA.L tracks the Bloomberg Global Aggregate TR USD while VAGP.L tracks the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, GAAA.L returned -3.02%/yr vs -1.29%/yr for VAGP.L. A 0.72 correlation means they provide meaningful diversification when combined. GAAA.L charges 0.20%/yr vs 0.10%/yr for VAGP.L.
Performance
GAAA.L vs. VAGP.L - Performance Comparison
Loading charts...
Different Trading Currencies
GAAA.L is traded in USD, while VAGP.L is traded in GBP. To make them comparable, the VAGP.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 VAGP.L's -0.06% 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*
- —
VAGP.L
- 1D
- 0.34%
- 1M
- -0.50%
- YTD
- -0.06%
- 6M
- 1.10%
- 1Y
- 2.26%
- 3Y*
- 6.42%
- 5Y*
- -1.29%
- 10Y*
- —
GAAA.L vs. VAGP.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% | 0.53% |
VAGP.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing | -0.06% | 12.88% | 0.80% | 11.42% | -23.02% | -2.91% | 8.54% | 6.73% |
Correlation
The correlation between GAAA.L and VAGP.L is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2019 | 0.72 |
The correlation between GAAA.L and VAGP.L has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.
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. VAGP.L — Risk / Return Rank
GAAA.L
VAGP.L
GAAA.L vs. VAGP.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 Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.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 | VAGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.05 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 0.41 | -0.03 |
| Martin ratioReturn relative to average drawdown | 0.98 | 0.96 | +0.02 |
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 | VAGP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 0.27 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.12 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.12 | -0.19 |
Drawdowns
GAAA.L vs. VAGP.L - Drawdown Comparison
The maximum GAAA.L drawdown since its inception was -33.06%, smaller than the maximum VAGP.L drawdown of -35.75%. Use the drawdown chart below to compare losses from any high point for GAAA.L and VAGP.L.
Loading charts...
Drawdown Indicators
| GAAA.L | VAGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.06% | -35.75% | +2.69% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -5.54% | +0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -11.71% | +1.42% |
Max Drawdown (5Y)Largest decline over 5 years | -30.55% | -35.75% | +5.20% |
Current DrawdownCurrent decline from peak | -17.69% | -6.85% | -10.84% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -11.63% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.34% | -0.39% |
Volatility
GAAA.L vs. VAGP.L - Volatility Comparison
The current volatility for iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) is 2.52%, while Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.L) has a volatility of 2.78%. This indicates that GAAA.L experiences smaller price fluctuations and is considered to be less risky than VAGP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GAAA.L | VAGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 2.78% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 6.28% | -0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 8.32% | -1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.91% | 10.78% | -1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 10.80% | -2.84% |
GAAA.L vs. VAGP.L - Expense Ratio Comparison
GAAA.L has a 0.20% expense ratio, which is higher than VAGP.L's 0.10% 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. VAGP.L - Dividend Comparison
GAAA.L has not paid dividends to shareholders, while VAGP.L's dividend yield for the trailing twelve months is around 3.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
VAGP.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing | 3.55% | 3.50% | 3.08% | 2.37% | 1.46% | 0.86% | 1.21% | 0.59% |
Frequently Asked Questions
GAAA.L and VAGP.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGP.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGP.L is cheaper with a 0.10% expense ratio, compared with 0.20% for GAAA.L.
GAAA.L tracks Bloomberg Global Aggregate TR USD, while VAGP.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for GAAA.L and 0.10% for VAGP.L.
Find the right allocation for GAAA.L and VAGP.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