GAGG.L vs. GOVG.L

Last updated Jun 5, 2026

GAGG.L (Amundi Index Barclays Global Agg 500M) and GOVG.L (Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D)) are both Global Bonds funds from Amundi - GAGG.L tracks the Bloomberg Global Aggregate TR USD while GOVG.L tracks the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 3 years, GAGG.L returned 0.64%/yr vs 0.19%/yr for GOVG.L. At a 0.44 correlation, their price movements are largely independent. GAGG.L charges 0.03%/yr vs 0.15%/yr for GOVG.L.

Performance

GAGG.L vs. GOVG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi Index Barclays Global Agg 500M (GAGG.L) and Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) (GOVG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAGG.L achieves a 0.08% return, which is significantly higher than GOVG.L's -0.17% return.

GAGG.L

• 1D: 0.15%
• 1M: 0.76%
• YTD: 0.08%
• 6M: -0.17%
• 1Y: 3.55%
• 3Y*: 0.64%
• 5Y*: -0.76%
• 10Y*: —

GOVG.L

• 1D: -0.29%
• 1M: -0.27%
• YTD: -0.17%
• 6M: -2.59%
• 1Y: -0.71%
• 3Y*: 0.19%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GAGG.L vs. GOVG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GAGG.L Amundi Index Barclays Global Agg 500M	0.08%	0.42%	0.19%	-0.73%	-5.96%	0.01%
GOVG.L Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D)	-0.17%	0.76%	-0.52%	2.69%	-14.37%	-0.98%

Correlation

The correlation between GAGG.L and GOVG.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jul 28, 2021	0.44

The correlation between GAGG.L and GOVG.L shifts across timeframes, from 0.28 (1 year) to 0.47 (3 years), reflecting how their relationship changes across market environments.

GAGG.L vs. GOVG.L - Sectors Allocation Comparison

Sectors	GAGG.L	GOVG.L
Real Estate	18.0%	1.9%
Healthcare	16.6%	7.4%
Financial Services	13.6%	19.1%
Industrials	10.9%	9.9%
Consumer Cyclical	10.8%	12.2%
Utilities	10.4%	3.0%
Consumer Defensive	9.4%	8.2%
Communication Services	8.4%	6.0%
Technology	2.0%	18.1%
Basic Materials	-	9.0%
Energy	-	5.2%

Return for Risk

GAGG.L vs. GOVG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GAGG.L

GAGG.L Risk / Return Rank: 19
GAGG.L Sharpe Ratio Rank: 20
GAGG.L Sortino Ratio Rank: 20
GAGG.L Omega Ratio Rank: 19
GAGG.L Calmar Ratio Rank: 20
GAGG.L Martin Ratio Rank: 18

GOVG.L

GOVG.L Risk / Return Rank: 7
GOVG.L Sharpe Ratio Rank: 8
GOVG.L Sortino Ratio Rank: 7
GOVG.L Omega Ratio Rank: 6
GOVG.L Calmar Ratio Rank: 8
GOVG.L Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GAGG.L vs. GOVG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Index Barclays Global Agg 500M (GAGG.L) and Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) (GOVG.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.

	GAGG.L	GOVG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.66	-0.14	+0.80
Sortino ratio: Return per unit of downside risk	1.03	-0.15	+1.18
Omega ratio: Gain probability vs. loss probability	1.11	0.98	+0.14
Calmar ratio: Return relative to maximum drawdown	0.84	-0.13	+0.97
Martin ratio: Return relative to average drawdown	1.75	-0.28	+2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAGG.L vs. GOVG.L - Sharpe Ratio Comparison

The current GAGG.L Sharpe Ratio is 0.66, which is higher than the GOVG.L Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of GAGG.L and GOVG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GAGG.L	GOVG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	-0.14	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	-0.55	+0.57

Drawdowns

GAGG.L vs. GOVG.L - Drawdown Comparison

The maximum GAGG.L drawdown since its inception was -19.47%, which is greater than GOVG.L's maximum drawdown of -17.52%. Use the drawdown chart below to compare losses from any high point for GAGG.L and GOVG.L.

Drawdown Indicators

	GAGG.L	GOVG.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.47%	-17.52%	-1.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.73%	-4.41%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-4.94%	-5.40%	+0.46%
Max Drawdown (5Y) Largest decline over 5 years	-14.17%	—	—
Current Drawdown Current decline from peak	-14.03%	-13.83%	-0.20%
Average Drawdown Average peak-to-trough decline	-9.68%	-11.97%	+2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	2.16%	-0.38%

Volatility

GAGG.L vs. GOVG.L - Volatility Comparison

The current volatility for Amundi Index Barclays Global Agg 500M (GAGG.L) is 1.19%, while Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) (GOVG.L) has a volatility of 1.50%. This indicates that GAGG.L experiences smaller price fluctuations and is considered to be less risky than GOVG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAGG.L	GOVG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.50%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	3.47%	3.74%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	4.27%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	5.14%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.17%	5.14%	+2.03%

GAGG.L vs. GOVG.L - Expense Ratio Comparison

GAGG.L has a 0.03% expense ratio, which is lower than GOVG.L's 0.15% 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

GAGG.L vs. GOVG.L - Dividend Comparison

Neither GAGG.L nor GOVG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GAGG.L and GOVG.L in my portfolio?

GAGG.L and GOVG.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GAGG.L or GOVG.L?

On fees, GAGG.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAGG.L or GOVG.L?

GAGG.L is cheaper with a 0.03% expense ratio, compared with 0.15% for GOVG.L.

What is the main difference between GAGG.L and GOVG.L?

GAGG.L tracks Bloomberg Global Aggregate TR USD, while GOVG.L tracks Bloomberg Global Aggregate TR Hdg GBP. Their fees differ too: 0.03% for GAGG.L and 0.15% for GOVG.L.