GCVG.L vs. AYE2.DE
GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) and AYE2.DE (iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc) are both exchange-traded funds - GCVG.L is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged), while AYE2.DE is a European High Yield Bonds fund tracking the Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond. Both are passively managed. Over the past 3 years, GCVG.L returned 19.49%/yr vs 7.07%/yr for AYE2.DE. At a 0.28 correlation, their price movements are largely independent. GCVG.L charges 0.55%/yr vs 0.25%/yr for AYE2.DE.
Performance
GCVG.L vs. AYE2.DE - Performance Comparison
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Different Trading Currencies
GCVG.L is traded in GBP, while AYE2.DE is traded in EUR. To make them comparable, the AYE2.DE values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GCVG.L achieves a 18.39% return, which is significantly higher than AYE2.DE's -0.08% return.
GCVG.L
- 1D
- -0.19%
- 1M
- 5.17%
- YTD
- 18.39%
- 6M
- 21.00%
- 1Y
- 37.25%
- 3Y*
- 19.49%
- 5Y*
- —
- 10Y*
- —
AYE2.DE
- 1D
- -0.21%
- 1M
- 1.21%
- YTD
- -0.08%
- 6M
- 0.05%
- 1Y
- 6.85%
- 3Y*
- 7.07%
- 5Y*
- 2.59%
- 10Y*
- —
GCVG.L vs. AYE2.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 18.39% | 22.98% | 9.45% | 13.81% | -14.46% |
AYE2.DE iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc | -0.08% | 11.39% | 1.73% | 8.56% | -3.31% |
Correlation
The correlation between GCVG.L and AYE2.DE is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022 | 0.28 |
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Return for Risk
GCVG.L vs. AYE2.DE — Risk / Return Rank
GCVG.L
AYE2.DE
GCVG.L vs. AYE2.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.DE). 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.
| GCVG.L | AYE2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.89 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.24 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 5.67 | 1.76 | +3.90 |
| Martin ratioReturn relative to average drawdown | 24.59 | 5.52 | +19.06 |
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
| GCVG.L | AYE2.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.26 | 1.37 | +1.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 0.38 | +0.69 |
Drawdowns
GCVG.L vs. AYE2.DE - Drawdown Comparison
The maximum GCVG.L drawdown since its inception was -17.60%, which is greater than AYE2.DE's maximum drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for GCVG.L and AYE2.DE.
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Drawdown Indicators
| GCVG.L | AYE2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.60% | -15.97% | -1.63% |
Max Drawdown (1Y)Largest decline over 1 year | -6.51% | -3.87% | -2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -7.62% | -3.87% | -3.75% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.97% | — |
Current DrawdownCurrent decline from peak | -0.19% | -1.22% | +1.03% |
Average DrawdownAverage peak-to-trough decline | -5.49% | -4.13% | -1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 1.24% | +0.27% |
Volatility
GCVG.L vs. AYE2.DE - Volatility Comparison
SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) has a higher volatility of 4.00% compared to iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.DE) at 1.42%. This indicates that GCVG.L's price experiences larger fluctuations and is considered to be riskier than AYE2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GCVG.L | AYE2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 1.42% | +2.58% |
Volatility (6M)Calculated over the trailing 6-month period | 9.30% | 3.82% | +5.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.35% | 5.00% | +6.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.93% | 7.05% | +2.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.93% | 7.02% | +2.91% |
GCVG.L vs. AYE2.DE - Expense Ratio Comparison
GCVG.L has a 0.55% expense ratio, which is higher than AYE2.DE's 0.25% expense ratio.
Dividends
GCVG.L vs. AYE2.DE - Dividend Comparison
GCVG.L's dividend yield for the trailing twelve months is around 0.52%, while AYE2.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AYE2.DE iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc | 0.00% | 0.00% | 0.00% | 0.00% |
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 0.52% | 0.59% | 0.41% | 0.28% |
Frequently Asked Questions
GCVG.L and AYE2.DE have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AYE2.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AYE2.DE is cheaper with a 0.25% expense ratio, compared with 0.55% for GCVG.L.
GCVG.L is categorized as Convertible Bonds, while AYE2.DE is European High Yield Bonds. GCVG.L tracks Refinitiv Qualified Global Convertible (GBP Hedged), while AYE2.DE tracks Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for GCVG.L and 0.25% for AYE2.DE.
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