GCVG.L vs. BND
Compare and contrast key facts about SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and Vanguard Total Bond Market ETF (BND).
GCVG.L and BND are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GCVG.L is a passively managed fund by State Street that tracks the performance of the Refinitiv Qualified Global Convertible (GBP Hedged). It was launched on Jan 31, 2022. BND is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Aggregate Float Adjusted Index. It was launched on Apr 3, 2007. Both GCVG.L and BND are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GCVG.L vs. BND - Performance Comparison
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GCVG.L vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 5.31% | 22.98% | 9.45% | 13.81% | -14.46% |
BND Vanguard Total Bond Market ETF | 1.75% | -0.55% | 3.15% | 0.37% | -0.55% |
Different Trading Currencies
GCVG.L is traded in GBP, while BND is traded in USD. To make them comparable, the BND 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 5.31% return, which is significantly higher than BND's 1.95% return.
GCVG.L
- 1D
- 3.31%
- 1M
- -2.70%
- YTD
- 5.31%
- 6M
- 9.45%
- 1Y
- 26.68%
- 3Y*
- 15.43%
- 5Y*
- —
- 10Y*
- —
BND
- 1D
- 0.00%
- 1M
- 0.02%
- YTD
- 1.95%
- 6M
- 2.65%
- 1Y
- 1.55%
- 3Y*
- 1.21%
- 5Y*
- 1.15%
- 10Y*
- 2.42%
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GCVG.L vs. BND - Expense Ratio Comparison
GCVG.L has a 0.55% expense ratio, which is higher than BND's 0.03% expense ratio.
Return for Risk
GCVG.L vs. BND — Risk / Return Rank
GCVG.L
BND
GCVG.L vs. BND - 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 Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.40 | 0.21 | +2.18 |
Sortino ratioReturn per unit of downside risk | 3.33 | 0.35 | +2.98 |
Omega ratioGain probability vs. loss probability | 1.48 | 1.04 | +0.43 |
Calmar ratioReturn relative to maximum drawdown | 4.12 | 0.28 | +3.85 |
Martin ratioReturn relative to average drawdown | 18.05 | 0.54 | +17.51 |
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 | BND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.40 | 0.21 | +2.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.13 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.24 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.51 | +0.31 |
Correlation
The correlation between GCVG.L and BND is -0.16. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
GCVG.L vs. BND - Dividend Comparison
GCVG.L's dividend yield for the trailing twelve months is around 0.58%, less than BND's 3.93% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 0.58% | 0.59% | 0.41% | 0.28% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BND Vanguard Total Bond Market ETF | 3.93% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
Drawdowns
GCVG.L vs. BND - Drawdown Comparison
The maximum GCVG.L drawdown since its inception was -17.60%, roughly equal to the maximum BND drawdown of -17.48%. Use the drawdown chart below to compare losses from any high point for GCVG.L and BND.
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Drawdown Indicators
| GCVG.L | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.60% | -18.58% | +0.98% |
Max Drawdown (1Y)Largest decline over 1 year | -6.51% | -2.44% | -4.07% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.58% | — |
Current DrawdownCurrent decline from peak | -3.22% | -2.54% | -0.68% |
Average DrawdownAverage peak-to-trough decline | -5.68% | -3.07% | -2.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.49% | 0.90% | +0.59% |
Volatility
GCVG.L vs. BND - Volatility Comparison
SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) has a higher volatility of 5.25% compared to Vanguard Total Bond Market ETF (BND) at 2.35%. This indicates that GCVG.L's price experiences larger fluctuations and is considered to be riskier than BND 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 | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.25% | 2.35% | +2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 9.28% | 4.89% | +4.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.09% | 7.36% | +3.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.77% | 8.69% | +1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.77% | 10.04% | -0.27% |