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GCVG.L vs. FXAIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GCVG.L vs. FXAIX

Last updated Jun 26, 2026

GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - GCVG.L is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged), while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, GCVG.L returned 18.29%/yr vs 19.37%/yr for FXAIX. At a 0.37 correlation, their price movements are largely independent. GCVG.L charges 0.55%/yr vs 0.02%/yr for FXAIX.

Performance

GCVG.L vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

GCVG.L is traded in GBP, while FXAIX is traded in USD. To make them comparable, the FXAIX 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 16.32% return, which is significantly higher than FXAIX's 10.61% return.

GCVG.L

1D
-0.07%
1M
0.11%
YTD
16.32%
6M
16.05%
1Y
32.84%
3Y*
18.29%
5Y*
—
10Y*
—

FXAIX

1D
0.16%
1M
0.04%
YTD
10.61%
6M
9.52%
1Y
26.79%
3Y*
19.37%
5Y*
14.24%
10Y*
16.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GCVG.L vs. FXAIX - Yearly Performance Comparison

2026 (YTD)2025202420232022
GCVG.L
SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF		16.32%22.98%9.44%13.83%-14.50%
FXAIX
Fidelity 500 Index Fund		10.61%9.45%27.20%19.98%-2.52%

Correlation

The correlation between GCVG.L and FXAIX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

Correlation (3Y)
Calculated over the trailing 3-year period

0.34

Correlation (All Time)
Calculated using the full available price history since Jan 31, 2022

0.37

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF

Fidelity 500 Index Fund

Often compared with GCVG.L:
GCVG.L vs. VOOGCVG.L vs. HERG.LGCVG.L vs. BANK.TOGCVG.L vs. ^NDXGCVG.L vs. BNDGCVG.L vs. SPYGCVG.L vs. GLCB.L
Often compared with FXAIX:
FXAIX vs. VOOFXAIX vs. SPYFXAIX vs. FZROXFXAIX vs. FSKAXFXAIX vs. FNILXFXAIX vs. FSPGXFXAIX vs. FCNTX

Return for Risk

GCVG.L vs. FXAIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GCVG.L
GCVG.L Risk / Return Rank: 9292
Overall Rank
GCVG.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
GCVG.L Sortino Ratio Rank: 9191
Sortino Ratio Rank
GCVG.L Omega Ratio Rank: 9292
Omega Ratio Rank
GCVG.L Calmar Ratio Rank: 9191
Calmar Ratio Rank
GCVG.L Martin Ratio Rank: 9393
Martin Ratio Rank
FXAIX
FXAIX Risk / Return Rank: 5555
Overall Rank
FXAIX Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
FXAIX Sortino Ratio Rank: 4848
Sortino Ratio Rank
FXAIX Omega Ratio Rank: 5050
Omega Ratio Rank
FXAIX Calmar Ratio Rank: 5656
Calmar Ratio Rank
FXAIX Martin Ratio Rank: 6868
Martin Ratio Rank
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.

GCVG.L vs. FXAIX - 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 Fidelity 500 Index Fund (FXAIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

GCVG.LFXAIXDifference
Sharpe ratioReturn per unit of total volatility
2.73
2.20

+0.53

Sortino ratioReturn per unit of downside risk
3.77
2.87

+0.90

Omega ratioGain probability vs. loss probability

1.53

1.41

+0.12

Calmar ratioReturn relative to maximum drawdown

5.02

3.50

+1.51

Martin ratioReturn relative to average drawdown

20.56

13.24

+7.31

GCVG.L vs. FXAIX - Sharpe Ratio Comparison

The current GCVG.L Sharpe Ratio is 2.73, which is comparable to the FXAIX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of GCVG.L and FXAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GCVG.L vs. FXAIX - Drawdown Comparison

The maximum GCVG.L drawdown since its inception was -17.59%, smaller than the maximum FXAIX drawdown of -25.86%. Use the drawdown chart below to compare losses from any high point for GCVG.L and FXAIX.

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Drawdown Indicators

GCVG.LFXAIXDifference

Max Drawdown

Largest peak-to-trough decline

-17.59%

-25.86%

+8.27%

Max Drawdown (1Y)

Largest decline over 1 year

-6.52%

-7.54%

+1.02%

Max Drawdown (3Y)

Largest decline over 3 years

-7.60%

-21.91%

+14.31%

Max Drawdown (5Y)

Largest decline over 5 years

—

-21.91%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.86%

—

Current Drawdown

Current decline from peak

-2.22%

-1.59%

-0.63%

Average Drawdown

Average peak-to-trough decline

-5.44%

-3.36%

-2.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.59%

1.99%

-0.40%

Volatility

GCVG.L vs. FXAIX - Volatility Comparison

SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and Fidelity 500 Index Fund (FXAIX) have volatilities of 4.38% and 4.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GCVG.LFXAIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.38%

4.36%

+0.02%

Volatility (6M)

Calculated over the trailing 6-month period

10.04%

8.96%

+1.08%

Volatility (1Y)

Calculated over the trailing 1-year period

11.98%

12.03%

-0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.05%

15.98%

-5.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.05%

18.10%

-8.05%

GCVG.L vs. FXAIX - Expense Ratio Comparison

GCVG.L has a 0.55% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

GCVG.L vs. FXAIX - Dividend Comparison

GCVG.L's dividend yield for the trailing twelve months is around 0.53%, less than FXAIX's 1.06% yield.

PositionTTM20252024202320222021202020192018201720162015
FXAIX
Fidelity 500 Index Fund		1.06%1.11%1.25%1.45%1.69%1.22%1.60%2.06%2.72%1.97%2.52%2.83%
GCVG.L
SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF		0.53%0.59%0.41%0.28%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

GCVG.L and FXAIX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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