GCVG.L vs. SPYL.L

Last updated Jun 4, 2026

GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) and SPYL.L (SPDR S&P 500 UCITS ETF USD Acc) are both exchange-traded funds - GCVG.L is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged), while SPYL.L is a S&P 500 fund tracking the S&P 500. Both are passively managed. Over the past year, GCVG.L returned 37.25% vs 29.22% for SPYL.L. A 0.57 correlation means they provide meaningful diversification when combined. GCVG.L charges 0.55%/yr vs 0.03%/yr for SPYL.L.

Performance

GCVG.L vs. SPYL.L - 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 SPDR S&P 500 UCITS ETF USD Acc (SPYL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GCVG.L is traded in GBP, while SPYL.L is traded in USD. To make them comparable, the SPYL.L 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 SPYL.L's 10.73% return.

GCVG.L

• 1D: -0.19%
• 1M: 5.17%
• YTD: 18.39%
• 6M: 21.00%
• 1Y: 37.25%
• 3Y*: 19.49%
• 5Y*: —
• 10Y*: —

SPYL.L

• 1D: -0.28%
• 1M: 5.97%
• YTD: 10.73%
• 6M: 10.55%
• 1Y: 29.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GCVG.L vs. SPYL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF	18.39%	22.98%	9.45%	8.89%
SPYL.L SPDR S&P 500 UCITS ETF USD Acc	10.73%	9.03%	27.52%	9.22%

Correlation

The correlation between GCVG.L and SPYL.L is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.57

The correlation between GCVG.L and SPYL.L has been stable across timeframes, ranging from 0.57 to 0.57 - a consistent structural relationship.

GCVG.L vs. SPYL.L - Sectors Allocation Comparison

Sectors	GCVG.L	SPYL.L
Technology	23.8%	35.6%
Consumer Cyclical	8.6%	10.1%
Healthcare	6.0%	8.5%
Industrials	5.1%	8.3%
Financial Services	4.5%	11.8%
Basic Materials	4.0%	1.8%
Utilities	2.4%	2.3%
Communication Services	1.8%	11.2%
Real Estate	1.6%	1.9%
Energy	1.4%	3.5%
Consumer Defensive	0.6%	4.9%

Return for Risk

GCVG.L vs. SPYL.L — 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: 92
GCVG.L Sharpe Ratio Rank: 91
GCVG.L Sortino Ratio Rank: 92
GCVG.L Omega Ratio Rank: 93
GCVG.L Calmar Ratio Rank: 90
GCVG.L Martin Ratio Rank: 93

SPYL.L

SPYL.L Risk / Return Rank: 73
SPYL.L Sharpe Ratio Rank: 72
SPYL.L Sortino Ratio Rank: 77
SPYL.L Omega Ratio Rank: 71
SPYL.L Calmar Ratio Rank: 68
SPYL.L Martin Ratio Rank: 76

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. SPYL.L - 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 SPDR S&P 500 UCITS ETF USD Acc (SPYL.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.

	GCVG.L	SPYL.L	Difference
Sharpe ratio: Return per unit of total volatility	3.26	2.43	+0.83
Sortino ratio: Return per unit of downside risk	4.52	3.31	+1.21
Omega ratio: Gain probability vs. loss probability	1.64	1.45	+0.19
Calmar ratio: Return relative to maximum drawdown	5.67	3.98	+1.69
Martin ratio: Return relative to average drawdown	24.59	13.59	+11.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCVG.L vs. SPYL.L - Sharpe Ratio Comparison

The current GCVG.L Sharpe Ratio is 3.26, which is higher than the SPYL.L Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of GCVG.L and SPYL.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

	GCVG.L	SPYL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	2.43	+0.83
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.55	-0.48

Drawdowns

GCVG.L vs. SPYL.L - Drawdown Comparison

The maximum GCVG.L drawdown since its inception was -17.60%, smaller than the maximum SPYL.L drawdown of -21.16%. Use the drawdown chart below to compare losses from any high point for GCVG.L and SPYL.L.

Drawdown Indicators

	GCVG.L	SPYL.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.60%	-21.16%	+3.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.51%	-7.21%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-7.62%	—	—
Current Drawdown Current decline from peak	-0.19%	-0.28%	+0.09%
Average Drawdown Average peak-to-trough decline	-5.49%	-2.95%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	2.13%	-0.62%

Volatility

GCVG.L vs. SPYL.L - Volatility Comparison

SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) has a higher volatility of 4.00% compared to SPDR S&P 500 UCITS ETF USD Acc (SPYL.L) at 3.53%. This indicates that GCVG.L's price experiences larger fluctuations and is considered to be riskier than SPYL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCVG.L	SPYL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	3.53%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	8.62%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	11.35%	11.87%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.93%	14.14%	-4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.93%	14.14%	-4.21%

GCVG.L vs. SPYL.L - Expense Ratio Comparison

GCVG.L has a 0.55% expense ratio, which is higher than SPYL.L's 0.03% expense ratio.

Dividends

GCVG.L vs. SPYL.L - Dividend Comparison

GCVG.L's dividend yield for the trailing twelve months is around 0.52%, while SPYL.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF	0.52%	0.59%	0.41%	0.28%
SPYL.L SPDR S&P 500 UCITS ETF USD Acc	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GCVG.L and SPYL.L in my portfolio?

GCVG.L and SPYL.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GCVG.L or SPYL.L?

On fees, SPYL.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, GCVG.L or SPYL.L?

SPYL.L is cheaper with a 0.03% expense ratio, compared with 0.55% for GCVG.L.

What is the main difference between GCVG.L and SPYL.L?

GCVG.L is categorized as Convertible Bonds, while SPYL.L is S&P 500. GCVG.L tracks Refinitiv Qualified Global Convertible (GBP Hedged), while SPYL.L tracks S&P 500. Their fees differ too: 0.55% for GCVG.L and 0.03% for SPYL.L.