GGOV.L vs. GAAA.L
GGOV.L (Amundi Index J.P. Morgan GBI Global Govies) and GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) are both Global Bonds funds tracking the Bloomberg Global Aggregate TR USD, from Amundi and iShares respectively. Both are passively managed. Over the past 5 years, GGOV.L returned -2.30%/yr vs -2.02%/yr for GAAA.L. At a 0.47 correlation, their price movements are largely independent. GGOV.L charges 0.10%/yr vs 0.20%/yr for GAAA.L.
Performance
GGOV.L vs. GAAA.L - Performance Comparison
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Different Trading Currencies
GGOV.L is traded in GBp, while GAAA.L is traded in USD. To make them comparable, the GAAA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, GGOV.L achieves a -1.07% return, which is significantly lower than GAAA.L's 0.30% return.
GGOV.L
- 1D
- -0.12%
- 1M
- 0.47%
- YTD
- -1.07%
- 6M
- -1.86%
- 1Y
- 0.56%
- 3Y*
- -1.19%
- 5Y*
- -2.30%
- 10Y*
- —
GAAA.L
- 1D
- -0.31%
- 1M
- 0.43%
- YTD
- 0.30%
- 6M
- -0.10%
- 1Y
- 2.87%
- 3Y*
- 1.14%
- 5Y*
- -2.02%
- 10Y*
- —
GGOV.L vs. GAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GGOV.L Amundi Index J.P. Morgan GBI Global Govies | -1.07% | -1.06% | -1.97% | -1.94% | -7.40% | -5.91% | 6.13% | -8.77% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.30% | 2.56% | -3.42% | 2.85% | -11.17% | -7.89% | 9.07% | -9.28% |
Correlation
The correlation between GGOV.L and GAAA.L is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2019 | 0.47 |
The correlation between GGOV.L and GAAA.L has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
GGOV.L vs. GAAA.L — Risk / Return Rank
GGOV.L
GAAA.L
GGOV.L vs. GAAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) and iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.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.
| GGOV.L | GAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.08 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | 0.79 | -0.67 |
| Martin ratioReturn relative to average drawdown | 0.23 | 1.60 | -1.37 |
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
| GGOV.L | GAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.12 | 0.48 | -0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.26 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.52 | -0.10 | -0.42 |
Drawdowns
GGOV.L vs. GAAA.L - Drawdown Comparison
The maximum GGOV.L drawdown since its inception was -25.96%, which is greater than GAAA.L's maximum drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for GGOV.L and GAAA.L.
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Drawdown Indicators
| GGOV.L | GAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.96% | -24.49% | -1.47% |
Max Drawdown (1Y)Largest decline over 1 year | -4.67% | -3.62% | -1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -5.70% | -5.86% | +0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -16.68% | -19.04% | +2.36% |
Current DrawdownCurrent decline from peak | -24.91% | -18.39% | -6.52% |
Average DrawdownAverage peak-to-trough decline | -18.42% | -12.61% | -5.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 1.79% | +0.66% |
Volatility
GGOV.L vs. GAAA.L - Volatility Comparison
The current volatility for Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) is 1.30%, while iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a volatility of 2.21%. This indicates that GGOV.L experiences smaller price fluctuations and is considered to be less risky than GAAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GGOV.L | GAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | 2.21% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 3.42% | 4.99% | -1.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.66% | 5.96% | -1.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.20% | 7.85% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.19% | 7.94% | +1.25% |
GGOV.L vs. GAAA.L - Expense Ratio Comparison
GGOV.L has a 0.10% expense ratio, which is lower than GAAA.L's 0.20% 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
GGOV.L vs. GAAA.L - Dividend Comparison
Neither GGOV.L nor GAAA.L has paid dividends to shareholders.
Frequently Asked Questions
GGOV.L and GAAA.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GGOV.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GGOV.L is cheaper with a 0.10% expense ratio, compared with 0.20% for GAAA.L.
Both ETFs track Bloomberg Global Aggregate TR USD. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.10% for GGOV.L and 0.20% for GAAA.L.
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