GGOV.L vs. GLAB.L

Last updated Apr 2, 2026

Compare and contrast key facts about Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) and SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged (GLAB.L).

GGOV.L and GLAB.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GGOV.L is a passively managed fund by Amundi that tracks the performance of the Bloomberg Global Aggregate TR USD. It was launched on Nov 14, 2016. GLAB.L is a passively managed fund by State Street that tracks the performance of the Bloomberg Global Aggregate TR Hdg GBP. It was launched on Feb 14, 2018. Both GGOV.L and GLAB.L 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

GGOV.L vs. GLAB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) and SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged (GLAB.L). The values are adjusted to include any dividend payments, if applicable.

GGOV.L vs. GLAB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GGOV.L Amundi Index J.P. Morgan GBI Global Govies	0.06%	-1.06%	-1.97%	-1.94%	-7.40%	-5.91%	6.13%	-8.77%
GLAB.L SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged	-0.01%	4.68%	-381.08%	5.73%	-12.07%	-1.74%	4.48%	-0.25%

Different Trading Currencies

GGOV.L is traded in GBp, while GLAB.L is traded in GBP. To make them comparable, the GLAB.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 0.06% return, which is significantly higher than GLAB.L's -0.01% return.

GGOV.L

• 1D: -0.38%
• 1M: -1.43%
• YTD: 0.06%
• 6M: -0.29%
• 1Y: 0.17%
• 3Y*: -1.67%
• 5Y*: -2.28%
• 10Y*: —

GLAB.L

• 1D: 0.33%
• 1M: -1.23%
• YTD: -0.01%
• 6M: 0.79%
• 1Y: 3.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GGOV.L vs. GLAB.L - Expense Ratio Comparison

Both GGOV.L and GLAB.L have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

GGOV.L

Amundi Index J.P. Morgan GBI Global Govies

GLAB.L

SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged

Return for Risk

GGOV.L vs. GLAB.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GGOV.L

GGOV.L Risk / Return Rank: 9
GGOV.L Sharpe Ratio Rank: 12
GGOV.L Sortino Ratio Rank: 11
GGOV.L Omega Ratio Rank: 11
GGOV.L Calmar Ratio Rank: 4
GGOV.L Martin Ratio Rank: 5

GLAB.L

GLAB.L Risk / Return Rank: 49
GLAB.L Sharpe Ratio Rank: 52
GLAB.L Sortino Ratio Rank: 49
GLAB.L Omega Ratio Rank: 42
GLAB.L Calmar Ratio Rank: 53
GLAB.L Martin Ratio Rank: 50

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.

GGOV.L vs. GLAB.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 SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged (GLAB.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	GLAB.L	Difference
Sharpe ratio Return per unit of total volatility	0.03	0.99	-0.96
Sortino ratio Return per unit of downside risk	0.09	1.39	-1.30
Omega ratio Gain probability vs. loss probability	1.01	1.18	-0.17
Calmar ratio Return relative to maximum drawdown	-0.51	1.51	-2.03
Martin ratio Return relative to average drawdown	-0.82	5.20	-6.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GGOV.L vs. GLAB.L - Sharpe Ratio Comparison

The current GGOV.L Sharpe Ratio is 0.03, which is lower than the GLAB.L Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of GGOV.L and GLAB.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GGOV.L	GLAB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.03	0.99	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	—	—

Correlation

The correlation between GGOV.L and GLAB.L is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GGOV.L vs. GLAB.L - Dividend Comparison

GGOV.L has not paid dividends to shareholders, while GLAB.L's dividend yield for the trailing twelve months is around 3.11%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GGOV.L Amundi Index J.P. Morgan GBI Global Govies	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GLAB.L SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged	3.11%	3.06%	139.91%	1.91%	1.48%	1.18%	1.51%	1.70%	0.88%

Drawdowns

GGOV.L vs. GLAB.L - Drawdown Comparison

The maximum GGOV.L drawdown since its inception was -25.96%, smaller than the maximum GLAB.L drawdown of -372.79%. Use the drawdown chart below to compare losses from any high point for GGOV.L and GLAB.L.

Drawdown Indicators

	GGOV.L	GLAB.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-372.79%	+346.83%
Max Drawdown (1Y) Largest decline over 1 year	-4.59%	-2.26%	-2.33%
Max Drawdown (5Y) Largest decline over 5 years	-16.68%	-373.54%	+356.86%
Current Drawdown Current decline from peak	-24.05%	-368.60%	+344.55%
Average Drawdown Average peak-to-trough decline	-18.20%	-78.27%	+60.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	0.66%	+2.47%

Volatility

GGOV.L vs. GLAB.L - Volatility Comparison

Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) has a higher volatility of 1.63% compared to SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged (GLAB.L) at 1.29%. This indicates that GGOV.L's price experiences larger fluctuations and is considered to be riskier than GLAB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGOV.L	GLAB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	1.29%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	3.53%	1.94%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	5.42%	3.30%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.31%	165.77%	-157.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.32%	130.00%	-120.68%