GGOV.L vs. GLBL.L
GGOV.L (Amundi Index J.P. Morgan GBI Global Govies) and GLBL.L (SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged) are both Global Bonds funds tracking the Bloomberg Global Aggregate TR USD, from Amundi and State Street respectively. Both are passively managed. Over the past 5 years, GGOV.L returned -2.27%/yr vs -0.60%/yr for GLBL.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.10% expense ratio.
Performance
GGOV.L vs. GLBL.L - Performance Comparison
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Different Trading Currencies
GGOV.L is traded in GBp, while GLBL.L is traded in GBP. To make them comparable, the GLBL.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 0.01% return, which is significantly lower than GLBL.L's 1.65% return.
GGOV.L
- 1D
- -0.23%
- 1M
- 0.88%
- YTD
- 0.01%
- 6M
- 0.37%
- 1Y
- 1.75%
- 3Y*
- -0.20%
- 5Y*
- -2.27%
- 10Y*
- —
GLBL.L
- 1D
- 0.10%
- 1M
- 1.51%
- YTD
- 1.65%
- 6M
- 2.12%
- 1Y
- 5.00%
- 3Y*
- 2.02%
- 5Y*
- -0.60%
- 10Y*
- —
GGOV.L vs. GLBL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GGOV.L Amundi Index J.P. Morgan GBI Global Govies | 0.01% | -1.23% | -1.81% | -1.94% | -7.40% | -5.52% | 5.72% | 2.06% | 5.51% |
GLBL.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged | 1.65% | 0.65% | 0.03% | -0.43% | -5.99% | -3.96% | 5.31% | 3.31% | -23.54% |
Correlation
The correlation between GGOV.L and GLBL.L is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2018 | 0.92 |
The correlation between GGOV.L and GLBL.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
GGOV.L vs. GLBL.L — Risk / Return Rank
GGOV.L
GLBL.L
GGOV.L vs. GLBL.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 Barclays Global Aggregate Bond UCITS USD unhedged (GLBL.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.
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.
| GGOV.L | GLBL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.19 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 1.32 | -1.14 |
| Martin ratioReturn relative to average drawdown | 0.34 | 2.71 | -2.37 |
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Drawdowns
GGOV.L vs. GLBL.L - Drawdown Comparison
The maximum GGOV.L drawdown since its inception was -25.96%, smaller than the maximum GLBL.L drawdown of -30.13%. Use the drawdown chart below to compare losses from any high point for GGOV.L and GLBL.L.
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Drawdown Indicators
| GGOV.L | GLBL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.96% | -30.13% | +4.17% |
Max Drawdown (1Y)Largest decline over 1 year | -4.67% | -3.76% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -24.48% | -4.91% | -19.57% |
Max Drawdown (5Y)Largest decline over 5 years | -24.48% | -14.10% | -10.38% |
Current DrawdownCurrent decline from peak | -24.09% | -23.46% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -16.37% | -23.08% | +6.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 1.84% | +0.73% |
Volatility
GGOV.L vs. GLBL.L - Volatility Comparison
Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) and SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLBL.L) have volatilities of 1.26% and 1.31%, 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
| GGOV.L | GLBL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.31% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 3.37% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 4.56% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.46% | 6.63% | +12.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.65% | 12.30% | +3.35% |
GGOV.L vs. GLBL.L - Expense Ratio Comparison
Both GGOV.L and GLBL.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%.
Dividends
GGOV.L vs. GLBL.L - Dividend Comparison
GGOV.L has not paid dividends to shareholders, while GLBL.L's dividend yield for the trailing twelve months is around 3.10%.
| Position | 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% |
GLBL.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged | 3.10% | 3.14% | 2.76% | 2.05% | 1.39% | 1.22% | 1.54% | 1.67% | 1.06% |
Frequently Asked Questions
With a correlation of 0.93, GGOV.L and GLBL.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.10% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GGOV.L and GLBL.L have the same expense ratio: 0.10% per year.
Both ETFs track Bloomberg Global Aggregate TR USD. They also come from different issuers: Amundi and State Street.
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