GGOV.L vs. SAGG.L

Last updated Jun 4, 2026

GGOV.L (Amundi Index J.P. Morgan GBI Global Govies) and SAGG.L (iShares Core Global Aggregate Bond UCITS ETF USD (Dist)) 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 215.56%/yr for SAGG.L. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.10% expense ratio.

Performance

GGOV.L vs. SAGG.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 iShares Core Global Aggregate Bond UCITS ETF USD (Dist) (SAGG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GGOV.L is traded in GBp, while SAGG.L is traded in GBP. To make them comparable, the SAGG.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 higher than SAGG.L's -1.70% 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*: —

SAGG.L

• 1D: -0.20%
• 1M: 0.93%
• YTD: -1.70%
• 6M: -2.22%
• 1Y: 1.52%
• 3Y*: 0.17%
• 5Y*: 215.56%
• 10Y*: —

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

GGOV.L vs. SAGG.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%
SAGG.L iShares Core Global Aggregate Bond UCITS ETF USD (Dist)	-1.70%	0.53%	0.03%	975.51%	1,013.35%	616.49%	2,058.65%	-7.76%

Correlation

The correlation between GGOV.L and SAGG.L is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Aug 9, 2019	0.68

Over the past year, GGOV.L and SAGG.L have become more correlated (0.89) than their long-term average of 0.68, meaning their price movements have been converging.

Return for Risk

GGOV.L vs. SAGG.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: 10
GGOV.L Sharpe Ratio Rank: 11
GGOV.L Sortino Ratio Rank: 10
GGOV.L Omega Ratio Rank: 9
GGOV.L Calmar Ratio Rank: 10
GGOV.L Martin Ratio Rank: 10

SAGG.L

SAGG.L Risk / Return Rank: 12
SAGG.L Sharpe Ratio Rank: 13
SAGG.L Sortino Ratio Rank: 12
SAGG.L Omega Ratio Rank: 12
SAGG.L Calmar Ratio Rank: 12
SAGG.L Martin Ratio Rank: 12

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. SAGG.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 Core Global Aggregate Bond UCITS ETF USD (Dist) (SAGG.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	SAGG.L	Difference
Sharpe ratio Return per unit of total volatility	0.12	0.31	-0.20
Sortino ratio Return per unit of downside risk	0.21	0.48	-0.27
Omega ratio Gain probability vs. loss probability	1.02	1.06	-0.03
Calmar ratio Return relative to maximum drawdown	0.12	0.29	-0.17
Martin ratio Return relative to average drawdown	0.23	0.58	-0.36
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. SAGG.L - Sharpe Ratio Comparison

The current GGOV.L Sharpe Ratio is 0.12, which is lower than the SAGG.L Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of GGOV.L and SAGG.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

	GGOV.L	SAGG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	0.31	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	0.45	-0.82
Sharpe Ratio (All Time) Calculated using the full available price history	-0.52	0.98	-1.49

Drawdowns

GGOV.L vs. SAGG.L - Drawdown Comparison

The maximum GGOV.L drawdown since its inception was -25.96%, which is greater than SAGG.L's maximum drawdown of -10.22%. Use the drawdown chart below to compare losses from any high point for GGOV.L and SAGG.L.

Drawdown Indicators

	GGOV.L	SAGG.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-10.22%	-15.74%
Max Drawdown (1Y) Largest decline over 1 year	-4.67%	-5.18%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-5.70%	-5.18%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-16.68%	-8.71%	-7.97%
Current Drawdown Current decline from peak	-24.91%	-4.18%	-20.73%
Average Drawdown Average peak-to-trough decline	-18.42%	-3.27%	-15.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.60%	-0.15%

Volatility

GGOV.L vs. SAGG.L - Volatility Comparison

Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) has a higher volatility of 1.30% compared to iShares Core Global Aggregate Bond UCITS ETF USD (Dist) (SAGG.L) at 1.16%. This indicates that GGOV.L's price experiences larger fluctuations and is considered to be riskier than SAGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGOV.L	SAGG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.16%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	3.63%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.66%	4.80%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.20%	475.05%	-466.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.19%	485.48%	-476.29%

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

Both GGOV.L and SAGG.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. SAGG.L - Dividend Comparison

GGOV.L has not paid dividends to shareholders, while SAGG.L's dividend yield for the trailing twelve months is around 1.53%.

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%
SAGG.L iShares Core Global Aggregate Bond UCITS ETF USD (Dist)	1.53%	3.13%	2.68%	95.35%	147.52%	130.26%	156.35%	167.63%	76.39%

Frequently Asked Questions

Can I hold both GGOV.L and SAGG.L in my portfolio?

GGOV.L and SAGG.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GGOV.L or SAGG.L?

Both ETFs have the same 0.10% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GGOV.L or SAGG.L?

GGOV.L and SAGG.L have the same expense ratio: 0.10% per year.

What is the main difference between GGOV.L and SAGG.L?

Both ETFs track Bloomberg Global Aggregate TR USD. They also come from different issuers: Amundi and iShares.