GGOV.L vs. XCOU.L

Last updated Jul 23, 2026

GGOV.L (Amundi Index J.P. Morgan GBI Global Govies) and XCOU.L (Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc) are both Global Bonds funds from Amundi - GGOV.L tracks the Bloomberg Global Aggregate TR USD while XCOU.L tracks the Bloomberg MSCI Global Green Bond 1-10 Year USD Hedged Index. Both are passively managed. Over the past 3 years, GGOV.L returned -0.65%/yr vs 3.85%/yr for XCOU.L. A 0.64 correlation means they provide meaningful diversification when combined. GGOV.L charges 0.10%/yr vs 0.15%/yr for XCOU.L.

Performance

GGOV.L vs. XCOU.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 Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc (XCOU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GGOV.L is traded in GBp, while XCOU.L is traded in USD. To make them comparable, the XCOU.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 -1.84% return, which is significantly lower than XCOU.L's 1.46% return.

GGOV.L

• 1D: -0.12%
• 1M: -1.86%
• 6M: -1.39%
• YTD: -1.84%
• 1Y: -1.37%
• 3Y*: -0.65%
• 5Y*: -3.18%
• 10Y*: —
• ALL TIME*: -2.68%

XCOU.L

• 1D: 0.33%
• 1M: -1.41%
• 6M: 0.87%
• YTD: 1.46%
• 1Y: 3.60%
• 3Y*: 3.85%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GGOV.L Amundi Index J.P. Morgan GBI Global Govies	£875.53	£7.65K	£5.65K
XCOU.L Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc	£43.06	£31.54	£58.23K

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

	2026 (YTD)	2025	2024	2023	2022
GGOV.L Amundi Index J.P. Morgan GBI Global Govies	-1.84%	-1.23%	-1.81%	-1.94%	-4.02%
XCOU.L Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc	1.46%	-2.22%	6.24%	3.05%	-2.91%

Correlation

The correlation between GGOV.L and XCOU.L is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 11, 2022	0.64

The correlation between GGOV.L and XCOU.L has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.

Return for Risk

GGOV.L vs. XCOU.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: 9
GGOV.L Sortino Ratio Rank: 8
GGOV.L Omega Ratio Rank: 8
GGOV.L Calmar Ratio Rank: 9
GGOV.L Martin Ratio Rank: 10

XCOU.L

XCOU.L Risk / Return Rank: 33
XCOU.L Sharpe Ratio Rank: 36
XCOU.L Sortino Ratio Rank: 35
XCOU.L Omega Ratio Rank: 35
XCOU.L Calmar Ratio Rank: 29
XCOU.L Martin Ratio Rank: 32

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. XCOU.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 Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc (XCOU.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	XCOU.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	0.53	-0.70
Sortino ratio: Return per unit of downside risk	-0.22	0.78	-1.01
Omega ratio: Gain probability vs. loss probability	0.98	1.10	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.17	0.63	-0.80
Martin ratio: Return relative to average drawdown	-0.30	1.49	-1.80

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

The current GGOV.L Sharpe Ratio is -0.18, which is lower than the XCOU.L Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of GGOV.L and XCOU.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.

Drawdowns

GGOV.L vs. XCOU.L - Drawdown Comparison

The maximum GGOV.L drawdown since its inception was -25.96%, which is greater than XCOU.L's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for GGOV.L and XCOU.L.

Drawdown Indicators

	GGOV.L	XCOU.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.96%	-15.77%	-10.19%
Max Drawdown (1Y) Largest decline over 1 year	-4.95%	-5.44%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-24.53%	-8.50%	-16.03%
Max Drawdown (5Y) Largest decline over 5 years	-24.53%	—	—
Current Drawdown Current decline from peak	-25.50%	-3.36%	-22.14%
Average Drawdown Average peak-to-trough decline	-16.44%	-6.70%	-9.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	2.30%	+0.48%

Volatility

GGOV.L vs. XCOU.L - Volatility Comparison

The current volatility for Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) is 1.47%, while Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc (XCOU.L) has a volatility of 1.92%. This indicates that GGOV.L experiences smaller price fluctuations and is considered to be less risky than XCOU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGOV.L	XCOU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.92%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	3.64%	5.12%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	4.81%	6.51%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.45%	8.52%	+10.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.59%	8.52%	+7.07%

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

GGOV.L has a 0.10% expense ratio, which is lower than XCOU.L's 0.15% 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. XCOU.L - Dividend Comparison

Neither GGOV.L nor XCOU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

GGOV.L and XCOU.L have a correlation of 0.61, 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 XCOU.L?

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.

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

GGOV.L is cheaper with a 0.10% expense ratio, compared with 0.15% for XCOU.L.

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

GGOV.L tracks Bloomberg Global Aggregate TR USD, while XCOU.L tracks Bloomberg MSCI Global Green Bond 1-10 Year USD Hedged Index. Their fees differ too: 0.10% for GGOV.L and 0.15% for XCOU.L.