GLAB.L vs. IAAA.L
GLAB.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged) and IAAA.L (iShares Global AAA-AA Government Bond UCITS) are both Global Bonds funds - GLAB.L tracks the Bloomberg Global Aggregate TR Hdg GBP while IAAA.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, GLAB.L returned 0.33%/yr vs -2.00%/yr for IAAA.L. A 0.55 correlation means they provide meaningful diversification when combined. GLAB.L charges 0.10%/yr vs 0.20%/yr for IAAA.L.
Performance
GLAB.L vs. IAAA.L - Performance Comparison
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Different Trading Currencies
GLAB.L is traded in GBP, while IAAA.L is traded in USD. To make them comparable, the IAAA.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLAB.L achieves a 1.19% return, which is significantly higher than IAAA.L's 0.94% return.
GLAB.L
- 1D
- 0.07%
- 1M
- 0.91%
- YTD
- 1.19%
- 6M
- 1.40%
- 1Y
- 3.60%
- 3Y*
- 4.03%
- 5Y*
- 0.33%
- 10Y*
- —
IAAA.L
- 1D
- 0.11%
- 1M
- 0.38%
- YTD
- 0.94%
- 6M
- 0.93%
- 1Y
- 3.05%
- 3Y*
- 1.79%
- 5Y*
- -2.00%
- 10Y*
- -0.09%
GLAB.L vs. IAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GLAB.L SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged | 1.19% | 4.69% | 3.04% | 5.75% | -12.07% | -1.73% | 4.47% | 6.44% | 0.98% |
IAAA.L iShares Global AAA-AA Government Bond UCITS | 0.94% | 2.49% | -3.38% | 2.82% | -11.45% | -7.21% | 8.57% | 0.98% | 6.23% |
Correlation
The correlation between GLAB.L and IAAA.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 | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2018 | 0.55 |
The correlation between GLAB.L and IAAA.L shifts across timeframes, from 0.52 (1 year) to 0.63 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLAB.L vs. IAAA.L — Risk / Return Rank
GLAB.L
IAAA.L
GLAB.L vs. IAAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged (GLAB.L) and iShares Global AAA-AA Government Bond UCITS (IAAA.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.
| GLAB.L | IAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.07 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 0.63 | +0.94 |
| Martin ratioReturn relative to average drawdown | 4.42 | 1.28 | +3.14 |
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Drawdowns
GLAB.L vs. IAAA.L - Drawdown Comparison
The maximum GLAB.L drawdown since its inception was -15.67%, smaller than the maximum IAAA.L drawdown of -24.50%. Use the drawdown chart below to compare losses from any high point for GLAB.L and IAAA.L.
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Drawdown Indicators
| GLAB.L | IAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.67% | -24.50% | +8.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -3.74% | +1.45% |
Max Drawdown (3Y)Largest decline over 3 years | -3.52% | -5.84% | +2.32% |
Max Drawdown (5Y)Largest decline over 5 years | -15.44% | -19.00% | +3.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.50% | — |
Current DrawdownCurrent decline from peak | -0.35% | -17.95% | +17.60% |
Average DrawdownAverage peak-to-trough decline | -4.44% | -9.71% | +5.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 1.84% | -1.03% |
Volatility
GLAB.L vs. IAAA.L - Volatility Comparison
The current volatility for SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged (GLAB.L) is 1.01%, while iShares Global AAA-AA Government Bond UCITS (IAAA.L) has a volatility of 1.95%. This indicates that GLAB.L experiences smaller price fluctuations and is considered to be less risky than IAAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLAB.L | IAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.95% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 5.28% | -2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 6.15% | -3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.47% | 7.88% | -3.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.89% | 8.24% | -4.35% |
GLAB.L vs. IAAA.L - Expense Ratio Comparison
GLAB.L has a 0.10% expense ratio, which is lower than IAAA.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
GLAB.L vs. IAAA.L - Dividend Comparison
GLAB.L's dividend yield for the trailing twelve months is around 3.07%, more than IAAA.L's 2.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLAB.L SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged | 3.07% | 3.06% | 2.70% | 1.91% | 1.48% | 1.18% | 1.51% | 1.70% | 0.88% | 0.00% | 0.00% | 0.00% |
IAAA.L iShares Global AAA-AA Government Bond UCITS | 2.73% | 2.47% | 2.37% | 1.52% | 0.75% | 0.48% | 0.56% | 0.88% | 0.94% | 0.77% | 0.88% | 1.08% |
Frequently Asked Questions
GLAB.L and IAAA.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, GLAB.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLAB.L is cheaper with a 0.10% expense ratio, compared with 0.20% for IAAA.L.
GLAB.L tracks Bloomberg Global Aggregate TR Hdg GBP, while IAAA.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for GLAB.L and 0.20% for IAAA.L.
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