GLAB.L vs. PFORX

Last updated Jun 4, 2026

GLAB.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged) and PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) are both Global Bonds funds. Over the past 5 years, GLAB.L returned 0.19%/yr vs 2.52%/yr for PFORX. At a 0.14 correlation, their price movements are largely independent. GLAB.L charges 0.10%/yr vs 0.50%/yr for PFORX.

Performance

GLAB.L vs. PFORX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged (GLAB.L) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GLAB.L is traded in GBP, while PFORX is traded in USD. To make them comparable, the PFORX 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 0.33% return, which is significantly higher than PFORX's 0.23% return.

GLAB.L

• 1D: -0.31%
• 1M: 0.17%
• YTD: 0.33%
• 6M: 0.43%
• 1Y: 3.34%
• 3Y*: 3.81%
• 5Y*: 0.19%
• 10Y*: —

PFORX

• 1D: 0.24%
• 1M: 1.83%
• YTD: 0.23%
• 6M: -0.53%
• 1Y: 3.34%
• 3Y*: 2.68%
• 5Y*: 2.52%
• 10Y*: 3.68%

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

GLAB.L vs. PFORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GLAB.L SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged	0.33%	4.68%	3.08%	5.73%	-12.07%	-1.74%	4.48%	6.42%	1.00%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.23%	-3.10%	7.54%	4.04%	0.33%	-0.73%	3.05%	3.55%	12.81%

Correlation

The correlation between GLAB.L and PFORX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Feb 19, 2018	0.14

Return for Risk

GLAB.L vs. PFORX — Risk / Return Rank

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

GLAB.L

GLAB.L Risk / Return Rank: 29
GLAB.L Sharpe Ratio Rank: 30
GLAB.L Sortino Ratio Rank: 30
GLAB.L Omega Ratio Rank: 28
GLAB.L Calmar Ratio Rank: 30
GLAB.L Martin Ratio Rank: 29

PFORX

PFORX Risk / Return Rank: 9
PFORX Sharpe Ratio Rank: 10
PFORX Sortino Ratio Rank: 10
PFORX Omega Ratio Rank: 11
PFORX Calmar Ratio Rank: 8
PFORX Martin Ratio Rank: 8

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.

GLAB.L vs. PFORX - 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 PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). 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.

	GLAB.L	PFORX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	0.54	+0.53
Sortino ratio: Return per unit of downside risk	1.61	0.80	+0.81
Omega ratio: Gain probability vs. loss probability	1.19	1.10	+0.09
Calmar ratio: Return relative to maximum drawdown	1.45	0.61	+0.84
Martin ratio: Return relative to average drawdown	4.24	1.29	+2.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLAB.L vs. PFORX - Sharpe Ratio Comparison

The current GLAB.L Sharpe Ratio is 1.08, which is higher than the PFORX Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of GLAB.L and PFORX, 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

	GLAB.L	PFORX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	0.54	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.28	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.68	-0.36

Drawdowns

GLAB.L vs. PFORX - Drawdown Comparison

The maximum GLAB.L drawdown since its inception was -15.68%, roughly equal to the maximum PFORX drawdown of -15.78%. Use the drawdown chart below to compare losses from any high point for GLAB.L and PFORX.

Drawdown Indicators

	GLAB.L	PFORX	Difference
Max Drawdown Largest peak-to-trough decline	-15.68%	-15.78%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	-5.96%	+3.67%
Max Drawdown (3Y) Largest decline over 3 years	-3.51%	-9.45%	+5.94%
Max Drawdown (5Y) Largest decline over 5 years	-15.45%	-15.78%	+0.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-15.78%	—
Current Drawdown Current decline from peak	-1.20%	-5.27%	+4.07%
Average Drawdown Average peak-to-trough decline	-4.48%	-5.07%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	2.82%	-2.04%

Volatility

GLAB.L vs. PFORX - Volatility Comparison

The current volatility for SPDR Bloomberg Global Aggregate Bond UCITS ETF GBP Hedged (GLAB.L) is 1.45%, while PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) has a volatility of 1.76%. This indicates that GLAB.L experiences smaller price fluctuations and is considered to be less risky than PFORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLAB.L	PFORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	1.76%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	5.33%	-2.83%
Volatility (1Y) Calculated over the trailing 1-year period	3.08%	6.74%	-3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	8.95%	-4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.94%	9.74%	-5.80%

GLAB.L vs. PFORX - Expense Ratio Comparison

GLAB.L has a 0.10% expense ratio, which is lower than PFORX's 0.50% expense ratio.

Dividends

GLAB.L vs. PFORX - Dividend Comparison

GLAB.L's dividend yield for the trailing twelve months is around 3.10%, less than PFORX's 4.10% 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	3.10%	3.06%	2.70%	1.91%	1.48%	1.18%	1.51%	1.70%	0.88%	0.00%	0.00%	0.00%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	4.10%	4.23%	4.91%	3.02%	3.65%	1.55%	2.46%	6.86%	2.90%	1.46%	1.38%	9.12%

Frequently Asked Questions

Can I hold both GLAB.L and PFORX in my portfolio?

GLAB.L and PFORX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.