GLAD.L vs. FLRG.L

Last updated Jul 18, 2026

GLAD.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)) and FLRG.L (Franklin Sustainable Euro Green Bond UCITS ETF EUR (Acc)) are both Global Bonds funds - GLAD.L tracks the Bloomberg Global Aggregate TR Hdg USD while FLRG.L tracks the Bloomberg Global Aggregate EUR Green Bond Index. Both are passively managed. Over the past 5 years, GLAD.L returned 0.44%/yr vs -2.83%/yr for FLRG.L. A 0.53 correlation means they provide meaningful diversification when combined. GLAD.L charges 0.10%/yr vs 0.25%/yr for FLRG.L.

Performance

GLAD.L vs. FLRG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) and Franklin Sustainable Euro Green Bond UCITS ETF EUR (Acc) (FLRG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GLAD.L is traded in USD, while FLRG.L is traded in EUR. To make them comparable, the FLRG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLAD.L achieves a 0.54% return, which is significantly higher than FLRG.L's -2.16% return.

GLAD.L

• 1D: 0.16%
• 1M: -0.50%
• 6M: 0.47%
• YTD: 0.54%
• 1Y: 3.05%
• 3Y*: 3.99%
• 5Y*: 0.44%
• 10Y*: —

FLRG.L

• 1D: 0.31%
• 1M: -1.32%
• 6M: -1.37%
• YTD: -2.16%
• 1Y: -0.32%
• 3Y*: 3.87%
• 5Y*: -2.83%
• 10Y*: —

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

GLAD.L vs. FLRG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GLAD.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)	0.54%	4.70%	3.25%	6.73%	-11.31%	-1.51%	5.21%	-0.04%
FLRG.L Franklin Sustainable Euro Green Bond UCITS ETF EUR (Acc)	-2.16%	14.10%	-3.58%	11.11%	-23.86%	-9.62%	14.79%	0.34%

Correlation

The correlation between GLAD.L and FLRG.L is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Oct 11, 2019	0.53

The correlation between GLAD.L and FLRG.L has been stable across timeframes, ranging from 0.53 to 0.57 - a consistent structural relationship.

Return for Risk

GLAD.L vs. FLRG.L — Risk / Return Rank

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

GLAD.L

GLAD.L Risk / Return Rank: 32
GLAD.L Sharpe Ratio Rank: 32
GLAD.L Sortino Ratio Rank: 30
GLAD.L Omega Ratio Rank: 30
GLAD.L Calmar Ratio Rank: 33
GLAD.L Martin Ratio Rank: 33

FLRG.L

FLRG.L Risk / Return Rank: 18
FLRG.L Sharpe Ratio Rank: 17
FLRG.L Sortino Ratio Rank: 16
FLRG.L Omega Ratio Rank: 16
FLRG.L Calmar Ratio Rank: 19
FLRG.L Martin Ratio Rank: 20

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.

GLAD.L vs. FLRG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) and Franklin Sustainable Euro Green Bond UCITS ETF EUR (Acc) (FLRG.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.

	GLAD.L	FLRG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.93	-0.09	+1.02
Sortino ratio: Return per unit of downside risk	1.34	-0.07	+1.41
Omega ratio: Gain probability vs. loss probability	1.17	0.99	+0.17
Calmar ratio: Return relative to maximum drawdown	1.32	-0.12	+1.43
Martin ratio: Return relative to average drawdown	3.74	-0.26	+4.00

GLAD.L vs. FLRG.L - Sharpe Ratio Comparison

The current GLAD.L Sharpe Ratio is 0.93, which is higher than the FLRG.L Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of GLAD.L and FLRG.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

GLAD.L vs. FLRG.L - Drawdown Comparison

The maximum GLAD.L drawdown since its inception was -15.20%, smaller than the maximum FLRG.L drawdown of -39.06%. Use the drawdown chart below to compare losses from any high point for GLAD.L and FLRG.L.

Drawdown Indicators

	GLAD.L	FLRG.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.20%	-39.06%	+23.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.30%	-5.86%	+3.56%
Max Drawdown (3Y) Largest decline over 3 years	-3.78%	-9.87%	+6.09%
Max Drawdown (5Y) Largest decline over 5 years	-15.05%	-36.29%	+21.24%
Current Drawdown Current decline from peak	-1.03%	-18.44%	+17.41%
Average Drawdown Average peak-to-trough decline	-4.44%	-16.82%	+12.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	2.67%	-1.86%

Volatility

GLAD.L vs. FLRG.L - Volatility Comparison

The current volatility for SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) is 0.89%, while Franklin Sustainable Euro Green Bond UCITS ETF EUR (Acc) (FLRG.L) has a volatility of 1.69%. This indicates that GLAD.L experiences smaller price fluctuations and is considered to be less risky than FLRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLAD.L	FLRG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.69%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	5.92%	-3.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.26%	7.79%	-4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	9.55%	-5.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.28%	9.04%	-4.76%

GLAD.L vs. FLRG.L - Expense Ratio Comparison

GLAD.L has a 0.10% expense ratio, which is lower than FLRG.L's 0.25% 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

GLAD.L vs. FLRG.L - Dividend Comparison

Neither GLAD.L nor FLRG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLAD.L and FLRG.L in my portfolio?

GLAD.L and FLRG.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLAD.L or FLRG.L?

On fees, GLAD.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, GLAD.L or FLRG.L?

GLAD.L is cheaper with a 0.10% expense ratio, compared with 0.25% for FLRG.L.

What is the main difference between GLAD.L and FLRG.L?

GLAD.L tracks Bloomberg Global Aggregate TR Hdg USD, while FLRG.L tracks Bloomberg Global Aggregate EUR Green Bond Index. They also come from different issuers: State Street and Franklin. Their fees differ too: 0.10% for GLAD.L and 0.25% for FLRG.L.