GLAD.L vs. FTFX.L

Last updated Jul 18, 2026

GLAD.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)) and FTFX.L (First Trust FactorFX UCITS ETF Class A USD (Acc)) are both exchange-traded funds - GLAD.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg USD, while FTFX.L is a Currency fund tracking the Bloomberg G10 Carry Index. Both are passively managed. Over the past 5 years, GLAD.L returned 0.44%/yr vs 5.92%/yr for FTFX.L. At a correlation of -0.07, they often move in opposite directions. GLAD.L charges 0.10%/yr vs 0.75%/yr for FTFX.L.

Performance

GLAD.L vs. FTFX.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 First Trust FactorFX UCITS ETF Class A USD (Acc) (FTFX.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLAD.L achieves a 0.54% return, which is significantly lower than FTFX.L's 6.72% 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*: —

FTFX.L

• 1D: 0.26%
• 1M: 1.81%
• 6M: 5.89%
• YTD: 6.72%
• 1Y: 9.83%
• 3Y*: 6.78%
• 5Y*: 5.92%
• 10Y*: —

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

GLAD.L vs. FTFX.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%
FTFX.L First Trust FactorFX UCITS ETF Class A USD (Acc)	6.72%	8.14%	7.93%	9.97%	-1.13%	-3.43%	0.33%	0.87%

Correlation

The correlation between GLAD.L and FTFX.L is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Oct 11, 2019	-0.07

The correlation between GLAD.L and FTFX.L shifts across timeframes, from -0.08 (3 years) to 0.06 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GLAD.L vs. FTFX.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

FTFX.L

FTFX.L Risk / Return Rank: 71
FTFX.L Sharpe Ratio Rank: 62
FTFX.L Sortino Ratio Rank: 63
FTFX.L Omega Ratio Rank: 71
FTFX.L Calmar Ratio Rank: 83
FTFX.L Martin Ratio Rank: 74

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. FTFX.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 First Trust FactorFX UCITS ETF Class A USD (Acc) (FTFX.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	FTFX.L	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.55	-0.62
Sortino ratio: Return per unit of downside risk	1.34	2.23	-0.89
Omega ratio: Gain probability vs. loss probability	1.17	1.31	-0.15
Calmar ratio: Return relative to maximum drawdown	1.32	3.30	-1.98
Martin ratio: Return relative to average drawdown	3.74	10.02	-6.28

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

The current GLAD.L Sharpe Ratio is 0.93, which is lower than the FTFX.L Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of GLAD.L and FTFX.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. FTFX.L - Drawdown Comparison

The maximum GLAD.L drawdown since its inception was -15.20%, which is greater than FTFX.L's maximum drawdown of -8.13%. Use the drawdown chart below to compare losses from any high point for GLAD.L and FTFX.L.

Drawdown Indicators

	GLAD.L	FTFX.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.20%	-8.13%	-7.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.30%	-2.97%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-3.78%	-6.92%	+3.14%
Max Drawdown (5Y) Largest decline over 5 years	-15.05%	-6.92%	-8.13%
Current Drawdown Current decline from peak	-1.03%	0.00%	-1.03%
Average Drawdown Average peak-to-trough decline	-4.44%	-2.08%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.98%	-0.17%

Volatility

GLAD.L vs. FTFX.L - Volatility Comparison

The current volatility for SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) is 0.89%, while First Trust FactorFX UCITS ETF Class A USD (Acc) (FTFX.L) has a volatility of 1.12%. This indicates that GLAD.L experiences smaller price fluctuations and is considered to be less risky than FTFX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLAD.L	FTFX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.12%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	4.29%	-1.62%
Volatility (1Y) Calculated over the trailing 1-year period	3.26%	6.31%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	7.32%	-2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.28%	6.18%	-1.90%

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

GLAD.L has a 0.10% expense ratio, which is lower than FTFX.L's 0.75% expense ratio.

Dividends

GLAD.L vs. FTFX.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

GLAD.L and FTFX.L have a correlation of 0.06, 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 FTFX.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 FTFX.L?

GLAD.L is cheaper with a 0.10% expense ratio, compared with 0.75% for FTFX.L.

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

GLAD.L is categorized as Global Bonds, while FTFX.L is Currency. GLAD.L tracks Bloomberg Global Aggregate TR Hdg USD, while FTFX.L tracks Bloomberg G10 Carry Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.10% for GLAD.L and 0.75% for FTFX.L.