GLAD.L vs. GAAA.L
GLAD.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)) and GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) are both Global Bonds funds - GLAD.L tracks the Bloomberg Global Aggregate TR Hdg USD while GAAA.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, GLAD.L returned 0.62%/yr vs -3.06%/yr for GAAA.L. A 0.68 correlation means they provide meaningful diversification when combined. GLAD.L charges 0.10%/yr vs 0.20%/yr for GAAA.L.
Performance
GLAD.L vs. GAAA.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLAD.L achieves a 0.39% return, which is significantly higher than GAAA.L's -0.07% return.
GLAD.L
- 1D
- -0.40%
- 1M
- 0.15%
- YTD
- 0.39%
- 6M
- 0.51%
- 1Y
- 3.45%
- 3Y*
- 4.04%
- 5Y*
- 0.62%
- 10Y*
- —
GAAA.L
- 1D
- -0.58%
- 1M
- -0.68%
- YTD
- -0.07%
- 6M
- 0.43%
- 1Y
- 2.16%
- 3Y*
- 3.71%
- 5Y*
- -3.06%
- 10Y*
- —
GLAD.L vs. GAAA.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) | 0.39% | 4.72% | 3.23% | 6.73% | -11.24% | -1.59% | 5.21% | -0.04% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | -0.07% | 10.43% | -5.07% | 8.26% | -20.61% | -8.76% | 12.37% | 0.17% |
Correlation
The correlation between GLAD.L and GAAA.L is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2019 | 0.68 |
The correlation between GLAD.L and GAAA.L has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.
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Return for Risk
GLAD.L vs. GAAA.L — Risk / Return Rank
GLAD.L
GAAA.L
GLAD.L vs. GAAA.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 iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.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.
| GLAD.L | GAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.06 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 0.42 | +1.07 |
| Martin ratioReturn relative to average drawdown | 4.57 | 1.11 | +3.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLAD.L | GAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 0.30 | +0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | -0.34 | +0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | -0.07 | +0.29 |
Drawdowns
GLAD.L vs. GAAA.L - Drawdown Comparison
The maximum GLAD.L drawdown since its inception was -15.20%, smaller than the maximum GAAA.L drawdown of -33.06%. Use the drawdown chart below to compare losses from any high point for GLAD.L and GAAA.L.
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Drawdown Indicators
| GLAD.L | GAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.20% | -33.06% | +17.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.30% | -5.08% | +2.78% |
Max Drawdown (3Y)Largest decline over 3 years | -3.78% | -10.29% | +6.51% |
Max Drawdown (5Y)Largest decline over 5 years | -15.05% | -30.55% | +15.50% |
Current DrawdownCurrent decline from peak | -1.16% | -17.85% | +16.69% |
Average DrawdownAverage peak-to-trough decline | -4.55% | -13.80% | +9.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 1.94% | -1.19% |
Volatility
GLAD.L vs. GAAA.L - Volatility Comparison
The current volatility for SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) is 1.38%, while iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a volatility of 2.56%. This indicates that GLAD.L experiences smaller price fluctuations and is considered to be less risky than GAAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLAD.L | GAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.38% | 2.56% | -1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 2.65% | 5.61% | -2.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.19% | 7.23% | -4.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.48% | 8.91% | -4.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.27% | 7.96% | -3.69% |
GLAD.L vs. GAAA.L - Expense Ratio Comparison
GLAD.L has a 0.10% expense ratio, which is lower than GAAA.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
GLAD.L vs. GAAA.L - Dividend Comparison
Neither GLAD.L nor GAAA.L has paid dividends to shareholders.
Frequently Asked Questions
GLAD.L and GAAA.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
GLAD.L is cheaper with a 0.10% expense ratio, compared with 0.20% for GAAA.L.
GLAD.L tracks Bloomberg Global Aggregate TR Hdg USD, while GAAA.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for GLAD.L and 0.20% for GAAA.L.
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