GLAD.L vs. IBTA.L
GLAD.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)) and IBTA.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both exchange-traded funds - GLAD.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg USD, while IBTA.L is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, GLAD.L returned 0.77%/yr vs 1.92%/yr for IBTA.L. A 0.57 correlation means they provide meaningful diversification when combined. GLAD.L charges 0.10%/yr vs 0.07%/yr for IBTA.L.
Performance
GLAD.L vs. IBTA.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLAD.L achieves a 1.23% return, which is significantly higher than IBTA.L's 0.51% return.
GLAD.L
- 1D
- 0.09%
- 1M
- 0.88%
- YTD
- 1.23%
- 6M
- 1.33%
- 1Y
- 3.59%
- 3Y*
- 4.28%
- 5Y*
- 0.77%
- 10Y*
- —
IBTA.L
- 1D
- 0.00%
- 1M
- 0.34%
- YTD
- 0.51%
- 6M
- 0.85%
- 1Y
- 3.12%
- 3Y*
- 4.33%
- 5Y*
- 1.92%
- 10Y*
- —
GLAD.L vs. IBTA.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) | 1.23% | 4.70% | 3.25% | 6.73% | -11.31% | -1.51% | 5.21% | -0.04% |
IBTA.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.51% | 5.34% | 4.07% | 4.21% | -3.75% | -0.64% | 3.14% | 0.24% |
Correlation
The correlation between GLAD.L and IBTA.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2019 | 0.57 |
The correlation between GLAD.L and IBTA.L shifts across timeframes, from 0.44 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLAD.L vs. IBTA.L — Risk / Return Rank
GLAD.L
IBTA.L
GLAD.L vs. IBTA.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 USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.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 | IBTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.55 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 4.62 | -3.07 |
| Martin ratioReturn relative to average drawdown | 4.53 | 15.80 | -11.26 |
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Drawdowns
GLAD.L vs. IBTA.L - Drawdown Comparison
The maximum GLAD.L drawdown since its inception was -15.20%, which is greater than IBTA.L's maximum drawdown of -5.80%. Use the drawdown chart below to compare losses from any high point for GLAD.L and IBTA.L.
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Drawdown Indicators
| GLAD.L | IBTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.20% | -5.80% | -9.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.30% | -0.67% | -1.63% |
Max Drawdown (3Y)Largest decline over 3 years | -3.78% | -0.89% | -2.89% |
Max Drawdown (5Y)Largest decline over 5 years | -15.05% | -5.70% | -9.35% |
Current DrawdownCurrent decline from peak | -0.34% | 0.00% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -4.48% | -0.96% | -3.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.20% | +0.59% |
Volatility
GLAD.L vs. IBTA.L - Volatility Comparison
SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) has a higher volatility of 0.91% compared to iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (IBTA.L) at 0.52%. This indicates that GLAD.L's price experiences larger fluctuations and is considered to be riskier than IBTA.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 | IBTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.52% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 1.13% | +1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.21% | 1.58% | +1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.53% | 2.17% | +2.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 1.93% | +2.36% |
GLAD.L vs. IBTA.L - Expense Ratio Comparison
GLAD.L has a 0.10% expense ratio, which is higher than IBTA.L's 0.07% expense ratio. However, 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. IBTA.L - Dividend Comparison
Neither GLAD.L nor IBTA.L has paid dividends to shareholders.
Frequently Asked Questions
GLAD.L and IBTA.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTA.L is cheaper with a 0.07% expense ratio, compared with 0.10% for GLAD.L.
GLAD.L is categorized as Global Bonds, while IBTA.L is Government Bonds. GLAD.L tracks Bloomberg Global Aggregate TR Hdg USD, while IBTA.L tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for GLAD.L and 0.07% for IBTA.L.
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