GLAG.L vs. GAAA.L
GLAG.L (SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged) and GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) are both Global Bonds funds tracking the Bloomberg Global Aggregate TR USD, from State Street and iShares respectively. Both are passively managed. Over the past 5 years, GLAG.L returned -1.75%/yr vs -3.02%/yr for GAAA.L. Their correlation of 0.91 suggests significant overlap in exposure. GLAG.L charges 0.10%/yr vs 0.20%/yr for GAAA.L.
Performance
GLAG.L vs. GAAA.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLAG.L achieves a 0.02% return, which is significantly lower than GAAA.L's 0.12% return.
GLAG.L
- 1D
- 0.08%
- 1M
- 0.05%
- YTD
- 0.02%
- 6M
- 0.44%
- 1Y
- 2.30%
- 3Y*
- 3.39%
- 5Y*
- -1.75%
- 10Y*
- —
GAAA.L
- 1D
- 0.20%
- 1M
- -0.00%
- YTD
- 0.12%
- 6M
- 0.69%
- 1Y
- 1.91%
- 3Y*
- 3.95%
- 5Y*
- -3.02%
- 10Y*
- —
GLAG.L vs. GAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GLAG.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged | 0.02% | 7.79% | -1.43% | 5.30% | -16.03% | -5.16% | 9.05% | 5.87% | -0.76% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.12% | 10.43% | -5.07% | 8.26% | -20.61% | -8.76% | 12.37% | 4.92% | -1.16% |
Correlation
The correlation between GLAG.L and GAAA.L is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.91 |
The correlation between GLAG.L and GAAA.L has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GLAG.L vs. GAAA.L — Risk / Return Rank
GLAG.L
GAAA.L
GLAG.L vs. GAAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLAG.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.
| GLAG.L | GAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.05 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.37 | +0.28 |
| Martin ratioReturn relative to average drawdown | 1.80 | 0.98 | +0.82 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GLAG.L | GAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.46 | 0.26 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | -0.34 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | -0.07 | +0.06 |
Drawdowns
GLAG.L vs. GAAA.L - Drawdown Comparison
The maximum GLAG.L drawdown since its inception was -25.75%, smaller than the maximum GAAA.L drawdown of -33.06%. Use the drawdown chart below to compare losses from any high point for GLAG.L and GAAA.L.
Loading charts...
Drawdown Indicators
| GLAG.L | GAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.75% | -33.06% | +7.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | -5.08% | +1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -6.86% | -10.29% | +3.43% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -30.55% | +6.30% |
Current DrawdownCurrent decline from peak | -10.98% | -17.69% | +6.71% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -13.80% | +4.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.95% | -0.67% |
Volatility
GLAG.L vs. GAAA.L - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLAG.L) is 1.98%, while iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a volatility of 2.52%. This indicates that GLAG.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.
Loading charts...
Volatility by Period
| GLAG.L | GAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 2.52% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 3.82% | 5.61% | -1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.96% | 7.23% | -2.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.50% | 8.91% | -2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.79% | 7.96% | -2.17% |
GLAG.L vs. GAAA.L - Expense Ratio Comparison
GLAG.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
GLAG.L vs. GAAA.L - Dividend Comparison
GLAG.L's dividend yield for the trailing twelve months is around 3.15%, while GAAA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GLAG.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged | 3.15% | 3.00% | 2.80% | 2.02% | 1.48% | 1.24% | 1.47% | 0.84% |
Frequently Asked Questions
With a correlation of 0.90, GLAG.L and GAAA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, GLAG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLAG.L is cheaper with a 0.10% expense ratio, compared with 0.20% for GAAA.L.
Both ETFs track Bloomberg Global Aggregate TR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for GLAG.L and 0.20% for GAAA.L.
Find the right allocation for GLAG.L and GAAA.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer