GLAG.L vs. GLAD.L
GLAG.L (SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged) and GLAD.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)) are both Global Bonds funds from State Street - GLAG.L tracks the Bloomberg Global Aggregate TR USD while GLAD.L tracks the Bloomberg Global Aggregate TR Hdg USD. Both are passively managed. Over the past 5 years, GLAG.L returned -1.75%/yr vs 0.65%/yr for GLAD.L. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.10% expense ratio.
Performance
GLAG.L vs. GLAD.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLAG.L achieves a 0.02% return, which is significantly lower than GLAD.L's 0.54% 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*
- —
GLAD.L
- 1D
- 0.15%
- 1M
- 0.14%
- YTD
- 0.54%
- 6M
- 0.72%
- 1Y
- 3.48%
- 3Y*
- 4.15%
- 5Y*
- 0.65%
- 10Y*
- —
GLAG.L vs. GLAD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 0.54% |
GLAD.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) | 0.54% | 4.72% | 3.23% | 6.73% | -11.24% | -1.59% | 5.21% | -0.04% |
Correlation
The correlation between GLAG.L and GLAD.L is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2019 | 0.76 |
The correlation between GLAG.L and GLAD.L has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
GLAG.L vs. GLAD.L — Risk / Return Rank
GLAG.L
GLAD.L
GLAG.L vs. GLAD.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 SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.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 | GLAD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.20 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 1.51 | -0.86 |
| Martin ratioReturn relative to average drawdown | 1.80 | 4.60 | -2.80 |
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
| GLAG.L | GLAD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.46 | 1.09 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | 0.15 | -0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | 0.23 | -0.23 |
Drawdowns
GLAG.L vs. GLAD.L - Drawdown Comparison
The maximum GLAG.L drawdown since its inception was -25.75%, which is greater than GLAD.L's maximum drawdown of -15.20%. Use the drawdown chart below to compare losses from any high point for GLAG.L and GLAD.L.
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Drawdown Indicators
| GLAG.L | GLAD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.75% | -15.20% | -10.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | -2.30% | -1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -6.86% | -3.78% | -3.08% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -15.05% | -9.20% |
Current DrawdownCurrent decline from peak | -10.98% | -1.01% | -9.97% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -4.55% | -5.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 0.76% | +0.52% |
Volatility
GLAG.L vs. GLAD.L - Volatility Comparison
SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLAG.L) has a higher volatility of 1.98% compared to SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) at 1.38%. This indicates that GLAG.L's price experiences larger fluctuations and is considered to be riskier than GLAD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLAG.L | GLAD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 1.38% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 3.82% | 2.63% | +1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.96% | 3.19% | +1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.50% | 4.48% | +2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.79% | 4.27% | +1.52% |
GLAG.L vs. GLAD.L - Expense Ratio Comparison
Both GLAG.L and GLAD.L have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
GLAG.L vs. GLAD.L - Dividend Comparison
GLAG.L's dividend yield for the trailing twelve months is around 3.15%, while GLAD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GLAD.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (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
GLAG.L and GLAD.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.10% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GLAG.L and GLAD.L have the same expense ratio: 0.10% per year.
GLAG.L tracks Bloomberg Global Aggregate TR USD, while GLAD.L tracks Bloomberg Global Aggregate TR Hdg USD.
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