GLAG.L vs. IGLA.L

Last updated Jun 5, 2026

GLAG.L (SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged) and IGLA.L (iShares Global Govt Bond UCITS 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 -3.36%/yr for IGLA.L. Their correlation of 0.89 suggests significant overlap in exposure. GLAG.L charges 0.10%/yr vs 0.20%/yr for IGLA.L.

Performance

GLAG.L vs. IGLA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLAG.L) and iShares Global Govt Bond UCITS Acc (IGLA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLAG.L achieves a 0.02% return, which is significantly higher than IGLA.L's -1.33% 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*: —

IGLA.L

• 1D: 0.19%
• 1M: -0.05%
• YTD: -1.33%
• 6M: -1.11%
• 1Y: 0.06%
• 3Y*: 1.46%
• 5Y*: -3.36%
• 10Y*: —

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

GLAG.L vs. IGLA.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%	-3.11%
IGLA.L iShares Global Govt Bond UCITS Acc	-1.33%	6.09%	-2.98%	3.99%	-17.80%	-6.85%	9.45%	5.84%	-1.53%

Correlation

The correlation between GLAG.L and IGLA.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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 31, 2018	0.89

The correlation between GLAG.L and IGLA.L has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

GLAG.L vs. IGLA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLAG.L

GLAG.L Risk / Return Rank: 16
GLAG.L Sharpe Ratio Rank: 16
GLAG.L Sortino Ratio Rank: 16
GLAG.L Omega Ratio Rank: 15
GLAG.L Calmar Ratio Rank: 17
GLAG.L Martin Ratio Rank: 18

IGLA.L

IGLA.L Risk / Return Rank: 9
IGLA.L Sharpe Ratio Rank: 9
IGLA.L Sortino Ratio Rank: 8
IGLA.L Omega Ratio Rank: 8
IGLA.L Calmar Ratio Rank: 9
IGLA.L Martin Ratio Rank: 9

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.

GLAG.L vs. IGLA.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 Govt Bond UCITS Acc (IGLA.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	IGLA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.46	0.01	+0.45
Sortino ratio: Return per unit of downside risk	0.73	0.06	+0.67
Omega ratio: Gain probability vs. loss probability	1.08	1.01	+0.08
Calmar ratio: Return relative to maximum drawdown	0.65	0.01	+0.63
Martin ratio: Return relative to average drawdown	1.80	0.04	+1.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLAG.L vs. IGLA.L - Sharpe Ratio Comparison

The current GLAG.L Sharpe Ratio is 0.46, which is higher than the IGLA.L Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of GLAG.L and IGLA.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.

Sharpe Ratios by Period

	GLAG.L	IGLA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	0.01	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	-0.47	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.10	+0.09

Drawdowns

GLAG.L vs. IGLA.L - Drawdown Comparison

The maximum GLAG.L drawdown since its inception was -25.75%, smaller than the maximum IGLA.L drawdown of -28.01%. Use the drawdown chart below to compare losses from any high point for GLAG.L and IGLA.L.

Drawdown Indicators

	GLAG.L	IGLA.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.75%	-28.01%	+2.26%
Max Drawdown (1Y) Largest decline over 1 year	-3.53%	-4.27%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-6.86%	-7.95%	+1.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.25%	-25.86%	+1.61%
Current Drawdown Current decline from peak	-10.98%	-19.18%	+8.20%
Average Drawdown Average peak-to-trough decline	-9.75%	-11.90%	+2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	1.69%	-0.41%

Volatility

GLAG.L vs. IGLA.L - Volatility Comparison

SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLAG.L) and iShares Global Govt Bond UCITS Acc (IGLA.L) have volatilities of 1.98% and 2.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLAG.L	IGLA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	2.06%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	3.82%	4.19%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	4.96%	5.54%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.50%	7.22%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.79%	6.74%	-0.95%

GLAG.L vs. IGLA.L - Expense Ratio Comparison

GLAG.L has a 0.10% expense ratio, which is lower than IGLA.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. IGLA.L - Dividend Comparison

GLAG.L's dividend yield for the trailing twelve months is around 3.15%, while IGLA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
IGLA.L iShares Global Govt Bond UCITS Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLAG.L and IGLA.L in my portfolio?

With a correlation of 0.90, GLAG.L and IGLA.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.

Which ETF is better, GLAG.L or IGLA.L?

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.

Which ETF is cheaper, GLAG.L or IGLA.L?

GLAG.L is cheaper with a 0.10% expense ratio, compared with 0.20% for IGLA.L.

What is the main difference between GLAG.L and IGLA.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 IGLA.L.