GLAG.L vs. IGLH.L
GLAG.L (SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged) and IGLH.L (iShares Global Government Bond UCITS ETF GBP Hedged (Dist)) are both Global Bonds funds - GLAG.L tracks the Bloomberg Global Aggregate TR USD while IGLH.L tracks the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, GLAG.L returned -1.75%/yr vs -2.21%/yr for IGLH.L. A 0.68 correlation means they provide meaningful diversification when combined. GLAG.L charges 0.10%/yr vs 0.25%/yr for IGLH.L.
Performance
GLAG.L vs. IGLH.L - Performance Comparison
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Different Trading Currencies
GLAG.L is traded in USD, while IGLH.L is traded in GBP. To make them comparable, the IGLH.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLAG.L achieves a 0.02% return, which is significantly lower than IGLH.L's 2.11% 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*
- —
IGLH.L
- 1D
- -0.66%
- 1M
- -0.77%
- YTD
- 2.11%
- 6M
- 0.34%
- 1Y
- 0.79%
- 3Y*
- 4.62%
- 5Y*
- -2.21%
- 10Y*
- —
GLAG.L vs. IGLH.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% | -3.47% |
IGLH.L iShares Global Government Bond UCITS ETF GBP Hedged (Dist) | 2.11% | 8.22% | -0.89% | 10.22% | -22.84% | -3.35% | 8.26% | 9.71% | -9.06% |
Correlation
The correlation between GLAG.L and IGLH.L is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2018 | 0.68 |
The correlation between GLAG.L and IGLH.L has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.
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Return for Risk
GLAG.L vs. IGLH.L — Risk / Return Rank
GLAG.L
IGLH.L
GLAG.L vs. IGLH.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 Government Bond UCITS ETF GBP Hedged (Dist) (IGLH.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 | IGLH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.03 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.20 | +0.45 |
| Martin ratioReturn relative to average drawdown | 1.80 | 0.43 | +1.36 |
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 | IGLH.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.46 | 0.11 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | -0.20 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | -0.03 | +0.03 |
Drawdowns
GLAG.L vs. IGLH.L - Drawdown Comparison
The maximum GLAG.L drawdown since its inception was -25.75%, smaller than the maximum IGLH.L drawdown of -34.86%. Use the drawdown chart below to compare losses from any high point for GLAG.L and IGLH.L.
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Drawdown Indicators
| GLAG.L | IGLH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.75% | -34.86% | +9.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | -5.18% | +1.65% |
Max Drawdown (3Y)Largest decline over 3 years | -6.86% | -12.14% | +5.28% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -34.86% | +10.61% |
Current DrawdownCurrent decline from peak | -10.98% | -11.09% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -12.06% | +2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 2.39% | -1.11% |
Volatility
GLAG.L vs. IGLH.L - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLAG.L) is 1.98%, while iShares Global Government Bond UCITS ETF GBP Hedged (Dist) (IGLH.L) has a volatility of 2.84%. This indicates that GLAG.L experiences smaller price fluctuations and is considered to be less risky than IGLH.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 | IGLH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 2.84% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 3.82% | 7.24% | -3.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.96% | 9.30% | -4.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.50% | 11.01% | -4.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.79% | 10.54% | -4.75% |
GLAG.L vs. IGLH.L - Expense Ratio Comparison
GLAG.L has a 0.10% expense ratio, which is lower than IGLH.L's 0.25% 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. IGLH.L - Dividend Comparison
GLAG.L's dividend yield for the trailing twelve months is around 3.15%, more than IGLH.L's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
IGLH.L iShares Global Government Bond UCITS ETF GBP Hedged (Dist) | 2.98% | 2.91% | 2.33% | 1.40% | 0.73% | 0.55% | 0.97% | 1.19% | 0.32% |
Frequently Asked Questions
GLAG.L and IGLH.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.25% for IGLH.L.
GLAG.L tracks Bloomberg Global Aggregate TR USD, while IGLH.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for GLAG.L and 0.25% for IGLH.L.
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