GLAG.L vs. SAAA.L
GLAG.L (SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged) and SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) 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 -3.00%/yr for SAAA.L. A 0.74 correlation means they provide meaningful diversification when combined. GLAG.L charges 0.10%/yr vs 0.20%/yr for SAAA.L.
Performance
GLAG.L vs. SAAA.L - Performance Comparison
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Different Trading Currencies
GLAG.L is traded in USD, while SAAA.L is traded in GBP. To make them comparable, the SAAA.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 SAAA.L's 0.05% 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*
- —
SAAA.L
- 1D
- 0.23%
- 1M
- -0.06%
- YTD
- 0.05%
- 6M
- 0.95%
- 1Y
- 2.07%
- 3Y*
- 3.90%
- 5Y*
- -3.00%
- 10Y*
- -0.34%
GLAG.L vs. SAAA.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% |
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 0.05% | 10.73% | -5.07% | 7.72% | -20.88% | -7.79% | 11.43% | 5.68% | -4.79% |
Correlation
The correlation between GLAG.L and SAAA.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2018 | 0.74 |
The correlation between GLAG.L and SAAA.L has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.
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Return for Risk
GLAG.L vs. SAAA.L — Risk / Return Rank
GLAG.L
SAAA.L
GLAG.L vs. SAAA.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 Government Bond UCITS ETF (Dist) (SAAA.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 | SAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.05 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.38 | +0.27 |
| Martin ratioReturn relative to average drawdown | 1.80 | 1.01 | +0.79 |
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 | SAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.46 | 0.28 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | -0.32 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.04 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | -0.05 | +0.05 |
Drawdowns
GLAG.L vs. SAAA.L - Drawdown Comparison
The maximum GLAG.L drawdown since its inception was -25.75%, smaller than the maximum SAAA.L drawdown of -33.47%. Use the drawdown chart below to compare losses from any high point for GLAG.L and SAAA.L.
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Drawdown Indicators
| GLAG.L | SAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.75% | -33.47% | +7.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | -5.38% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -6.86% | -10.15% | +3.29% |
Max Drawdown (5Y)Largest decline over 5 years | -24.25% | -31.19% | +6.94% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.47% | — |
Current DrawdownCurrent decline from peak | -10.98% | -17.54% | +6.56% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -10.72% | +0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 2.05% | -0.77% |
Volatility
GLAG.L vs. SAAA.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 Government Bond UCITS ETF (Dist) (SAAA.L) has a volatility of 2.09%. This indicates that GLAG.L experiences smaller price fluctuations and is considered to be less risky than SAAA.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 | SAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 2.09% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.82% | 5.50% | -1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.96% | 7.29% | -2.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.50% | 9.26% | -2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.79% | 8.41% | -2.62% |
GLAG.L vs. SAAA.L - Expense Ratio Comparison
GLAG.L has a 0.10% expense ratio, which is lower than SAAA.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. SAAA.L - Dividend Comparison
GLAG.L's dividend yield for the trailing twelve months is around 3.15%, more than SAAA.L's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 2.68% | 2.48% | 2.34% | 1.57% | 0.76% | 0.48% | 0.61% | 0.89% | 0.87% | 0.81% | 0.83% | 1.06% |
Frequently Asked Questions
GLAG.L and SAAA.L have a correlation of 0.75, 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 0.20% for SAAA.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 SAAA.L.
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