GLAU.L vs. GAAA.L
GLAU.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged) and GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) are both Global Bonds funds - GLAU.L tracks the Bloomberg Global Aggregate TR Hdg USD while GAAA.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, GLAU.L returned 0.73%/yr vs -3.02%/yr for GAAA.L. At a 0.31 correlation, their price movements are largely independent. GLAU.L charges 0.10%/yr vs 0.20%/yr for GAAA.L.
Performance
GLAU.L vs. GAAA.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLAU.L achieves a 0.41% return, which is significantly higher than GAAA.L's 0.12% return.
GLAU.L
- 1D
- 0.25%
- 1M
- 0.56%
- YTD
- 0.41%
- 6M
- 0.72%
- 1Y
- 3.45%
- 3Y*
- 4.27%
- 5Y*
- 0.73%
- 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*
- —
GLAU.L vs. GAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GLAU.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged | 0.41% | 4.62% | 3.58% | 6.07% | -11.13% | -1.01% | 5.46% | 7.95% | 1.58% |
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 GLAU.L and GAAA.L is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.31 |
Over the past year, GLAU.L and GAAA.L have become more correlated (0.54) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
GLAU.L vs. GAAA.L — Risk / Return Rank
GLAU.L
GAAA.L
GLAU.L vs. GAAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (GLAU.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.
| GLAU.L | GAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.05 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 0.37 | +1.57 |
| Martin ratioReturn relative to average drawdown | 5.07 | 0.98 | +4.09 |
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
| GLAU.L | GAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 0.26 | +1.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | -0.34 | +0.58 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | -0.07 | +0.90 |
Drawdowns
GLAU.L vs. GAAA.L - Drawdown Comparison
The maximum GLAU.L drawdown since its inception was -14.72%, smaller than the maximum GAAA.L drawdown of -33.06%. Use the drawdown chart below to compare losses from any high point for GLAU.L and GAAA.L.
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Drawdown Indicators
| GLAU.L | GAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.72% | -33.06% | +18.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.36% | -5.08% | +2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -3.11% | -10.29% | +7.18% |
Max Drawdown (5Y)Largest decline over 5 years | -14.58% | -30.55% | +15.97% |
Current DrawdownCurrent decline from peak | -1.01% | -17.69% | +16.68% |
Average DrawdownAverage peak-to-trough decline | -3.48% | -13.80% | +10.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 1.95% | -1.11% |
Volatility
GLAU.L vs. GAAA.L - Volatility Comparison
The current volatility for SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (GLAU.L) is 1.56%, while iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a volatility of 2.52%. This indicates that GLAU.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.
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Volatility by Period
| GLAU.L | GAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 2.52% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 5.61% | -2.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 7.23% | -3.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.86% | 8.91% | -2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.03% | 7.96% | -0.93% |
GLAU.L vs. GAAA.L - Expense Ratio Comparison
GLAU.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
GLAU.L vs. GAAA.L - Dividend Comparison
GLAU.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 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
GLAU.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged | 3.15% | 3.02% | 2.71% | 2.02% | 1.40% | 1.21% | 1.51% | 1.25% | 0.89% |
Frequently Asked Questions
GLAU.L and GAAA.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLAU.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLAU.L is cheaper with a 0.10% expense ratio, compared with 0.20% for GAAA.L.
GLAU.L tracks Bloomberg Global Aggregate TR Hdg USD, while GAAA.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for GLAU.L and 0.20% for GAAA.L.
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