GLAU.L vs. IAAA.L
GLAU.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged) and IAAA.L (iShares Global AAA-AA Government Bond UCITS) are both Global Bonds funds - GLAU.L tracks the Bloomberg Global Aggregate TR Hdg USD while IAAA.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, GLAU.L returned 0.79%/yr vs -3.03%/yr for IAAA.L. A 0.70 correlation means they provide meaningful diversification when combined. GLAU.L charges 0.10%/yr vs 0.20%/yr for IAAA.L.
Performance
GLAU.L vs. IAAA.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLAU.L achieves a 1.00% return, which is significantly higher than IAAA.L's -1.09% return.
GLAU.L
- 1D
- 0.10%
- 1M
- 0.92%
- YTD
- 1.00%
- 6M
- 1.43%
- 1Y
- 3.53%
- 3Y*
- 4.26%
- 5Y*
- 0.79%
- 10Y*
- —
IAAA.L
- 1D
- -0.29%
- 1M
- -1.45%
- YTD
- -1.09%
- 6M
- -1.35%
- 1Y
- -0.41%
- 3Y*
- 3.07%
- 5Y*
- -3.03%
- 10Y*
- -0.44%
GLAU.L vs. IAAA.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 | 1.00% | 4.64% | 3.63% | 6.70% | -11.22% | -1.69% | 5.36% | 8.02% | 2.58% |
IAAA.L iShares Global AAA-AA Government Bond UCITS | -1.09% | 10.35% | -5.03% | 8.23% | -20.86% | -8.08% | 11.86% | 4.97% | -3.90% |
Correlation
The correlation between GLAU.L and IAAA.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 | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2018 | 0.70 |
The correlation between GLAU.L and IAAA.L has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.
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Return for Risk
GLAU.L vs. IAAA.L — Risk / Return Rank
GLAU.L
IAAA.L
GLAU.L vs. IAAA.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 Government Bond UCITS (IAAA.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GLAU.L | IAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.00 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | -0.01 | +1.50 |
| Martin ratioReturn relative to average drawdown | 4.14 | -0.03 | +4.17 |
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Drawdowns
GLAU.L vs. IAAA.L - Drawdown Comparison
The maximum GLAU.L drawdown since its inception was -15.24%, smaller than the maximum IAAA.L drawdown of -32.79%. Use the drawdown chart below to compare losses from any high point for GLAU.L and IAAA.L.
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Drawdown Indicators
| GLAU.L | IAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.24% | -32.79% | +17.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.37% | -5.04% | +2.67% |
Max Drawdown (3Y)Largest decline over 3 years | -3.42% | -10.30% | +6.88% |
Max Drawdown (5Y)Largest decline over 5 years | -15.00% | -30.57% | +15.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.79% | — |
Current DrawdownCurrent decline from peak | -0.42% | -18.43% | +18.01% |
Average DrawdownAverage peak-to-trough decline | -3.71% | -10.44% | +6.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 2.08% | -1.23% |
Volatility
GLAU.L vs. IAAA.L - Volatility Comparison
The current volatility for SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (GLAU.L) is 1.16%, while iShares Global AAA-AA Government Bond UCITS (IAAA.L) has a volatility of 1.97%. This indicates that GLAU.L experiences smaller price fluctuations and is considered to be less risky than IAAA.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 | IAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.97% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 5.63% | -2.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.23% | 7.13% | -3.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.35% | 8.88% | -4.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.83% | 7.68% | -3.85% |
GLAU.L vs. IAAA.L - Expense Ratio Comparison
GLAU.L has a 0.10% expense ratio, which is lower than IAAA.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. IAAA.L - Dividend Comparison
GLAU.L's dividend yield for the trailing twelve months is around 3.13%, more than IAAA.L's 2.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLAU.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged | 3.13% | 3.02% | 2.71% | 2.02% | 1.41% | 1.22% | 1.51% | 1.25% | 0.89% | 0.00% | 0.00% | 0.00% |
IAAA.L iShares Global AAA-AA Government Bond UCITS | 2.73% | 2.47% | 2.37% | 1.52% | 0.75% | 0.48% | 0.56% | 0.88% | 0.94% | 0.77% | 0.88% | 1.08% |
Frequently Asked Questions
GLAU.L and IAAA.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, 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 IAAA.L.
GLAU.L tracks Bloomberg Global Aggregate TR Hdg USD, while IAAA.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 IAAA.L.
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