GLAU.L vs. IGLO.L
GLAU.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged) and IGLO.L (iShares Global Government Bond UCITS) are both Global Bonds funds - GLAU.L tracks the Bloomberg Global Aggregate TR Hdg USD while IGLO.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, GLAU.L returned 0.73%/yr vs -3.35%/yr for IGLO.L. At a 0.36 correlation, their price movements are largely independent. GLAU.L charges 0.10%/yr vs 0.20%/yr for IGLO.L.
Performance
GLAU.L vs. IGLO.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 IGLO.L's -1.63% 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*
- —
IGLO.L
- 1D
- 0.19%
- 1M
- -0.07%
- YTD
- -1.63%
- 6M
- -1.00%
- 1Y
- -0.09%
- 3Y*
- 1.45%
- 5Y*
- -3.35%
- 10Y*
- -0.82%
GLAU.L vs. IGLO.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% |
IGLO.L iShares Global Government Bond UCITS | -1.63% | 7.14% | -3.65% | 4.00% | -17.69% | -6.89% | 9.38% | 5.53% | 0.80% |
Correlation
The correlation between GLAU.L and IGLO.L is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018 | 0.36 |
Over the past year, GLAU.L and IGLO.L have become more correlated (0.62) than their long-term average of 0.36, meaning their price movements have been converging.
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Return for Risk
GLAU.L vs. IGLO.L — Risk / Return Rank
GLAU.L
IGLO.L
GLAU.L vs. IGLO.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 Government Bond UCITS (IGLO.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 | IGLO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.00 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | -0.02 | +1.97 |
| Martin ratioReturn relative to average drawdown | 5.07 | -0.05 | +5.12 |
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 | IGLO.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | -0.02 | +1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | -0.45 | +0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.12 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.12 | +0.71 |
Drawdowns
GLAU.L vs. IGLO.L - Drawdown Comparison
The maximum GLAU.L drawdown since its inception was -14.72%, smaller than the maximum IGLO.L drawdown of -28.01%. Use the drawdown chart below to compare losses from any high point for GLAU.L and IGLO.L.
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Drawdown Indicators
| GLAU.L | IGLO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.72% | -28.01% | +13.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.36% | -4.28% | +1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -3.11% | -7.93% | +4.82% |
Max Drawdown (5Y)Largest decline over 5 years | -14.58% | -25.88% | +11.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.01% | — |
Current DrawdownCurrent decline from peak | -1.01% | -19.08% | +18.07% |
Average DrawdownAverage peak-to-trough decline | -3.48% | -8.75% | +5.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 1.67% | -0.83% |
Volatility
GLAU.L vs. IGLO.L - Volatility Comparison
The current volatility for SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (GLAU.L) is 1.56%, while iShares Global Government Bond UCITS (IGLO.L) has a volatility of 2.20%. This indicates that GLAU.L experiences smaller price fluctuations and is considered to be less risky than IGLO.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 | IGLO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 2.20% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 4.36% | -1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 5.89% | -2.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.86% | 7.46% | -0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.03% | 6.66% | +0.37% |
GLAU.L vs. IGLO.L - Expense Ratio Comparison
GLAU.L has a 0.10% expense ratio, which is lower than IGLO.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. IGLO.L - Dividend Comparison
GLAU.L's dividend yield for the trailing twelve months is around 3.15%, more than IGLO.L's 3.09% 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 | 3.15% | 3.02% | 2.71% | 2.02% | 1.40% | 1.21% | 1.51% | 1.25% | 0.89% | 0.00% | 0.00% | 0.00% |
IGLO.L iShares Global Government Bond UCITS | 3.09% | 2.86% | 2.51% | 1.47% | 0.78% | 0.63% | 0.99% | 1.21% | 1.07% | 0.93% | 1.09% | 0.60% |
Frequently Asked Questions
GLAU.L and IGLO.L have a correlation of 0.62, 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 IGLO.L.
GLAU.L tracks Bloomberg Global Aggregate TR Hdg USD, while IGLO.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 IGLO.L.
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