GLBL.L vs. HBKS.L

Last updated Jun 5, 2026

GLBL.L (SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged) and HBKS.L (HSBC Global Sukuk UCITS ETF C USD) are both Global Bonds funds - GLBL.L tracks the Bloomberg Global Aggregate TR USD while HBKS.L tracks the FTSE IdealRatings Sukuk Index. Both are passively managed. Over the past year, GLBL.L returned 0.11% vs 5.14% for HBKS.L. A 0.66 correlation means they provide meaningful diversification when combined. GLBL.L charges 0.10%/yr vs 0.40%/yr for HBKS.L.

Performance

GLBL.L vs. HBKS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLBL.L) and HSBC Global Sukuk UCITS ETF C USD (HBKS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLBL.L achieves a -1.47% return, which is significantly lower than HBKS.L's 0.69% return.

GLBL.L

• 1D: 0.11%
• 1M: 0.87%
• YTD: -1.47%
• 6M: -1.76%
• 1Y: 0.11%
• 3Y*: -2.10%
• 5Y*: -2.93%
• 10Y*: —

HBKS.L

• 1D: 0.31%
• 1M: 1.60%
• YTD: 0.69%
• 6M: -0.44%
• 1Y: 5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GLBL.L vs. HBKS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GLBL.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged	-1.47%	-2.39%	-2.65%	4.04%
HBKS.L HSBC Global Sukuk UCITS ETF C USD	0.69%	-0.34%	4.48%	1.79%

Correlation

The correlation between GLBL.L and HBKS.L is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.66

The correlation between GLBL.L and HBKS.L has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

Return for Risk

GLBL.L vs. HBKS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLBL.L

GLBL.L Risk / Return Rank: 9
GLBL.L Sharpe Ratio Rank: 9
GLBL.L Sortino Ratio Rank: 8
GLBL.L Omega Ratio Rank: 9
GLBL.L Calmar Ratio Rank: 9
GLBL.L Martin Ratio Rank: 9

HBKS.L

HBKS.L Risk / Return Rank: 21
HBKS.L Sharpe Ratio Rank: 22
HBKS.L Sortino Ratio Rank: 21
HBKS.L Omega Ratio Rank: 20
HBKS.L Calmar Ratio Rank: 22
HBKS.L Martin Ratio Rank: 19

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLBL.L vs. HBKS.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 (GLBL.L) and HSBC Global Sukuk UCITS ETF C USD (HBKS.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.

	GLBL.L	HBKS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.02	0.73	-0.71
Sortino ratio: Return per unit of downside risk	0.07	1.10	-1.03
Omega ratio: Gain probability vs. loss probability	1.01	1.13	-0.12
Calmar ratio: Return relative to maximum drawdown	0.02	0.96	-0.94
Martin ratio: Return relative to average drawdown	0.04	2.08	-2.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLBL.L vs. HBKS.L - Sharpe Ratio Comparison

The current GLBL.L Sharpe Ratio is 0.02, which is lower than the HBKS.L Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of GLBL.L and HBKS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GLBL.L	HBKS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.02	0.73	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	0.35	-0.51

Drawdowns

GLBL.L vs. HBKS.L - Drawdown Comparison

The maximum GLBL.L drawdown since its inception was -25.17%, which is greater than HBKS.L's maximum drawdown of -8.09%. Use the drawdown chart below to compare losses from any high point for GLBL.L and HBKS.L.

Drawdown Indicators

	GLBL.L	HBKS.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.17%	-8.09%	-17.08%
Max Drawdown (1Y) Largest decline over 1 year	-5.16%	-5.33%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-8.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.62%	—	—
Current Drawdown Current decline from peak	-24.05%	-2.83%	-21.22%
Average Drawdown Average peak-to-trough decline	-12.84%	-2.41%	-10.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.46%	+0.23%

Volatility

GLBL.L vs. HBKS.L - Volatility Comparison

The current volatility for SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLBL.L) is 1.36%, while HSBC Global Sukuk UCITS ETF C USD (HBKS.L) has a volatility of 1.91%. This indicates that GLBL.L experiences smaller price fluctuations and is considered to be less risky than HBKS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLBL.L	HBKS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.91%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	3.61%	5.27%	-1.66%
Volatility (1Y) Calculated over the trailing 1-year period	5.00%	7.00%	-2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.74%	6.93%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.27%	6.93%	+0.34%

GLBL.L vs. HBKS.L - Expense Ratio Comparison

GLBL.L has a 0.10% expense ratio, which is lower than HBKS.L's 0.40% expense ratio.

Dividends

GLBL.L vs. HBKS.L - Dividend Comparison

GLBL.L's dividend yield for the trailing twelve months is around 0.03%, while HBKS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GLBL.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged	0.03%	0.03%	0.03%	0.02%	0.01%	0.01%	0.02%	0.02%	0.01%
HBKS.L HSBC Global Sukuk UCITS ETF C USD	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLBL.L and HBKS.L in my portfolio?

GLBL.L and HBKS.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLBL.L or HBKS.L?

On fees, GLBL.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLBL.L or HBKS.L?

GLBL.L is cheaper with a 0.10% expense ratio, compared with 0.40% for HBKS.L.

What is the main difference between GLBL.L and HBKS.L?

GLBL.L tracks Bloomberg Global Aggregate TR USD, while HBKS.L tracks FTSE IdealRatings Sukuk Index. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.10% for GLBL.L and 0.40% for HBKS.L.