GLBL.L vs. SAAA.L
GLBL.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, GLBL.L returned -2.93%/yr vs -1.97%/yr for SAAA.L. Their correlation of 0.87 suggests significant overlap in exposure. GLBL.L charges 0.10%/yr vs 0.20%/yr for SAAA.L.
Performance
GLBL.L vs. SAAA.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLBL.L achieves a -1.47% return, which is significantly lower than SAAA.L's 0.29% 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*
- —
SAAA.L
- 1D
- 0.19%
- 1M
- 0.80%
- YTD
- 0.29%
- 6M
- 0.21%
- 1Y
- 3.05%
- 3Y*
- 1.29%
- 5Y*
- -1.97%
- 10Y*
- 0.39%
GLBL.L vs. SAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GLBL.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged | -1.47% | -2.39% | -2.65% | -2.45% | -7.22% | -5.08% | 3.70% | 1.65% | 7.05% |
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 0.29% | 2.96% | -3.46% | 2.32% | -11.40% | -6.94% | 8.12% | 1.61% | 5.71% |
Correlation
The correlation between GLBL.L and SAAA.L is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2018 | 0.87 |
The correlation between GLBL.L and SAAA.L shifts across timeframes, from 0.74 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLBL.L vs. SAAA.L — Risk / Return Rank
GLBL.L
SAAA.L
GLBL.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 (GLBL.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.
| GLBL.L | SAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.11 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | 0.79 | -0.77 |
| Martin ratioReturn relative to average drawdown | 0.04 | 1.74 | -1.69 |
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
| GLBL.L | SAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.02 | 0.67 | -0.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | -0.29 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.05 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.16 | 0.12 | -0.28 |
Drawdowns
GLBL.L vs. SAAA.L - Drawdown Comparison
The maximum GLBL.L drawdown since its inception was -25.17%, roughly equal to the maximum SAAA.L drawdown of -24.70%. Use the drawdown chart below to compare losses from any high point for GLBL.L and SAAA.L.
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Drawdown Indicators
| GLBL.L | SAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.17% | -24.70% | -0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -3.83% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -8.09% | -5.68% | -2.41% |
Max Drawdown (5Y)Largest decline over 5 years | -18.62% | -18.85% | +0.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.70% | — |
Current DrawdownCurrent decline from peak | -24.05% | -18.59% | -5.46% |
Average DrawdownAverage peak-to-trough decline | -12.84% | -9.88% | -2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 1.75% | +0.94% |
Volatility
GLBL.L vs. SAAA.L - Volatility Comparison
SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLBL.L) and iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) have volatilities of 1.36% and 1.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLBL.L | SAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.36% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.61% | 3.45% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.00% | 4.50% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.74% | 6.75% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.27% | 7.86% | -0.59% |
GLBL.L vs. SAAA.L - Expense Ratio Comparison
GLBL.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
GLBL.L vs. SAAA.L - Dividend Comparison
GLBL.L's dividend yield for the trailing twelve months is around 0.03%, less than SAAA.L's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 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
GLBL.L and SAAA.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
GLBL.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 GLBL.L and 0.20% for SAAA.L.
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