GLCB.L vs. ACWD.L

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) and SPDR MSCI All Country World UCITS ETF (ACWD.L).

GLCB.L and ACWD.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLCB.L is a passively managed fund by State Street that tracks the performance of the Refinitiv Global CB TR USD. It was launched on Oct 14, 2014. ACWD.L is a passively managed fund by State Street that tracks the performance of the MSCI ACWI Index. It was launched on May 13, 2011. Both GLCB.L and ACWD.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GLCB.L vs. ACWD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) and SPDR MSCI All Country World UCITS ETF (ACWD.L). The values are adjusted to include any dividend payments, if applicable.

GLCB.L vs. ACWD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GLCB.L SPDR Refinitiv Global Convertible Bond UCITS ETF	69.42%	269.52%	123.23%	45.30%	18.17%	18.45%	117.36%	92.24%	26.06%
ACWD.L SPDR MSCI All Country World UCITS ETF	-2.58%	14.08%	19.81%	16.16%	-8.66%	19.89%	12.50%	21.02%	-5.71%

Different Trading Currencies

GLCB.L is traded in GBp, while ACWD.L is traded in USD. To make them comparable, the ACWD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLCB.L achieves a 69.42% return, which is significantly higher than ACWD.L's -2.58% return.

GLCB.L

• 1D: -0.02%
• 1M: -4.92%
• YTD: 69.42%
• 6M: 75.68%
• 1Y: 240.06%
• 3Y*: 158.89%
• 5Y*: 91.31%
• 10Y*: —

ACWD.L

• 1D: 0.16%
• 1M: -5.96%
• YTD: -2.58%
• 6M: 1.56%
• 1Y: 17.57%
• 3Y*: 13.83%
• 5Y*: 10.11%
• 10Y*: 12.14%

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

GLCB.L vs. ACWD.L - Expense Ratio Comparison

GLCB.L has a 0.50% expense ratio, which is higher than ACWD.L's 0.12% expense ratio.

GLCB.L

SPDR Refinitiv Global Convertible Bond UCITS ETF

ACWD.L

SPDR MSCI All Country World UCITS ETF

Return for Risk

GLCB.L vs. ACWD.L — Risk / Return Rank

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

GLCB.L

GLCB.L Risk / Return Rank: 99
GLCB.L Sharpe Ratio Rank: 95
GLCB.L Sortino Ratio Rank: 100
GLCB.L Omega Ratio Rank: 99
GLCB.L Calmar Ratio Rank: 100
GLCB.L Martin Ratio Rank: 99

ACWD.L

ACWD.L Risk / Return Rank: 74
ACWD.L Sharpe Ratio Rank: 76
ACWD.L Sortino Ratio Rank: 75
ACWD.L Omega Ratio Rank: 74
ACWD.L Calmar Ratio Rank: 68
ACWD.L Martin Ratio Rank: 76

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.

GLCB.L vs. ACWD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) and SPDR MSCI All Country World UCITS ETF (ACWD.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.

	GLCB.L	ACWD.L	Difference
Sharpe ratio Return per unit of total volatility	2.41	1.19	+1.22
Sortino ratio Return per unit of downside risk	22.26	1.66	+20.60
Omega ratio Gain probability vs. loss probability	3.97	1.24	+2.73
Calmar ratio Return relative to maximum drawdown	46.94	1.55	+45.39
Martin ratio Return relative to average drawdown	142.21	6.72	+135.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLCB.L vs. ACWD.L - Sharpe Ratio Comparison

The current GLCB.L Sharpe Ratio is 2.41, which is higher than the ACWD.L Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of GLCB.L and ACWD.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GLCB.L	ACWD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.19	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.36	0.71	+0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	0.78	+0.72

Correlation

The correlation between GLCB.L and ACWD.L is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GLCB.L vs. ACWD.L - Dividend Comparison

GLCB.L's dividend yield for the trailing twelve months is around 74.78%, while ACWD.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GLCB.L SPDR Refinitiv Global Convertible Bond UCITS ETF	74.78%	77.76%	55.57%	26.13%	27.42%	19.20%	35.35%	48.00%	23.37%
ACWD.L SPDR MSCI All Country World UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GLCB.L vs. ACWD.L - Drawdown Comparison

The maximum GLCB.L drawdown since its inception was -15.28%, smaller than the maximum ACWD.L drawdown of -25.57%. Use the drawdown chart below to compare losses from any high point for GLCB.L and ACWD.L.

Drawdown Indicators

	GLCB.L	ACWD.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.28%	-33.64%	+18.36%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	-11.57%	+6.46%
Max Drawdown (5Y) Largest decline over 5 years	-10.65%	-26.18%	+15.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.64%	—
Current Drawdown Current decline from peak	-5.11%	-8.25%	+3.14%
Average Drawdown Average peak-to-trough decline	-2.57%	-4.72%	+2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	2.49%	-0.80%

Volatility

GLCB.L vs. ACWD.L - Volatility Comparison

The current volatility for SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) is 4.09%, while SPDR MSCI All Country World UCITS ETF (ACWD.L) has a volatility of 5.32%. This indicates that GLCB.L experiences smaller price fluctuations and is considered to be less risky than ACWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLCB.L	ACWD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	5.32%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	52.17%	8.97%	+43.20%
Volatility (1Y) Calculated over the trailing 1-year period	98.63%	14.74%	+83.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.03%	14.16%	+52.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.48%	15.34%	+44.14%