GLDI vs. SAAA.L
GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) and SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) are both exchange-traded funds - GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index, while SAAA.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 10 years, GLDI returned 7.83%/yr vs -0.45%/yr for SAAA.L. At a 0.39 correlation, their price movements are largely independent. GLDI charges 0.65%/yr vs 0.20%/yr for SAAA.L.
Performance
GLDI vs. SAAA.L - Performance Comparison
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Different Trading Currencies
GLDI is traded in USD, while SAAA.L is traded in GBP. To make them comparable, the SAAA.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLDI achieves a -4.45% return, which is significantly lower than SAAA.L's -1.16% return. Over the past 10 years, GLDI has outperformed SAAA.L with an annualized return of 7.83%, while SAAA.L has yielded a comparatively lower -0.45% annualized return.
GLDI
- 1D
- -1.62%
- 1M
- -7.19%
- YTD
- -4.45%
- 6M
- -5.42%
- 1Y
- 11.67%
- 3Y*
- 17.47%
- 5Y*
- 10.96%
- 10Y*
- 7.83%
SAAA.L
- 1D
- -0.16%
- 1M
- -0.87%
- YTD
- -1.16%
- 6M
- -1.33%
- 1Y
- -0.17%
- 3Y*
- 3.07%
- 5Y*
- -3.03%
- 10Y*
- -0.45%
GLDI vs. SAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -4.45% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | -0.54% | 8.94% |
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | -1.16% | 10.73% | -5.07% | 7.72% | -20.87% | -7.78% | 11.42% | 5.67% | -3.07% | 9.40% |
Correlation
The correlation between GLDI and SAAA.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2013 | 0.39 |
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Return for Risk
GLDI vs. SAAA.L — Risk / Return Rank
GLDI
SAAA.L
GLDI vs. SAAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) 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.
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.
| GLDI | SAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.00 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | -0.03 | +0.86 |
| Martin ratioReturn relative to average drawdown | 2.73 | -0.07 | +2.80 |
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Drawdowns
GLDI vs. SAAA.L - Drawdown Comparison
The maximum GLDI drawdown since its inception was -32.26%, smaller than the maximum SAAA.L drawdown of -52.90%. Use the drawdown chart below to compare losses from any high point for GLDI and SAAA.L.
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Drawdown Indicators
| GLDI | SAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.26% | -52.90% | +20.64% |
Max Drawdown (1Y)Largest decline over 1 year | -14.14% | -5.38% | -8.76% |
Max Drawdown (3Y)Largest decline over 3 years | -14.14% | -10.14% | -4.00% |
Max Drawdown (5Y)Largest decline over 5 years | -14.14% | -31.16% | +17.02% |
Max Drawdown (10Y)Largest decline over 10 years | -14.94% | -33.47% | +18.53% |
Current DrawdownCurrent decline from peak | -13.28% | -42.32% | +29.04% |
Average DrawdownAverage peak-to-trough decline | -13.99% | -40.47% | +26.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.30% | 2.20% | +2.10% |
Volatility
GLDI vs. SAAA.L - Volatility Comparison
UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) has a higher volatility of 7.18% compared to iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) at 1.96%. This indicates that GLDI's price experiences larger fluctuations and is considered to be riskier than SAAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDI | SAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.18% | 1.96% | +5.22% |
Volatility (6M)Calculated over the trailing 6-month period | 14.58% | 5.63% | +8.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.99% | 7.23% | +8.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.58% | 9.28% | +2.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.52% | 8.40% | +3.12% |
GLDI vs. SAAA.L - Expense Ratio Comparison
GLDI has a 0.65% expense ratio, which is higher than SAAA.L's 0.20% expense ratio.
Dividends
GLDI vs. SAAA.L - Dividend Comparison
GLDI's dividend yield for the trailing twelve months is around 26.67%, more than SAAA.L's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.67% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 2.67% | 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
GLDI and SAAA.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SAAA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SAAA.L is cheaper with a 0.20% expense ratio, compared with 0.65% for GLDI.
GLDI is categorized as Gold, while SAAA.L is Global Bonds. GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index, while SAAA.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: UBS and iShares. Their fees differ too: 0.65% for GLDI and 0.20% for SAAA.L.
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