GLTY.L vs. SWLD.L

Last updated Jun 4, 2026

GLTY.L (SPDR Bloomberg UK Gilt UCITS ETF) and SWLD.L (SPDR MSCI World UCITS ETF) are both exchange-traded funds - GLTY.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, while SWLD.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 5 years, GLTY.L returned 73.54%/yr vs 13.15%/yr for SWLD.L. At a correlation of -0.02, they often move in opposite directions. GLTY.L charges 0.15%/yr vs 0.12%/yr for SWLD.L.

Performance

GLTY.L vs. SWLD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Bloomberg UK Gilt UCITS ETF (GLTY.L) and SPDR MSCI World UCITS ETF (SWLD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLTY.L achieves a -3.21% return, which is significantly lower than SWLD.L's 9.96% return.

GLTY.L

• 1D: -0.55%
• 1M: 0.71%
• YTD: -3.21%
• 6M: -3.32%
• 1Y: -1.70%
• 3Y*: 0.59%
• 5Y*: 73.54%
• 10Y*: 283.79%

SWLD.L

• 1D: -0.28%
• 1M: 5.24%
• YTD: 9.96%
• 6M: 10.41%
• 1Y: 27.28%
• 3Y*: 17.98%
• 5Y*: 13.15%
• 10Y*: —

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

GLTY.L vs. SWLD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GLTY.L SPDR Bloomberg UK Gilt UCITS ETF	-3.21%	3.10%	-4.48%	279.86%	158.03%	169.82%	413.90%	162.10%
SWLD.L SPDR MSCI World UCITS ETF	9.96%	12.85%	21.19%	17.70%	-8.06%	23.66%	12.00%	14.48%

Correlation

The correlation between GLTY.L and SWLD.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Mar 5, 2019	-0.02

The correlation between GLTY.L and SWLD.L shifts across timeframes, from -0.02 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GLTY.L vs. SWLD.L — Risk / Return Rank

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

GLTY.L

GLTY.L Risk / Return Rank: 6
GLTY.L Sharpe Ratio Rank: 6
GLTY.L Sortino Ratio Rank: 6
GLTY.L Omega Ratio Rank: 6
GLTY.L Calmar Ratio Rank: 6
GLTY.L Martin Ratio Rank: 6

SWLD.L

SWLD.L Risk / Return Rank: 81
SWLD.L Sharpe Ratio Rank: 81
SWLD.L Sortino Ratio Rank: 81
SWLD.L Omega Ratio Rank: 83
SWLD.L Calmar Ratio Rank: 79
SWLD.L Martin Ratio Rank: 82

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.

GLTY.L vs. SWLD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg UK Gilt UCITS ETF (GLTY.L) and SPDR MSCI World UCITS ETF (SWLD.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.

	GLTY.L	SWLD.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	2.70	-2.94
Sortino ratio: Return per unit of downside risk	-0.28	3.70	-3.98
Omega ratio: Gain probability vs. loss probability	0.96	1.51	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.27	4.13	-4.40
Martin ratio: Return relative to average drawdown	-0.61	16.62	-17.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLTY.L vs. SWLD.L - Sharpe Ratio Comparison

The current GLTY.L Sharpe Ratio is -0.24, which is lower than the SWLD.L Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of GLTY.L and SWLD.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

	GLTY.L	SWLD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.24	2.70	-2.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	1.00	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.92	-0.10

Drawdowns

GLTY.L vs. SWLD.L - Drawdown Comparison

The maximum GLTY.L drawdown since its inception was -23.61%, smaller than the maximum SWLD.L drawdown of -25.85%. Use the drawdown chart below to compare losses from any high point for GLTY.L and SWLD.L.

Drawdown Indicators

	GLTY.L	SWLD.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.61%	-25.85%	+2.24%
Max Drawdown (1Y) Largest decline over 1 year	-6.40%	-6.57%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-7.96%	-18.65%	+10.69%
Max Drawdown (5Y) Largest decline over 5 years	-23.61%	-18.65%	-4.96%
Max Drawdown (10Y) Largest decline over 10 years	-23.61%	—	—
Current Drawdown Current decline from peak	-6.57%	-0.28%	-6.29%
Average Drawdown Average peak-to-trough decline	-3.92%	-3.17%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	1.64%	+1.15%

Volatility

GLTY.L vs. SWLD.L - Volatility Comparison

SPDR Bloomberg UK Gilt UCITS ETF (GLTY.L) has a higher volatility of 2.87% compared to SPDR MSCI World UCITS ETF (SWLD.L) at 2.52%. This indicates that GLTY.L's price experiences larger fluctuations and is considered to be riskier than SWLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLTY.L	SWLD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.52%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	5.51%	7.23%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	6.94%	10.11%	-3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	135.35%	13.21%	+122.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	251.64%	15.26%	+236.38%

GLTY.L vs. SWLD.L - Expense Ratio Comparison

GLTY.L has a 0.15% expense ratio, which is higher than SWLD.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GLTY.L vs. SWLD.L - Dividend Comparison

Neither GLTY.L nor SWLD.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLTY.L SPDR Bloomberg UK Gilt UCITS ETF	0.00%	1.74%	2.72%	74.77%	114.99%	84.01%	106.35%	119.69%	125.98%	157.59%	81.07%	1.87%
SWLD.L SPDR MSCI World UCITS ETF	0.00%	0.00%	0.00%	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 GLTY.L and SWLD.L in my portfolio?

GLTY.L and SWLD.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLTY.L or SWLD.L?

On fees, SWLD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLTY.L or SWLD.L?

SWLD.L is cheaper with a 0.12% expense ratio, compared with 0.15% for GLTY.L.

What is the main difference between GLTY.L and SWLD.L?

GLTY.L is categorized as European Government Bonds, while SWLD.L is Global Equities. GLTY.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while SWLD.L tracks MSCI ACWI NR USD. Their fees differ too: 0.15% for GLTY.L and 0.12% for SWLD.L.