GOVG.L vs. SGLO.L
GOVG.L (Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D)) and SGLO.L (iShares Global Government Bond UCITS ETF USD (Dist)) are both Global Bonds funds - GOVG.L tracks the Bloomberg Global Aggregate TR Hdg GBP while SGLO.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 3 years, GOVG.L returned 0.19%/yr vs -0.41%/yr for SGLO.L. A 0.54 correlation means they provide meaningful diversification when combined. GOVG.L charges 0.15%/yr vs 0.20%/yr for SGLO.L.
Performance
GOVG.L vs. SGLO.L - Performance Comparison
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Different Trading Currencies
GOVG.L is traded in GBp, while SGLO.L is traded in GBP. To make them comparable, the SGLO.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, GOVG.L achieves a -0.17% return, which is significantly higher than SGLO.L's -0.79% return.
GOVG.L
- 1D
- -0.29%
- 1M
- -0.27%
- YTD
- -0.17%
- 6M
- -2.59%
- 1Y
- -0.71%
- 3Y*
- 0.19%
- 5Y*
- —
- 10Y*
- —
SGLO.L
- 1D
- -0.11%
- 1M
- 0.41%
- YTD
- -0.79%
- 6M
- -1.34%
- 1Y
- 1.82%
- 3Y*
- -0.41%
- 5Y*
- -1.81%
- 10Y*
- 0.35%
GOVG.L vs. SGLO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOVG.L Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) | -0.17% | 0.76% | -0.52% | 2.69% | -14.37% | -0.98% |
SGLO.L iShares Global Government Bond UCITS ETF USD (Dist) | -0.79% | 0.31% | -1.33% | -1.35% | -7.72% | -0.91% |
Correlation
The correlation between GOVG.L and SGLO.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jul 28, 2021 | 0.54 |
The correlation between GOVG.L and SGLO.L shifts across timeframes, from 0.46 (1 year) to 0.56 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GOVG.L vs. SGLO.L — Risk / Return Rank
GOVG.L
SGLO.L
GOVG.L vs. SGLO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) (GOVG.L) and iShares Global Government Bond UCITS ETF USD (Dist) (SGLO.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.
| GOVG.L | SGLO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.07 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 0.45 | -0.59 |
| Martin ratioReturn relative to average drawdown | -0.28 | 0.90 | -1.18 |
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
| GOVG.L | SGLO.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.14 | 0.37 | -0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.24 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.04 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | 0.19 | -0.73 |
Drawdowns
GOVG.L vs. SGLO.L - Drawdown Comparison
The maximum GOVG.L drawdown since its inception was -17.52%, smaller than the maximum SGLO.L drawdown of -25.55%. Use the drawdown chart below to compare losses from any high point for GOVG.L and SGLO.L.
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Drawdown Indicators
| GOVG.L | SGLO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.52% | -25.55% | +8.03% |
Max Drawdown (1Y)Largest decline over 1 year | -4.41% | -4.26% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -5.40% | -5.41% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.48% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.55% | — |
Current DrawdownCurrent decline from peak | -13.83% | -22.83% | +9.00% |
Average DrawdownAverage peak-to-trough decline | -11.97% | -10.09% | -1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 2.14% | +0.02% |
Volatility
GOVG.L vs. SGLO.L - Volatility Comparison
Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) (GOVG.L) has a higher volatility of 1.50% compared to iShares Global Government Bond UCITS ETF USD (Dist) (SGLO.L) at 1.24%. This indicates that GOVG.L's price experiences larger fluctuations and is considered to be riskier than SGLO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVG.L | SGLO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | 1.24% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.74% | 3.88% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.27% | 5.24% | -0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.14% | 7.47% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 8.77% | -3.63% |
GOVG.L vs. SGLO.L - Expense Ratio Comparison
GOVG.L has a 0.15% expense ratio, which is lower than SGLO.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
GOVG.L vs. SGLO.L - Dividend Comparison
GOVG.L has not paid dividends to shareholders, while SGLO.L's dividend yield for the trailing twelve months is around 4.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVG.L Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SGLO.L iShares Global Government Bond UCITS ETF USD (Dist) | 4.16% | 3.86% | 3.15% | 1.87% | 0.95% | 0.85% | 1.35% | 1.60% | 1.37% | 1.26% | 1.34% | 0.89% |
Frequently Asked Questions
GOVG.L and SGLO.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GOVG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GOVG.L is cheaper with a 0.15% expense ratio, compared with 0.20% for SGLO.L.
GOVG.L tracks Bloomberg Global Aggregate TR Hdg GBP, while SGLO.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.15% for GOVG.L and 0.20% for SGLO.L.
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