GOVG.L vs. XBGG.L

Last updated Jun 5, 2026

GOVG.L (Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D)) and XBGG.L (Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged) are both Global Bonds funds tracking the Bloomberg Global Aggregate TR Hdg GBP, from Amundi and Xtrackers respectively. Both are passively managed. Over the past 3 years, GOVG.L returned 0.19%/yr vs 3.48%/yr for XBGG.L. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

GOVG.L vs. XBGG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) (GOVG.L) and Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged (XBGG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOVG.L achieves a -0.17% return, which is significantly lower than XBGG.L's 0.16% return.

GOVG.L

• 1D: -0.29%
• 1M: -0.27%
• YTD: -0.17%
• 6M: -2.59%
• 1Y: -0.71%
• 3Y*: 0.19%
• 5Y*: —
• 10Y*: —

XBGG.L

• 1D: 0.17%
• 1M: 0.01%
• YTD: 0.16%
• 6M: 0.51%
• 1Y: 3.18%
• 3Y*: 3.48%
• 5Y*: -0.30%
• 10Y*: 0.78%

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

GOVG.L vs. XBGG.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%
XBGG.L Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged	0.16%	4.60%	2.19%	5.74%	-13.34%	-1.19%

Correlation

The correlation between GOVG.L and XBGG.L is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jul 28, 2021	0.91

The correlation between GOVG.L and XBGG.L has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

GOVG.L vs. XBGG.L — Risk / Return Rank

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

GOVG.L

GOVG.L Risk / Return Rank: 7
GOVG.L Sharpe Ratio Rank: 8
GOVG.L Sortino Ratio Rank: 7
GOVG.L Omega Ratio Rank: 6
GOVG.L Calmar Ratio Rank: 8
GOVG.L Martin Ratio Rank: 8

XBGG.L

XBGG.L Risk / Return Rank: 26
XBGG.L Sharpe Ratio Rank: 27
XBGG.L Sortino Ratio Rank: 26
XBGG.L Omega Ratio Rank: 25
XBGG.L Calmar Ratio Rank: 25
XBGG.L Martin Ratio Rank: 25

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.

GOVG.L vs. XBGG.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 Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged (XBGG.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	XBGG.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	0.94	-1.08
Sortino ratio: Return per unit of downside risk	-0.15	1.40	-1.55
Omega ratio: Gain probability vs. loss probability	0.98	1.17	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.13	1.15	-1.28
Martin ratio: Return relative to average drawdown	-0.28	3.33	-3.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVG.L vs. XBGG.L - Sharpe Ratio Comparison

The current GOVG.L Sharpe Ratio is -0.14, which is lower than the XBGG.L Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of GOVG.L and XBGG.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

	GOVG.L	XBGG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	0.94	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.07	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	0.21	-0.76

Drawdowns

GOVG.L vs. XBGG.L - Drawdown Comparison

The maximum GOVG.L drawdown since its inception was -17.52%, roughly equal to the maximum XBGG.L drawdown of -17.06%. Use the drawdown chart below to compare losses from any high point for GOVG.L and XBGG.L.

Drawdown Indicators

	GOVG.L	XBGG.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.52%	-17.06%	-0.46%
Max Drawdown (1Y) Largest decline over 1 year	-4.41%	-2.70%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-5.40%	-3.91%	-1.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.06%	—
Current Drawdown Current decline from peak	-13.83%	-3.55%	-10.28%
Average Drawdown Average peak-to-trough decline	-11.97%	-4.80%	-7.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	0.93%	+1.23%

Volatility

GOVG.L vs. XBGG.L - Volatility Comparison

Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) (GOVG.L) and Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged (XBGG.L) have volatilities of 1.50% and 1.46%, 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.

Volatility by Period

	GOVG.L	XBGG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	1.46%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.74%	2.64%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.27%	3.29%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.14%	4.52%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	4.05%	+1.09%

GOVG.L vs. XBGG.L - Expense Ratio Comparison

Both GOVG.L and XBGG.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

GOVG.L vs. XBGG.L - Dividend Comparison

GOVG.L has not paid dividends to shareholders, while XBGG.L's dividend yield for the trailing twelve months is around 2.96%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
XBGG.L Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged	2.96%	2.93%	3.04%	2.00%	2.76%	0.79%	1.35%	1.72%	1.42%

Frequently Asked Questions

Can I hold both GOVG.L and XBGG.L in my portfolio?

GOVG.L and XBGG.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GOVG.L or XBGG.L?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GOVG.L or XBGG.L?

GOVG.L and XBGG.L have the same expense ratio: 0.15% per year.

What is the main difference between GOVG.L and XBGG.L?

Both ETFs track Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: Amundi and Xtrackers.