GOVP.L vs. SWDA.L
GOVP.L (iShares $ Treasury Bond UCITS ETF) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - GOVP.L is a Government Bonds fund tracking the iShares $ Treasury Bond UCITS ETF, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 5 years, GOVP.L returned -1.21%/yr vs 12.11%/yr for SWDA.L. At a correlation of -0.09, they often move in opposite directions. GOVP.L charges 0.10%/yr vs 0.20%/yr for SWDA.L.
Performance
GOVP.L vs. SWDA.L - Performance Comparison
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Different Trading Currencies
GOVP.L is traded in GBP, while SWDA.L is traded in GBp. To make them comparable, the SWDA.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GOVP.L achieves a -0.39% return, which is significantly lower than SWDA.L's 9.95% return.
GOVP.L
- 1D
- -0.22%
- 1M
- -0.45%
- 6M
- -0.39%
- YTD
- -0.39%
- 1Y
- 3.25%
- 3Y*
- 2.60%
- 5Y*
- -1.21%
- 10Y*
- —
SWDA.L
- 1D
- -0.55%
- 1M
- -0.21%
- 6M
- 8.73%
- YTD
- 9.95%
- 1Y
- 21.07%
- 3Y*
- 17.79%
- 5Y*
- 12.11%
- 10Y*
- 12.77%
GOVP.L vs. SWDA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GOVP.L iShares $ Treasury Bond UCITS ETF | -0.39% | 6.04% | 0.48% | 2.90% | -13.18% | -2.61% | 7.02% | -0.20% |
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 9.95% | 12.64% | 21.11% | 17.59% | -8.33% | 23.64% | 12.25% | 0.74% |
Correlation
The correlation between GOVP.L and SWDA.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2019 | -0.09 |
The correlation between GOVP.L and SWDA.L shifts across timeframes, from -0.09 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GOVP.L vs. SWDA.L — Risk / Return Rank
GOVP.L
SWDA.L
GOVP.L vs. SWDA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond UCITS ETF (GOVP.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.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.
| GOVP.L | SWDA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.37 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 3.20 | -2.11 |
| Martin ratioReturn relative to average drawdown | 2.81 | 12.47 | -9.66 |
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Drawdowns
GOVP.L vs. SWDA.L - Drawdown Comparison
The maximum GOVP.L drawdown since its inception was -20.62%, smaller than the maximum SWDA.L drawdown of -41.70%. Use the drawdown chart below to compare losses from any high point for GOVP.L and SWDA.L.
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Drawdown Indicators
| GOVP.L | SWDA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.62% | -41.70% | +21.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.96% | -6.55% | +3.59% |
Max Drawdown (3Y)Largest decline over 3 years | -5.29% | -18.50% | +13.21% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -18.50% | +0.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.58% | — |
Current DrawdownCurrent decline from peak | -9.71% | -1.05% | -8.66% |
Average DrawdownAverage peak-to-trough decline | -9.87% | -9.44% | -0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 1.69% | -0.54% |
Volatility
GOVP.L vs. SWDA.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond UCITS ETF (GOVP.L) is 1.14%, while iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) has a volatility of 2.61%. This indicates that GOVP.L experiences smaller price fluctuations and is considered to be less risky than SWDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVP.L | SWDA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 2.61% | -1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 7.86% | -5.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 10.57% | -6.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.76% | 13.36% | -7.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 14.50% | -8.97% |
GOVP.L vs. SWDA.L - Expense Ratio Comparison
GOVP.L has a 0.10% expense ratio, which is lower than SWDA.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
GOVP.L vs. SWDA.L - Dividend Comparison
GOVP.L's dividend yield for the trailing twelve months is around 3.97%, while SWDA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GOVP.L iShares $ Treasury Bond UCITS ETF | 3.97% | 3.96% | 3.89% | 3.08% | 1.49% | 0.85% | 1.32% |
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GOVP.L and SWDA.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GOVP.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GOVP.L is cheaper with a 0.10% expense ratio, compared with 0.20% for SWDA.L.
GOVP.L is categorized as Government Bonds, while SWDA.L is Global Equities. GOVP.L tracks iShares $ Treasury Bond UCITS ETF, while SWDA.L tracks MSCI World Index. Their fees differ too: 0.10% for GOVP.L and 0.20% for SWDA.L.
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