HBKS.L vs. GGOV.L
HBKS.L (HSBC Global Sukuk UCITS ETF C USD) and GGOV.L (Amundi Index J.P. Morgan GBI Global Govies) are both Global Bonds funds - HBKS.L tracks the FTSE IdealRatings Sukuk Index while GGOV.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past year, HBKS.L returned 8.31% vs 1.75% for GGOV.L. A 0.60 correlation means they provide meaningful diversification when combined. HBKS.L charges 0.40%/yr vs 0.10%/yr for GGOV.L.
Performance
HBKS.L vs. GGOV.L - Performance Comparison
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Different Trading Currencies
HBKS.L is traded in GBP, while GGOV.L is traded in GBp. To make them comparable, the GGOV.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, HBKS.L achieves a 2.76% return, which is significantly higher than GGOV.L's 0.01% return.
HBKS.L
- 1D
- 0.00%
- 1M
- 1.95%
- YTD
- 2.76%
- 6M
- 2.68%
- 1Y
- 8.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GGOV.L
- 1D
- -0.23%
- 1M
- 0.88%
- YTD
- 0.01%
- 6M
- 0.37%
- 1Y
- 1.75%
- 3Y*
- -0.20%
- 5Y*
- -2.27%
- 10Y*
- —
HBKS.L vs. GGOV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HBKS.L HSBC Global Sukuk UCITS ETF C USD | 2.76% | -0.34% | 4.48% | -18.32% |
GGOV.L Amundi Index J.P. Morgan GBI Global Govies | 0.01% | -1.23% | -1.81% | 4.05% |
Correlation
The correlation between HBKS.L and GGOV.L is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2023 | 0.60 |
The correlation between HBKS.L and GGOV.L has been stable across timeframes, ranging from 0.58 to 0.60 - a consistent structural relationship.
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Return for Risk
HBKS.L vs. GGOV.L — Risk / Return Rank
HBKS.L
GGOV.L
HBKS.L vs. GGOV.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC Global Sukuk UCITS ETF C USD (HBKS.L) and Amundi Index J.P. Morgan GBI Global Govies (GGOV.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.
| HBKS.L | GGOV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.03 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 0.18 | +0.13 |
| Martin ratioReturn relative to average drawdown | 0.41 | 0.34 | +0.07 |
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Drawdowns
HBKS.L vs. GGOV.L - Drawdown Comparison
The maximum HBKS.L drawdown since its inception was -26.89%, roughly equal to the maximum GGOV.L drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for HBKS.L and GGOV.L.
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Drawdown Indicators
| HBKS.L | GGOV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.89% | -25.96% | -0.93% |
Max Drawdown (1Y)Largest decline over 1 year | -26.89% | -4.67% | -22.22% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.48% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.48% | — |
Current DrawdownCurrent decline from peak | -23.41% | -24.09% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -18.97% | -16.37% | -2.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.33% | 2.57% | +17.76% |
Volatility
HBKS.L vs. GGOV.L - Volatility Comparison
HSBC Global Sukuk UCITS ETF C USD (HBKS.L) has a higher volatility of 1.81% compared to Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) at 1.26%. This indicates that HBKS.L's price experiences larger fluctuations and is considered to be riskier than GGOV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HBKS.L | GGOV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 1.26% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 5.28% | 3.51% | +1.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.09% | 4.72% | +36.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.82% | 19.46% | +8.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.82% | 15.65% | +12.17% |
HBKS.L vs. GGOV.L - Expense Ratio Comparison
HBKS.L has a 0.40% expense ratio, which is higher than GGOV.L's 0.10% expense ratio.
Dividends
HBKS.L vs. GGOV.L - Dividend Comparison
Neither HBKS.L nor GGOV.L has paid dividends to shareholders.
Frequently Asked Questions
HBKS.L and GGOV.L have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GGOV.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GGOV.L is cheaper with a 0.10% expense ratio, compared with 0.40% for HBKS.L.
HBKS.L tracks FTSE IdealRatings Sukuk Index, while GGOV.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.40% for HBKS.L and 0.10% for GGOV.L.
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