HBKS.L vs. GLAD.L

Last updated Jun 5, 2026

HBKS.L (HSBC Global Sukuk UCITS ETF C USD) and GLAD.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)) are both Global Bonds funds - HBKS.L tracks the FTSE IdealRatings Sukuk Index while GLAD.L tracks the Bloomberg Global Aggregate TR Hdg USD. Both are passively managed. Over the past year, HBKS.L returned 5.15% vs 4.48% for GLAD.L. A 0.68 correlation means they provide meaningful diversification when combined. HBKS.L charges 0.40%/yr vs 0.10%/yr for GLAD.L.

Performance

HBKS.L vs. GLAD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC Global Sukuk UCITS ETF C USD (HBKS.L) and SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HBKS.L is traded in GBP, while GLAD.L is traded in USD. To make them comparable, the GLAD.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 0.69% return, which is significantly lower than GLAD.L's 0.95% return.

HBKS.L

• 1D: 0.31%
• 1M: 1.44%
• YTD: 0.69%
• 6M: -0.75%
• 1Y: 5.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLAD.L

• 1D: 0.15%
• 1M: 1.06%
• YTD: 0.95%
• 6M: 0.02%
• 1Y: 4.48%
• 3Y*: 1.54%
• 5Y*: 1.74%
• 10Y*: —

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

HBKS.L vs. GLAD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HBKS.L HSBC Global Sukuk UCITS ETF C USD	0.69%	-0.34%	4.48%	1.79%
GLAD.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)	0.91%	-2.74%	5.03%	2.95%

Correlation

The correlation between HBKS.L and GLAD.L is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.68

The correlation between HBKS.L and GLAD.L shifts across timeframes, from 0.57 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HBKS.L vs. GLAD.L — Risk / Return Rank

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

HBKS.L

HBKS.L Risk / Return Rank: 21
HBKS.L Sharpe Ratio Rank: 22
HBKS.L Sortino Ratio Rank: 21
HBKS.L Omega Ratio Rank: 20
HBKS.L Calmar Ratio Rank: 22
HBKS.L Martin Ratio Rank: 19

GLAD.L

GLAD.L Risk / Return Rank: 31
GLAD.L Sharpe Ratio Rank: 31
GLAD.L Sortino Ratio Rank: 30
GLAD.L Omega Ratio Rank: 30
GLAD.L Calmar Ratio Rank: 31
GLAD.L Martin Ratio Rank: 31

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.

HBKS.L vs. GLAD.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 SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.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.

	HBKS.L	GLAD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.73	0.69	+0.04
Sortino ratio: Return per unit of downside risk	1.10	1.05	+0.05
Omega ratio: Gain probability vs. loss probability	1.13	1.13	0.00
Calmar ratio: Return relative to maximum drawdown	0.96	0.77	+0.19
Martin ratio: Return relative to average drawdown	2.08	1.89	+0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBKS.L vs. GLAD.L - Sharpe Ratio Comparison

The current HBKS.L Sharpe Ratio is 0.73, which is comparable to the GLAD.L Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of HBKS.L and GLAD.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

	HBKS.L	GLAD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	0.69	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.01	+0.34

Drawdowns

HBKS.L vs. GLAD.L - Drawdown Comparison

The maximum HBKS.L drawdown since its inception was -8.09%, smaller than the maximum GLAD.L drawdown of -16.50%. Use the drawdown chart below to compare losses from any high point for HBKS.L and GLAD.L.

Drawdown Indicators

	HBKS.L	GLAD.L	Difference
Max Drawdown Largest peak-to-trough decline	-8.09%	-16.50%	+8.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.33%	-5.81%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.63%	—
Current Drawdown Current decline from peak	-2.83%	-7.81%	+4.98%
Average Drawdown Average peak-to-trough decline	-2.41%	-9.44%	+7.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	2.37%	+0.09%

Volatility

HBKS.L vs. GLAD.L - Volatility Comparison

HSBC Global Sukuk UCITS ETF C USD (HBKS.L) has a higher volatility of 1.91% compared to SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) at 1.77%. This indicates that HBKS.L's price experiences larger fluctuations and is considered to be riskier than GLAD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBKS.L	GLAD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	1.77%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	5.27%	5.10%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	7.00%	6.43%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.93%	8.58%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	8.84%	-1.91%

HBKS.L vs. GLAD.L - Expense Ratio Comparison

HBKS.L has a 0.40% expense ratio, which is higher than GLAD.L's 0.10% expense ratio.

Dividends

HBKS.L vs. GLAD.L - Dividend Comparison

Neither HBKS.L nor GLAD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HBKS.L and GLAD.L in my portfolio?

HBKS.L and GLAD.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBKS.L or GLAD.L?

On fees, GLAD.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBKS.L or GLAD.L?

GLAD.L is cheaper with a 0.10% expense ratio, compared with 0.40% for HBKS.L.

What is the main difference between HBKS.L and GLAD.L?

HBKS.L tracks FTSE IdealRatings Sukuk Index, while GLAD.L tracks Bloomberg Global Aggregate TR Hdg USD. They also come from different issuers: HSBC and State Street. Their fees differ too: 0.40% for HBKS.L and 0.10% for GLAD.L.