IAAA.L vs. GLAU.L
IAAA.L (iShares Global AAA-AA Government Bond UCITS) and GLAU.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged) are both Global Bonds funds - IAAA.L tracks the Bloomberg Global Aggregate TR USD while GLAU.L tracks the Bloomberg Global Aggregate TR Hdg USD. Both are passively managed. Over the past 5 years, IAAA.L returned -3.01%/yr vs 0.73%/yr for GLAU.L. At a 0.27 correlation, their price movements are largely independent. IAAA.L charges 0.20%/yr vs 0.10%/yr for GLAU.L.
Performance
IAAA.L vs. GLAU.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IAAA.L achieves a 0.13% return, which is significantly lower than GLAU.L's 0.41% return.
IAAA.L
- 1D
- 0.19%
- 1M
- 0.02%
- YTD
- 0.13%
- 6M
- 1.27%
- 1Y
- 2.00%
- 3Y*
- 3.96%
- 5Y*
- -3.01%
- 10Y*
- -0.36%
GLAU.L
- 1D
- 0.25%
- 1M
- 0.56%
- YTD
- 0.41%
- 6M
- 0.72%
- 1Y
- 3.45%
- 3Y*
- 4.27%
- 5Y*
- 0.73%
- 10Y*
- —
IAAA.L vs. GLAU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IAAA.L iShares Global AAA-AA Government Bond UCITS | 0.13% | 10.70% | -5.21% | 8.69% | -21.12% | -8.15% | 12.09% | 4.75% | -0.45% |
GLAU.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged | 0.41% | 4.62% | 3.58% | 6.07% | -11.13% | -1.01% | 5.46% | 7.95% | 1.58% |
Correlation
The correlation between IAAA.L and GLAU.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018 | 0.27 |
The correlation between IAAA.L and GLAU.L shifts across timeframes, from 0.27 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IAAA.L vs. GLAU.L — Risk / Return Rank
IAAA.L
GLAU.L
IAAA.L vs. GLAU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global AAA-AA Government Bond UCITS (IAAA.L) and SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (GLAU.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.
| IAAA.L | GLAU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.23 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 1.95 | -1.18 |
| Martin ratioReturn relative to average drawdown | 1.90 | 5.07 | -3.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IAAA.L | GLAU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.36 | 1.28 | -0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | 0.24 | -0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.83 | -0.90 |
Drawdowns
IAAA.L vs. GLAU.L - Drawdown Comparison
The maximum IAAA.L drawdown since its inception was -32.79%, which is greater than GLAU.L's maximum drawdown of -14.72%. Use the drawdown chart below to compare losses from any high point for IAAA.L and GLAU.L.
Loading charts...
Drawdown Indicators
| IAAA.L | GLAU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.79% | -14.72% | -18.07% |
Max Drawdown (1Y)Largest decline over 1 year | -4.11% | -2.36% | -1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -10.21% | -3.11% | -7.10% |
Max Drawdown (5Y)Largest decline over 5 years | -30.57% | -14.58% | -15.99% |
Max Drawdown (10Y)Largest decline over 10 years | -32.79% | — | — |
Current DrawdownCurrent decline from peak | -17.30% | -1.01% | -16.29% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -3.48% | -7.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 0.84% | +1.14% |
Volatility
IAAA.L vs. GLAU.L - Volatility Comparison
iShares Global AAA-AA Government Bond UCITS (IAAA.L) has a higher volatility of 2.59% compared to SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (GLAU.L) at 1.56%. This indicates that IAAA.L's price experiences larger fluctuations and is considered to be riskier than GLAU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IAAA.L | GLAU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 1.56% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 2.72% | +3.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 3.61% | +5.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 6.86% | +4.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.36% | 7.03% | +2.33% |
IAAA.L vs. GLAU.L - Expense Ratio Comparison
IAAA.L has a 0.20% expense ratio, which is higher than GLAU.L's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IAAA.L vs. GLAU.L - Dividend Comparison
IAAA.L's dividend yield for the trailing twelve months is around 2.69%, less than GLAU.L's 3.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLAU.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged | 3.15% | 3.02% | 2.71% | 2.02% | 1.40% | 1.21% | 1.51% | 1.25% | 0.89% | 0.00% | 0.00% | 0.00% |
IAAA.L iShares Global AAA-AA Government Bond UCITS | 2.69% | 2.46% | 2.37% | 1.52% | 0.76% | 0.49% | 0.56% | 0.88% | 0.94% | 0.77% | 0.89% | 1.08% |
Frequently Asked Questions
IAAA.L and GLAU.L have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLAU.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLAU.L is cheaper with a 0.10% expense ratio, compared with 0.20% for IAAA.L.
IAAA.L tracks Bloomberg Global Aggregate TR USD, while GLAU.L tracks Bloomberg Global Aggregate TR Hdg USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for IAAA.L and 0.10% for GLAU.L.
Find the right allocation for IAAA.L and GLAU.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer