IAAA.L vs. GLBL.L
IAAA.L (iShares Global AAA-AA Government Bond UCITS) and GLBL.L (SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged) are both Global Bonds funds tracking the Bloomberg Global Aggregate TR USD, from iShares and State Street respectively. Both are passively managed. Over the past 5 years, IAAA.L returned -3.01%/yr vs -3.95%/yr for GLBL.L. At a 0.42 correlation, their price movements are largely independent. IAAA.L charges 0.20%/yr vs 0.10%/yr for GLBL.L.
Performance
IAAA.L vs. GLBL.L - Performance Comparison
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Different Trading Currencies
IAAA.L is traded in USD, while GLBL.L is traded in GBP. To make them comparable, the GLBL.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IAAA.L achieves a 0.13% return, which is significantly higher than GLBL.L's -1.71% 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%
GLBL.L
- 1D
- 0.16%
- 1M
- 0.01%
- YTD
- -1.71%
- 6M
- -1.04%
- 1Y
- -0.84%
- 3Y*
- 0.42%
- 5Y*
- -3.95%
- 10Y*
- —
IAAA.L vs. GLBL.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% | -4.30% |
GLBL.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged | -1.71% | 4.98% | -4.27% | 2.70% | -17.13% | -5.94% | 6.88% | 5.73% | -3.58% |
Correlation
The correlation between IAAA.L and GLBL.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2018 | 0.42 |
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Return for Risk
IAAA.L vs. GLBL.L — Risk / Return Rank
IAAA.L
GLBL.L
IAAA.L vs. GLBL.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 Barclays Global Aggregate Bond UCITS USD unhedged (GLBL.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 | GLBL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.98 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | -0.17 | +0.94 |
| Martin ratioReturn relative to average drawdown | 1.90 | -0.39 | +2.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IAAA.L | GLBL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.36 | -0.14 | +0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | -0.53 | +0.11 |
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 | -0.25 | +0.18 |
Drawdowns
IAAA.L vs. GLBL.L - Drawdown Comparison
The maximum IAAA.L drawdown since its inception was -32.79%, which is greater than GLBL.L's maximum drawdown of -28.00%. Use the drawdown chart below to compare losses from any high point for IAAA.L and GLBL.L.
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Drawdown Indicators
| IAAA.L | GLBL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.79% | -28.00% | -4.79% |
Max Drawdown (1Y)Largest decline over 1 year | -4.11% | -4.94% | +0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -10.21% | -8.16% | -2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -30.57% | -25.69% | -4.88% |
Max Drawdown (10Y)Largest decline over 10 years | -32.79% | — | — |
Current DrawdownCurrent decline from peak | -17.30% | -21.24% | +3.94% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -12.58% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 2.14% | -0.16% |
Volatility
IAAA.L vs. GLBL.L - Volatility Comparison
iShares Global AAA-AA Government Bond UCITS (IAAA.L) has a higher volatility of 2.59% compared to SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLBL.L) at 1.87%. This indicates that IAAA.L's price experiences larger fluctuations and is considered to be riskier than GLBL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAAA.L | GLBL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 1.87% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 4.56% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 6.07% | +2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 7.50% | +3.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.36% | 7.13% | +2.23% |
IAAA.L vs. GLBL.L - Expense Ratio Comparison
IAAA.L has a 0.20% expense ratio, which is higher than GLBL.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. GLBL.L - Dividend Comparison
IAAA.L's dividend yield for the trailing twelve months is around 2.69%, more than GLBL.L's 0.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLBL.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged | 0.03% | 0.03% | 0.03% | 0.02% | 0.01% | 0.01% | 0.02% | 0.02% | 0.01% | 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 GLBL.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLBL.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLBL.L is cheaper with a 0.10% expense ratio, compared with 0.20% for IAAA.L.
Both ETFs track Bloomberg Global Aggregate TR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for IAAA.L and 0.10% for GLBL.L.
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