IAAA.L vs. HBKS.L
IAAA.L (iShares Global AAA-AA Government Bond UCITS) and HBKS.L (HSBC Global Sukuk UCITS ETF C USD) are both Global Bonds funds - IAAA.L tracks the Bloomberg Global Aggregate TR USD while HBKS.L tracks the FTSE IdealRatings Sukuk Index. Both are passively managed. Over the past year, IAAA.L returned 2.00% vs 4.14% for HBKS.L. At a 0.09 correlation, their price movements are largely independent. IAAA.L charges 0.20%/yr vs 0.40%/yr for HBKS.L.
Performance
IAAA.L vs. HBKS.L - Performance Comparison
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Different Trading Currencies
IAAA.L is traded in USD, while HBKS.L is traded in GBP. To make them comparable, the HBKS.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 lower than HBKS.L's 0.44% 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%
HBKS.L
- 1D
- 0.36%
- 1M
- 0.74%
- YTD
- 0.44%
- 6M
- 0.30%
- 1Y
- 4.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IAAA.L vs. HBKS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IAAA.L iShares Global AAA-AA Government Bond UCITS | 0.13% | 10.70% | -5.21% | 8.64% |
HBKS.L HSBC Global Sukuk UCITS ETF C USD | 0.44% | 7.18% | 2.74% | 3.71% |
Correlation
The correlation between IAAA.L and HBKS.L is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023 | 0.09 |
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Return for Risk
IAAA.L vs. HBKS.L — Risk / Return Rank
IAAA.L
HBKS.L
IAAA.L vs. HBKS.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 HSBC Global Sukuk UCITS ETF C USD (HBKS.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 | HBKS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.12 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 1.04 | -0.27 |
| Martin ratioReturn relative to average drawdown | 1.90 | 3.55 | -1.65 |
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 | HBKS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.36 | 0.69 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | — | — |
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 | 0.99 | -1.06 |
Drawdowns
IAAA.L vs. HBKS.L - Drawdown Comparison
The maximum IAAA.L drawdown since its inception was -32.79%, which is greater than HBKS.L's maximum drawdown of -3.97%. Use the drawdown chart below to compare losses from any high point for IAAA.L and HBKS.L.
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Drawdown Indicators
| IAAA.L | HBKS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.79% | -3.97% | -28.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.11% | -3.97% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -10.21% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -30.57% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.79% | — | — |
Current DrawdownCurrent decline from peak | -17.30% | -1.56% | -15.74% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -0.89% | -9.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.16% | +0.82% |
Volatility
IAAA.L vs. HBKS.L - Volatility Comparison
iShares Global AAA-AA Government Bond UCITS (IAAA.L) has a higher volatility of 2.59% compared to HSBC Global Sukuk UCITS ETF C USD (HBKS.L) at 2.14%. This indicates that IAAA.L's price experiences larger fluctuations and is considered to be riskier than HBKS.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 | HBKS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 2.14% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 5.03% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 5.95% | +2.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 5.18% | +6.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.36% | 5.18% | +4.18% |
IAAA.L vs. HBKS.L - Expense Ratio Comparison
IAAA.L has a 0.20% expense ratio, which is lower than HBKS.L's 0.40% expense ratio.
Dividends
IAAA.L vs. HBKS.L - Dividend Comparison
IAAA.L's dividend yield for the trailing twelve months is around 2.69%, while HBKS.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HBKS.L HSBC Global Sukuk UCITS ETF C USD | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 HBKS.L have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IAAA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IAAA.L is cheaper with a 0.20% expense ratio, compared with 0.40% for HBKS.L.
IAAA.L tracks Bloomberg Global Aggregate TR USD, while HBKS.L tracks FTSE IdealRatings Sukuk Index. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.20% for IAAA.L and 0.40% for HBKS.L.
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