IAAA.L vs. IGLN.L
IAAA.L (iShares Global AAA-AA Government Bond UCITS) and IGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - IAAA.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, while IGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, IAAA.L returned -0.36%/yr vs 13.42%/yr for IGLN.L. At a 0.32 correlation, their price movements are largely independent. IAAA.L charges 0.20%/yr vs 0.25%/yr for IGLN.L.
Performance
IAAA.L vs. IGLN.L - Performance Comparison
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Returns By Period
In the year-to-date period, IAAA.L achieves a 0.13% return, which is significantly lower than IGLN.L's 3.70% return. Over the past 10 years, IAAA.L has underperformed IGLN.L with an annualized return of -0.36%, while IGLN.L has yielded a comparatively higher 13.42% annualized 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%
IGLN.L
- 1D
- 0.68%
- 1M
- -2.35%
- YTD
- 3.70%
- 6M
- 6.03%
- 1Y
- 32.37%
- 3Y*
- 31.55%
- 5Y*
- 18.61%
- 10Y*
- 13.42%
IAAA.L vs. IGLN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | -2.34% | 9.35% |
IGLN.L iShares Physical Gold ETC | 3.70% | 64.92% | 26.14% | 13.44% | -0.09% | -4.03% | 24.16% | 18.28% | -1.31% | 11.67% |
Correlation
The correlation between IAAA.L and IGLN.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.32 |
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Return for Risk
IAAA.L vs. IGLN.L — Risk / Return Rank
IAAA.L
IGLN.L
IAAA.L vs. IGLN.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 iShares Physical Gold ETC (IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.25 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 1.86 | -1.09 |
| Martin ratioReturn relative to average drawdown | 1.90 | 4.79 | -2.89 |
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 | IGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.36 | 1.30 | -0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | 1.07 | -1.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | 0.86 | -0.92 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.46 | -0.53 |
Drawdowns
IAAA.L vs. IGLN.L - Drawdown Comparison
The maximum IAAA.L drawdown since its inception was -32.79%, smaller than the maximum IGLN.L drawdown of -45.24%. Use the drawdown chart below to compare losses from any high point for IAAA.L and IGLN.L.
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Drawdown Indicators
| IAAA.L | IGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.79% | -45.24% | +12.45% |
Max Drawdown (1Y)Largest decline over 1 year | -4.11% | -17.36% | +13.25% |
Max Drawdown (3Y)Largest decline over 3 years | -10.21% | -17.36% | +7.15% |
Max Drawdown (5Y)Largest decline over 5 years | -30.57% | -21.15% | -9.42% |
Max Drawdown (10Y)Largest decline over 10 years | -32.79% | -21.15% | -11.64% |
Current DrawdownCurrent decline from peak | -17.30% | -15.66% | -1.64% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -19.80% | +9.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 6.74% | -4.76% |
Volatility
IAAA.L vs. IGLN.L - Volatility Comparison
The current volatility for iShares Global AAA-AA Government Bond UCITS (IAAA.L) is 2.59%, while iShares Physical Gold ETC (IGLN.L) has a volatility of 6.36%. This indicates that IAAA.L experiences smaller price fluctuations and is considered to be less risky than IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 6.36% | -3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 21.73% | -15.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 24.78% | -15.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 17.36% | -6.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.36% | 15.54% | -6.18% |
IAAA.L vs. IGLN.L - Expense Ratio Comparison
IAAA.L has a 0.20% expense ratio, which is lower than IGLN.L's 0.25% expense ratio. Despite the difference, 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. IGLN.L - Dividend Comparison
IAAA.L's dividend yield for the trailing twelve months is around 2.69%, while IGLN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IGLN.L iShares Physical Gold ETC | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IAAA.L and IGLN.L have a correlation of 0.34, 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 0.25% for IGLN.L.
IAAA.L is categorized as Global Bonds, while IGLN.L is Gold. IAAA.L tracks Bloomberg Global Aggregate TR USD, while IGLN.L tracks LBMA Gold Price. Their fees differ too: 0.20% for IAAA.L and 0.25% for IGLN.L.
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