IAAA.L vs. IWDA.L
IAAA.L (iShares Global AAA-AA Government Bond UCITS) and IWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - IAAA.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, while IWDA.L is a Global Equities fund tracking the MSCI World Index (Net). Both are passively managed. Over the past 10 years, IAAA.L returned -0.36%/yr vs 13.07%/yr for IWDA.L. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.
Performance
IAAA.L vs. IWDA.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 IWDA.L's 9.83% return. Over the past 10 years, IAAA.L has underperformed IWDA.L with an annualized return of -0.36%, while IWDA.L has yielded a comparatively higher 13.07% 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%
IWDA.L
- 1D
- 0.10%
- 1M
- 4.07%
- YTD
- 9.83%
- 6M
- 10.98%
- 1Y
- 25.98%
- 3Y*
- 20.77%
- 5Y*
- 11.86%
- 10Y*
- 13.07%
IAAA.L vs. IWDA.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% |
IWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 9.83% | 21.03% | 19.11% | 24.27% | -18.11% | 22.19% | 16.06% | 27.13% | -9.01% | 22.77% |
Correlation
The correlation between IAAA.L and IWDA.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2012 | 0.12 |
Over the past year, IAAA.L and IWDA.L have become more correlated (0.42) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
IAAA.L vs. IWDA.L — Risk / Return Rank
IAAA.L
IWDA.L
IAAA.L vs. IWDA.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 Core MSCI World UCITS ETF USD (Acc) (IWDA.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 | IWDA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.40 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 3.11 | -2.35 |
| Martin ratioReturn relative to average drawdown | 1.90 | 13.16 | -11.26 |
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 | IWDA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.36 | 2.17 | -1.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | 0.76 | -1.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | 0.82 | -0.88 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 0.79 | -0.86 |
Drawdowns
IAAA.L vs. IWDA.L - Drawdown Comparison
The maximum IAAA.L drawdown since its inception was -32.79%, roughly equal to the maximum IWDA.L drawdown of -34.11%. Use the drawdown chart below to compare losses from any high point for IAAA.L and IWDA.L.
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Drawdown Indicators
| IAAA.L | IWDA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.79% | -34.11% | +1.32% |
Max Drawdown (1Y)Largest decline over 1 year | -4.11% | -8.31% | +4.20% |
Max Drawdown (3Y)Largest decline over 3 years | -10.21% | -16.94% | +6.73% |
Max Drawdown (5Y)Largest decline over 5 years | -30.57% | -25.88% | -4.69% |
Max Drawdown (10Y)Largest decline over 10 years | -32.79% | -34.11% | +1.32% |
Current DrawdownCurrent decline from peak | -17.30% | -0.43% | -16.87% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -4.44% | -6.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.97% | +0.01% |
Volatility
IAAA.L vs. IWDA.L - Volatility Comparison
The current volatility for iShares Global AAA-AA Government Bond UCITS (IAAA.L) is 2.59%, while iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.L) has a volatility of 3.40%. This indicates that IAAA.L experiences smaller price fluctuations and is considered to be less risky than IWDA.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 | IWDA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 3.40% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 9.19% | -3.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 11.93% | -3.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 15.68% | -4.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.36% | 15.91% | -6.55% |
IAAA.L vs. IWDA.L - Expense Ratio Comparison
Both IAAA.L and IWDA.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IAAA.L vs. IWDA.L - Dividend Comparison
IAAA.L's dividend yield for the trailing twelve months is around 2.69%, while IWDA.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% |
IWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 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 IWDA.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IAAA.L and IWDA.L have the same expense ratio: 0.20% per year.
IAAA.L is categorized as Global Bonds, while IWDA.L is Global Equities. IAAA.L tracks Bloomberg Global Aggregate TR USD, while IWDA.L tracks MSCI World Index (Net).
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