IGLH.L vs. GLAU.L

Last updated Jun 5, 2026

IGLH.L (iShares Global Government Bond UCITS ETF GBP Hedged (Dist)) and GLAU.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged) are both Global Bonds funds - IGLH.L tracks the Bloomberg Global Aggregate TR Hdg GBP while GLAU.L tracks the Bloomberg Global Aggregate TR Hdg USD. Both are passively managed. Over the past 5 years, IGLH.L returned -1.16%/yr vs 1.80%/yr for GLAU.L. At a 0.10 correlation, their price movements are largely independent. IGLH.L charges 0.25%/yr vs 0.10%/yr for GLAU.L.

Performance

IGLH.L vs. GLAU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Global Government Bond UCITS ETF GBP Hedged (Dist) (IGLH.L) and SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (GLAU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IGLH.L is traded in GBP, while GLAU.L is traded in USD. To make them comparable, the GLAU.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, IGLH.L achieves a 2.41% return, which is significantly higher than GLAU.L's 0.82% return.

IGLH.L

• 1D: -0.30%
• 1M: 0.13%
• YTD: 2.41%
• 6M: -0.35%
• 1Y: 1.81%
• 3Y*: 2.04%
• 5Y*: -1.16%
• 10Y*: —

GLAU.L

• 1D: 0.25%
• 1M: 1.48%
• YTD: 0.82%
• 6M: 0.02%
• 1Y: 4.45%
• 3Y*: 1.60%
• 5Y*: 1.80%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IGLH.L vs. GLAU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IGLH.L iShares Global Government Bond UCITS ETF GBP Hedged (Dist)	2.41%	0.63%	0.79%	4.70%	-13.61%	-2.47%	5.04%	5.48%	1.03%
GLAU.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged	0.82%	-2.83%	5.39%	0.30%	-1.66%	0.35%	1.56%	5.41%	4.93%

Correlation

The correlation between IGLH.L and GLAU.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018	0.10

Return for Risk

IGLH.L vs. GLAU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IGLH.L

IGLH.L Risk / Return Rank: 15
IGLH.L Sharpe Ratio Rank: 14
IGLH.L Sortino Ratio Rank: 13
IGLH.L Omega Ratio Rank: 15
IGLH.L Calmar Ratio Rank: 16
IGLH.L Martin Ratio Rank: 16

GLAU.L

GLAU.L Risk / Return Rank: 37
GLAU.L Sharpe Ratio Rank: 36
GLAU.L Sortino Ratio Rank: 37
GLAU.L Omega Ratio Rank: 36
GLAU.L Calmar Ratio Rank: 40
GLAU.L Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IGLH.L vs. GLAU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Government Bond UCITS ETF GBP Hedged (Dist) (IGLH.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.

	IGLH.L	GLAU.L	Difference
Sharpe ratio: Return per unit of total volatility	0.33	0.78	-0.45
Sortino ratio: Return per unit of downside risk	0.50	1.15	-0.65
Omega ratio: Gain probability vs. loss probability	1.08	1.15	-0.07
Calmar ratio: Return relative to maximum drawdown	0.52	1.05	-0.52
Martin ratio: Return relative to average drawdown	1.55	2.39	-0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGLH.L vs. GLAU.L - Sharpe Ratio Comparison

The current IGLH.L Sharpe Ratio is 0.33, which is lower than the GLAU.L Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of IGLH.L and GLAU.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IGLH.L	GLAU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	0.78	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.21	0.37	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.39	-0.32

Drawdowns

IGLH.L vs. GLAU.L - Drawdown Comparison

The maximum IGLH.L drawdown since its inception was -18.45%, which is greater than GLAU.L's maximum drawdown of -13.01%. Use the drawdown chart below to compare losses from any high point for IGLH.L and GLAU.L.

Drawdown Indicators

	IGLH.L	GLAU.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.45%	-13.01%	-5.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-5.67%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	-4.52%	-8.88%	+4.36%
Max Drawdown (5Y) Largest decline over 5 years	-16.90%	-12.52%	-4.38%
Current Drawdown Current decline from peak	-9.40%	-4.88%	-4.52%
Average Drawdown Average peak-to-trough decline	-7.36%	-6.32%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	5.38%	-4.24%

Volatility

IGLH.L vs. GLAU.L - Volatility Comparison

The current volatility for iShares Global Government Bond UCITS ETF GBP Hedged (Dist) (IGLH.L) is 1.54%, while SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (GLAU.L) has a volatility of 1.86%. This indicates that IGLH.L experiences smaller price fluctuations and is considered to be less risky than GLAU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGLH.L	GLAU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	1.86%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	4.80%	5.44%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	5.35%	7.59%	-2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.43%	11.16%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	12.92%	-8.17%

IGLH.L vs. GLAU.L - Expense Ratio Comparison

IGLH.L has a 0.25% 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

IGLH.L vs. GLAU.L - Dividend Comparison

IGLH.L's dividend yield for the trailing twelve months is around 2.98%, less than GLAU.L's 3.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
IGLH.L iShares Global Government Bond UCITS ETF GBP Hedged (Dist)	2.98%	2.91%	2.33%	1.40%	0.73%	0.55%	0.97%	1.19%	0.32%

Frequently Asked Questions

Can I hold both IGLH.L and GLAU.L in my portfolio?

IGLH.L and GLAU.L have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IGLH.L or GLAU.L?

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.

Which ETF is cheaper, IGLH.L or GLAU.L?

GLAU.L is cheaper with a 0.10% expense ratio, compared with 0.25% for IGLH.L.

What is the main difference between IGLH.L and GLAU.L?

IGLH.L tracks Bloomberg Global Aggregate TR Hdg GBP, while GLAU.L tracks Bloomberg Global Aggregate TR Hdg USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for IGLH.L and 0.10% for GLAU.L.