IGLO.L vs. GAAA.L
IGLO.L (iShares Global Government Bond UCITS) and GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) are both Global Bonds funds from iShares tracking the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, IGLO.L returned -3.35%/yr vs -3.02%/yr for GAAA.L. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
IGLO.L vs. GAAA.L - Performance Comparison
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Returns By Period
In the year-to-date period, IGLO.L achieves a -1.63% return, which is significantly lower than GAAA.L's 0.12% return.
IGLO.L
- 1D
- 0.19%
- 1M
- -0.07%
- YTD
- -1.63%
- 6M
- -1.00%
- 1Y
- -0.09%
- 3Y*
- 1.45%
- 5Y*
- -3.35%
- 10Y*
- -0.82%
GAAA.L
- 1D
- 0.20%
- 1M
- -0.00%
- YTD
- 0.12%
- 6M
- 0.69%
- 1Y
- 1.91%
- 3Y*
- 3.95%
- 5Y*
- -3.02%
- 10Y*
- —
IGLO.L vs. GAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IGLO.L iShares Global Government Bond UCITS | -1.63% | 7.14% | -3.65% | 4.00% | -17.69% | -6.89% | 9.38% | 5.53% | 0.57% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.12% | 10.43% | -5.07% | 8.26% | -20.61% | -8.76% | 12.37% | 4.92% | -1.16% |
Correlation
The correlation between IGLO.L and GAAA.L is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.86 |
The correlation between IGLO.L and GAAA.L has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.
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Return for Risk
IGLO.L vs. GAAA.L — Risk / Return Rank
IGLO.L
GAAA.L
IGLO.L vs. GAAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Government Bond UCITS (IGLO.L) and iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.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.
| IGLO.L | GAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.05 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.37 | -0.39 |
| Martin ratioReturn relative to average drawdown | -0.05 | 0.98 | -1.03 |
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
| IGLO.L | GAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.02 | 0.26 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.34 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.12 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | -0.07 | +0.19 |
Drawdowns
IGLO.L vs. GAAA.L - Drawdown Comparison
The maximum IGLO.L drawdown since its inception was -28.01%, smaller than the maximum GAAA.L drawdown of -33.06%. Use the drawdown chart below to compare losses from any high point for IGLO.L and GAAA.L.
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Drawdown Indicators
| IGLO.L | GAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.01% | -33.06% | +5.05% |
Max Drawdown (1Y)Largest decline over 1 year | -4.28% | -5.08% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -7.93% | -10.29% | +2.36% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -30.55% | +4.67% |
Max Drawdown (10Y)Largest decline over 10 years | -28.01% | — | — |
Current DrawdownCurrent decline from peak | -19.08% | -17.69% | -1.39% |
Average DrawdownAverage peak-to-trough decline | -8.75% | -13.80% | +5.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 1.95% | -0.28% |
Volatility
IGLO.L vs. GAAA.L - Volatility Comparison
The current volatility for iShares Global Government Bond UCITS (IGLO.L) is 2.20%, while iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a volatility of 2.52%. This indicates that IGLO.L experiences smaller price fluctuations and is considered to be less risky than GAAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGLO.L | GAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 2.52% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 5.61% | -1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.89% | 7.23% | -1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.46% | 8.91% | -1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.66% | 7.96% | -1.30% |
IGLO.L vs. GAAA.L - Expense Ratio Comparison
Both IGLO.L and GAAA.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
IGLO.L vs. GAAA.L - Dividend Comparison
IGLO.L's dividend yield for the trailing twelve months is around 3.09%, while GAAA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAAA.L iShares Global AAA-AA Govt Bond 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% |
IGLO.L iShares Global Government Bond UCITS | 3.09% | 2.86% | 2.51% | 1.47% | 0.78% | 0.63% | 0.99% | 1.21% | 1.07% | 0.93% | 1.09% | 0.60% |
Frequently Asked Questions
IGLO.L and GAAA.L have a correlation of 0.89, 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.
IGLO.L and GAAA.L have the same expense ratio: 0.20% per year.
Both ETFs track Bloomberg Global Aggregate TR USD.
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