IGLO.L vs. GLAD.L
IGLO.L (iShares Global Government Bond UCITS) and GLAD.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)) are both Global Bonds funds - IGLO.L tracks the Bloomberg Global Aggregate TR USD while GLAD.L tracks the Bloomberg Global Aggregate TR Hdg USD. Both are passively managed. Over the past 5 years, IGLO.L returned -3.35%/yr vs 0.65%/yr for GLAD.L. A 0.78 correlation means they provide meaningful diversification when combined. IGLO.L charges 0.20%/yr vs 0.10%/yr for GLAD.L.
Performance
IGLO.L vs. GLAD.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 GLAD.L's 0.54% 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%
GLAD.L
- 1D
- 0.15%
- 1M
- 0.14%
- YTD
- 0.54%
- 6M
- 0.72%
- 1Y
- 3.48%
- 3Y*
- 4.15%
- 5Y*
- 0.65%
- 10Y*
- —
IGLO.L vs. GLAD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IGLO.L iShares Global Government Bond UCITS | -1.63% | 7.14% | -3.65% | 4.00% | -17.69% | -6.89% | 9.38% | -0.30% |
GLAD.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) | 0.54% | 4.72% | 3.23% | 6.73% | -11.24% | -1.59% | 5.21% | -0.04% |
Correlation
The correlation between IGLO.L and GLAD.L is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2019 | 0.78 |
The correlation between IGLO.L and GLAD.L has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.
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Return for Risk
IGLO.L vs. GLAD.L — Risk / Return Rank
IGLO.L
GLAD.L
IGLO.L vs. GLAD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Government Bond UCITS (IGLO.L) and SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.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 | GLAD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.20 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 1.51 | -1.53 |
| Martin ratioReturn relative to average drawdown | -0.05 | 4.60 | -4.65 |
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
| IGLO.L | GLAD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.02 | 1.09 | -1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.15 | -0.59 |
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 | 0.23 | -0.10 |
Drawdowns
IGLO.L vs. GLAD.L - Drawdown Comparison
The maximum IGLO.L drawdown since its inception was -28.01%, which is greater than GLAD.L's maximum drawdown of -15.20%. Use the drawdown chart below to compare losses from any high point for IGLO.L and GLAD.L.
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Drawdown Indicators
| IGLO.L | GLAD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.01% | -15.20% | -12.81% |
Max Drawdown (1Y)Largest decline over 1 year | -4.28% | -2.30% | -1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -7.93% | -3.78% | -4.15% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -15.05% | -10.83% |
Max Drawdown (10Y)Largest decline over 10 years | -28.01% | — | — |
Current DrawdownCurrent decline from peak | -19.08% | -1.01% | -18.07% |
Average DrawdownAverage peak-to-trough decline | -8.75% | -4.55% | -4.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 0.76% | +0.91% |
Volatility
IGLO.L vs. GLAD.L - Volatility Comparison
iShares Global Government Bond UCITS (IGLO.L) has a higher volatility of 2.20% compared to SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) at 1.38%. This indicates that IGLO.L's price experiences larger fluctuations and is considered to be riskier than GLAD.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 | GLAD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 1.38% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 2.63% | +1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.89% | 3.19% | +2.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.46% | 4.48% | +2.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.66% | 4.27% | +2.39% |
IGLO.L vs. GLAD.L - Expense Ratio Comparison
IGLO.L has a 0.20% expense ratio, which is higher than GLAD.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
IGLO.L vs. GLAD.L - Dividend Comparison
IGLO.L's dividend yield for the trailing twelve months is around 3.09%, while GLAD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLAD.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (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 GLAD.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLAD.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLAD.L is cheaper with a 0.10% expense ratio, compared with 0.20% for IGLO.L.
IGLO.L tracks Bloomberg Global Aggregate TR USD, while GLAD.L tracks Bloomberg Global Aggregate TR Hdg USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for IGLO.L and 0.10% for GLAD.L.
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