IUAE.L vs. IUAA.L

Last updated Jul 18, 2026

IUAE.L (iShares US Aggregate Bond UCITS ETF EUR Hedged (Acc)) and IUAA.L (iShares US Aggregate Bond UCITS ETF USD Acc) are both Total Bond Market funds from iShares - IUAE.L tracks the Bloomberg U.S. Aggregate Bond Index while IUAA.L tracks the Bloomberg US Aggregate Bond Index. Both are passively managed. Over the past 5 years, IUAE.L returned -2.39%/yr vs 0.30%/yr for IUAA.L. At a 0.36 correlation, their price movements are largely independent. IUAE.L charges 0.30%/yr vs 0.25%/yr for IUAA.L.

Performance

IUAE.L vs. IUAA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares US Aggregate Bond UCITS ETF EUR Hedged (Acc) (IUAE.L) and iShares US Aggregate Bond UCITS ETF USD Acc (IUAA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IUAE.L is traded in EUR, while IUAA.L is traded in USD. To make them comparable, the IUAA.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, IUAE.L achieves a -1.23% return, which is significantly lower than IUAA.L's 2.51% return.

IUAE.L

• 1D: 0.21%
• 1M: -0.82%
• 6M: -1.03%
• YTD: -1.23%
• 1Y: 1.91%
• 3Y*: 1.50%
• 5Y*: -2.39%
• 10Y*: —

IUAA.L

• 1D: 0.21%
• 1M: 0.03%
• 6M: 1.40%
• YTD: 2.51%
• 1Y: 5.60%
• 3Y*: 2.91%
• 5Y*: 0.30%
• 10Y*: —

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

IUAE.L vs. IUAA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IUAE.L iShares US Aggregate Bond UCITS ETF EUR Hedged (Acc)	-1.23%	4.73%	-0.64%	2.65%	-15.00%	-2.82%	5.50%	5.75%	-1.04%
IUAA.L iShares US Aggregate Bond UCITS ETF USD Acc	2.51%	-5.45%	7.81%	1.82%	-7.42%	5.31%	-1.74%	11.12%	8.98%

Correlation

The correlation between IUAE.L and IUAA.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018	0.36

The correlation between IUAE.L and IUAA.L shifts across timeframes, from 0.23 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IUAE.L vs. IUAA.L — Risk / Return Rank

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

IUAE.L

IUAE.L Risk / Return Rank: 18
IUAE.L Sharpe Ratio Rank: 19
IUAE.L Sortino Ratio Rank: 18
IUAE.L Omega Ratio Rank: 17
IUAE.L Calmar Ratio Rank: 18
IUAE.L Martin Ratio Rank: 19

IUAA.L

IUAA.L Risk / Return Rank: 33
IUAA.L Sharpe Ratio Rank: 34
IUAA.L Sortino Ratio Rank: 33
IUAA.L Omega Ratio Rank: 33
IUAA.L Calmar Ratio Rank: 33
IUAA.L Martin Ratio Rank: 33

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.

IUAE.L vs. IUAA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares US Aggregate Bond UCITS ETF EUR Hedged (Acc) (IUAE.L) and iShares US Aggregate Bond UCITS ETF USD Acc (IUAA.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IUAE.L	IUAA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.46	0.91	-0.45
Sortino ratio: Return per unit of downside risk	0.71	1.31	-0.61
Omega ratio: Gain probability vs. loss probability	1.08	1.16	-0.08
Calmar ratio: Return relative to maximum drawdown	0.55	1.39	-0.84
Martin ratio: Return relative to average drawdown	1.44	3.81	-2.38

IUAE.L vs. IUAA.L - Sharpe Ratio Comparison

The current IUAE.L Sharpe Ratio is 0.46, which is lower than the IUAA.L Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of IUAE.L and IUAA.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.

Drawdowns

IUAE.L vs. IUAA.L - Drawdown Comparison

The maximum IUAE.L drawdown since its inception was -22.73%, which is greater than IUAA.L's maximum drawdown of -15.74%. Use the drawdown chart below to compare losses from any high point for IUAE.L and IUAA.L.

Drawdown Indicators

	IUAE.L	IUAA.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.73%	-15.74%	-6.99%
Max Drawdown (1Y) Largest decline over 1 year	-3.45%	-4.00%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-6.30%	-11.10%	+4.80%
Max Drawdown (5Y) Largest decline over 5 years	-21.15%	-12.60%	-8.55%
Current Drawdown Current decline from peak	-13.77%	-6.42%	-7.35%
Average Drawdown Average peak-to-trough decline	-9.19%	-7.53%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	1.46%	-0.13%

Volatility

IUAE.L vs. IUAA.L - Volatility Comparison

The current volatility for iShares US Aggregate Bond UCITS ETF EUR Hedged (Acc) (IUAE.L) is 1.25%, while iShares US Aggregate Bond UCITS ETF USD Acc (IUAA.L) has a volatility of 1.41%. This indicates that IUAE.L experiences smaller price fluctuations and is considered to be less risky than IUAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUAE.L	IUAA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.41%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	4.75%	-1.57%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	6.16%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.16%	8.37%	-2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.51%	8.09%	-2.58%

IUAE.L vs. IUAA.L - Expense Ratio Comparison

IUAE.L has a 0.30% expense ratio, which is higher than IUAA.L's 0.25% expense ratio.

Dividends

IUAE.L vs. IUAA.L - Dividend Comparison

Neither IUAE.L nor IUAA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IUAE.L and IUAA.L in my portfolio?

IUAE.L and IUAA.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IUAE.L or IUAA.L?

On fees, IUAA.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IUAE.L or IUAA.L?

IUAA.L is cheaper with a 0.25% expense ratio, compared with 0.30% for IUAE.L.

What is the main difference between IUAE.L and IUAA.L?

IUAE.L tracks Bloomberg U.S. Aggregate Bond Index, while IUAA.L tracks Bloomberg US Aggregate Bond Index. Their fees differ too: 0.30% for IUAE.L and 0.25% for IUAA.L.