IUAE.L vs. IUGA.L

Last updated Jul 18, 2026

IUAE.L (iShares US Aggregate Bond UCITS ETF EUR Hedged (Acc)) and IUGA.L (iShares US Aggregate Bond UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - IUAE.L is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while IUGA.L is a Intermediate Core Bond fund tracking the Bloomberg US Aggregate Bond (GBP Hedged) Index. Both are passively managed. Over the past 5 years, IUAE.L returned -2.39%/yr vs -0.77%/yr for IUGA.L. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.30% expense ratio.

Performance

IUAE.L vs. IUGA.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 GBP Hedged (Dist) (IUGA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IUAE.L is traded in EUR, while IUGA.L is traded in GBP. To make them comparable, the IUGA.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 IUGA.L's 2.41% 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*: —

IUGA.L

• 1D: 0.06%
• 1M: 1.29%
• 6M: 1.96%
• YTD: 2.41%
• 1Y: 5.56%
• 3Y*: 3.63%
• 5Y*: -0.77%
• 10Y*: —

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

IUAE.L vs. IUGA.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%
IUGA.L iShares US Aggregate Bond UCITS ETF GBP Hedged (Dist)	2.41%	1.14%	5.81%	6.24%	-18.37%	4.20%	0.30%	13.67%	-3.09%

Correlation

The correlation between IUAE.L and IUGA.L is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018	0.52

The correlation between IUAE.L and IUGA.L shifts across timeframes, from 0.51 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IUAE.L vs. IUGA.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

IUGA.L

IUGA.L Risk / Return Rank: 34
IUGA.L Sharpe Ratio Rank: 34
IUGA.L Sortino Ratio Rank: 33
IUGA.L Omega Ratio Rank: 33
IUGA.L Calmar Ratio Rank: 36
IUGA.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.

IUAE.L vs. IUGA.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 GBP Hedged (Dist) (IUGA.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	IUGA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.46	1.03	-0.57
Sortino ratio: Return per unit of downside risk	0.71	1.49	-0.78
Omega ratio: Gain probability vs. loss probability	1.08	1.18	-0.10
Calmar ratio: Return relative to maximum drawdown	0.55	2.13	-1.58
Martin ratio: Return relative to average drawdown	1.44	5.15	-3.72

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

The current IUAE.L Sharpe Ratio is 0.46, which is lower than the IUGA.L Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of IUAE.L and IUGA.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. IUGA.L - Drawdown Comparison

The maximum IUAE.L drawdown since its inception was -22.73%, which is greater than IUGA.L's maximum drawdown of -21.07%. Use the drawdown chart below to compare losses from any high point for IUAE.L and IUGA.L.

Drawdown Indicators

	IUAE.L	IUGA.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.73%	-21.07%	-1.66%
Max Drawdown (1Y) Largest decline over 1 year	-3.45%	-2.60%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-6.30%	-7.15%	+0.85%
Max Drawdown (5Y) Largest decline over 5 years	-21.15%	-21.07%	-0.08%
Current Drawdown Current decline from peak	-13.77%	-5.24%	-8.53%
Average Drawdown Average peak-to-trough decline	-9.19%	-7.35%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	1.08%	+0.25%

Volatility

IUAE.L vs. IUGA.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 GBP Hedged (Dist) (IUGA.L) has a volatility of 1.33%. This indicates that IUAE.L experiences smaller price fluctuations and is considered to be less risky than IUGA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUAE.L	IUGA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.33%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	3.74%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	5.42%	-1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.16%	8.33%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.51%	8.65%	-3.14%

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

Both IUAE.L and IUGA.L have an expense ratio of 0.30%.

Dividends

IUAE.L vs. IUGA.L - Dividend Comparison

IUAE.L has not paid dividends to shareholders, while IUGA.L's dividend yield for the trailing twelve months is around 3.86%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IUAE.L iShares US Aggregate Bond UCITS ETF EUR Hedged (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IUGA.L iShares US Aggregate Bond UCITS ETF GBP Hedged (Dist)	3.86%	3.68%	3.51%	2.96%	2.25%	1.65%	2.05%	2.64%	1.45%

Frequently Asked Questions

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

IUAE.L and IUGA.L have a correlation of 0.51, 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 IUGA.L?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

IUAE.L and IUGA.L have the same expense ratio: 0.30% per year.

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

IUAE.L is categorized as Total Bond Market, while IUGA.L is Intermediate Core Bond. IUAE.L tracks Bloomberg U.S. Aggregate Bond Index, while IUGA.L tracks Bloomberg US Aggregate Bond (GBP Hedged) Index.