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MACG.L vs. GIN.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MACG.L vs. GIN.L

Last updated Jun 4, 2026

MACG.L (BlackRock ESG Multi-Asset Conservative Portfolio UCITS ETF GBP Hedged (Acc)) and GIN.L (SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Dist) are both Diversified Portfolio funds - MACG.L tracks the Morningstar UK Mod Caut Tgt Alloc NR GBP while GIN.L tracks the Morningstar EAA USD Mod Tgt Alloc NR USD. Both are passively managed. Over the past 5 years, MACG.L returned 2.21%/yr vs 2.27%/yr for GIN.L. At a 0.32 correlation, their price movements are largely independent. MACG.L charges 0.25%/yr vs 0.40%/yr for GIN.L.

Performance

MACG.L vs. GIN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in BlackRock ESG Multi-Asset Conservative Portfolio UCITS ETF GBP Hedged (Acc) (MACG.L) and SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Dist (GIN.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MACG.L achieves a 4.32% return, which is significantly higher than GIN.L's 3.01% return.

MACG.L

1D
-0.02%
1M
1.99%
YTD
4.32%
6M
5.03%
1Y
9.48%
3Y*
6.69%
5Y*
2.21%
10Y*
—

GIN.L

1D
0.14%
1M
-0.30%
YTD
3.01%
6M
2.73%
1Y
8.77%
3Y*
4.16%
5Y*
2.27%
10Y*
33.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MACG.L vs. GIN.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
MACG.L
BlackRock ESG Multi-Asset Conservative Portfolio UCITS ETF GBP Hedged (Acc)		4.32%6.37%5.38%6.25%-12.51%3.80%2.03%
GIN.L
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Dist		3.01%3.55%2.09%1.50%-3.30%1,062.98%0.33%

Correlation

The correlation between MACG.L and GIN.L is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.07

Correlation (3Y)
Calculated over the trailing 3-year period

0.28

Correlation (5Y)
Calculated over the trailing 5-year period

0.32

Correlation (All Time)
Calculated using the full available price history since Sep 17, 2020

0.32

Over the past year, the correlation between MACG.L and GIN.L has dropped to 0.07 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

MACG.L vs. GIN.L - Sectors Allocation Comparison

Sectors
MACG.L
GIN.L

Technology

31.8%
0.3%

Financial Services

14.6%
0.1%

Industrials

10.5%
38.1%

Consumer Cyclical

9.1%
0.2%

Communication Services

9.0%
1.1%

Healthcare

8.1%
3.9%

Utilities

4.6%
41.4%

Consumer Defensive

3.8%
0.0%

Energy

3.6%
12.1%

Basic Materials

2.7%
0.0%

Real Estate

2.1%
2.9%

Technology

MACG.L
31.8%
GIN.L
0.3%

Financial Services

MACG.L
14.6%
GIN.L
0.1%

Industrials

MACG.L
10.5%
GIN.L
38.1%

Consumer Cyclical

MACG.L
9.1%
GIN.L
0.2%

Communication Services

MACG.L
9.0%
GIN.L
1.1%

Healthcare

MACG.L
8.1%
GIN.L
3.9%

Utilities

MACG.L
4.6%
GIN.L
41.4%

Consumer Defensive

MACG.L
3.8%
GIN.L
0.0%

Energy

MACG.L
3.6%
GIN.L
12.1%

Basic Materials

MACG.L
2.7%
GIN.L
0.0%

Real Estate

MACG.L
2.1%
GIN.L
2.9%

Compare stocks, funds, or ETFs

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BlackRock ESG Multi-Asset Conservative Portfolio UCITS ETF GBP Hedged (Acc)

SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Dist

Often compared with MACG.L:
MACG.L vs. SWDA.LMACG.L vs. MAMG.LMACG.L vs. MAGG.LMACG.L vs. FEQT.NEOMACG.L vs. ISAC.LMACG.L vs. CNDX.LMACG.L vs. IWDA.L
Often compared with GIN.L:
GIN.L vs. GBPG.LGIN.L vs. INFRGIN.L vs. SWDA.LGIN.L vs. IGFGIN.L vs. DGROGIN.L vs. HMWO.LGIN.L vs. ISCG

Return for Risk

MACG.L vs. GIN.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MACG.L
MACG.L Risk / Return Rank: 6363
Overall Rank
MACG.L Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
MACG.L Sortino Ratio Rank: 7272
Sortino Ratio Rank
MACG.L Omega Ratio Rank: 7070
Omega Ratio Rank
MACG.L Calmar Ratio Rank: 4949
Calmar Ratio Rank
MACG.L Martin Ratio Rank: 6161
Martin Ratio Rank
GIN.L
GIN.L Risk / Return Rank: 3131
Overall Rank
GIN.L Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
GIN.L Sortino Ratio Rank: 2828
Sortino Ratio Rank
GIN.L Omega Ratio Rank: 2828
Omega Ratio Rank
GIN.L Calmar Ratio Rank: 3939
Calmar Ratio Rank
GIN.L Martin Ratio Rank: 3131
Martin Ratio Rank
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.

MACG.L vs. GIN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock ESG Multi-Asset Conservative Portfolio UCITS ETF GBP Hedged (Acc) (MACG.L) and SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Dist (GIN.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.

MACG.LGIN.LDifference
Sharpe ratioReturn per unit of total volatility
2.04
1.07

+0.97

Sortino ratioReturn per unit of downside risk
3.22
1.55

+1.67

Omega ratioGain probability vs. loss probability

1.42

1.19

+0.22

Calmar ratioReturn relative to maximum drawdown

2.38

1.94

+0.44

Martin ratioReturn relative to average drawdown

10.95

4.45

+6.50

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MACG.L vs. GIN.L - Sharpe Ratio Comparison

The current MACG.L Sharpe Ratio is 2.04, which is higher than the GIN.L Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of MACG.L and GIN.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.

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Sharpe Ratios by Period

MACG.LGIN.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.04

1.07

+0.97

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.24

+0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.11

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.10

+0.40

Drawdowns

MACG.L vs. GIN.L - Drawdown Comparison

The maximum MACG.L drawdown since its inception was -14.85%, smaller than the maximum GIN.L drawdown of -15.71%. Use the drawdown chart below to compare losses from any high point for MACG.L and GIN.L.

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Drawdown Indicators

MACG.LGIN.LDifference

Max Drawdown

Largest peak-to-trough decline

-14.85%

-15.71%

+0.86%

Max Drawdown (1Y)

Largest decline over 1 year

-3.97%

-4.51%

+0.54%

Max Drawdown (3Y)

Largest decline over 3 years

-3.97%

-7.63%

+3.66%

Max Drawdown (5Y)

Largest decline over 5 years

-14.85%

-12.40%

-2.45%

Max Drawdown (10Y)

Largest decline over 10 years

—

-15.71%

—

Current Drawdown

Current decline from peak

-0.16%

-3.76%

+3.60%

Average Drawdown

Average peak-to-trough decline

-4.77%

-3.87%

-0.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.86%

1.97%

-1.11%

Volatility

MACG.L vs. GIN.L - Volatility Comparison

The current volatility for BlackRock ESG Multi-Asset Conservative Portfolio UCITS ETF GBP Hedged (Acc) (MACG.L) is 1.79%, while SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Dist (GIN.L) has a volatility of 1.92%. This indicates that MACG.L experiences smaller price fluctuations and is considered to be less risky than GIN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MACG.LGIN.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.79%

1.92%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

4.08%

6.37%

-2.29%

Volatility (1Y)

Calculated over the trailing 1-year period

4.63%

8.17%

-3.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.17%

9.56%

-4.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.01%

311.55%

-306.54%

MACG.L vs. GIN.L - Expense Ratio Comparison

MACG.L has a 0.25% expense ratio, which is lower than GIN.L's 0.40% expense ratio.

Dividends

MACG.L vs. GIN.L - Dividend Comparison

Neither MACG.L nor GIN.L has paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GIN.L
SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Dist		0.00%0.00%0.00%2.80%2.47%87.32%2.23%2.37%2.16%2.30%2.17%1.81%
MACG.L
BlackRock ESG Multi-Asset Conservative Portfolio UCITS ETF GBP 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%

Frequently Asked Questions

MACG.L and GIN.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

MACG.L is cheaper with a 0.25% expense ratio, compared with 0.40% for GIN.L.

MACG.L tracks Morningstar UK Mod Caut Tgt Alloc NR GBP, while GIN.L tracks Morningstar EAA USD Mod Tgt Alloc NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for MACG.L and 0.40% for GIN.L.

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