SAAA.L vs. FGOV.L
SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) and FGOV.L (First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist) are both Global Bonds funds - SAAA.L tracks the Bloomberg Global Aggregate TR USD while FGOV.L tracks the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, SAAA.L returned -1.97%/yr vs 0.91%/yr for FGOV.L. At a 0.30 correlation, their price movements are largely independent. SAAA.L charges 0.20%/yr vs 0.45%/yr for FGOV.L.
Performance
SAAA.L vs. FGOV.L - Performance Comparison
Loading charts...
Different Trading Currencies
SAAA.L is traded in GBP, while FGOV.L is traded in GBp. To make them comparable, the FGOV.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SAAA.L achieves a 0.29% return, which is significantly lower than FGOV.L's 1.28% return.
SAAA.L
- 1D
- 0.19%
- 1M
- 0.80%
- YTD
- 0.29%
- 6M
- 0.21%
- 1Y
- 3.05%
- 3Y*
- 1.29%
- 5Y*
- -1.97%
- 10Y*
- 0.39%
FGOV.L
- 1D
- 0.01%
- 1M
- 0.62%
- YTD
- 1.28%
- 6M
- 1.34%
- 1Y
- 4.02%
- 3Y*
- 4.70%
- 5Y*
- 0.91%
- 10Y*
- —
SAAA.L vs. FGOV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 0.29% | 2.96% | -3.46% | 2.32% | -11.40% | -6.94% | -1.38% |
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 1.28% | 5.31% | 3.51% | 6.01% | -7.49% | -6.11% | 0.70% |
Correlation
The correlation between SAAA.L and FGOV.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2020 | 0.30 |
The correlation between SAAA.L and FGOV.L shifts across timeframes, from 0.18 (1 year) to 0.31 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SAAA.L vs. FGOV.L — Risk / Return Rank
SAAA.L
FGOV.L
SAAA.L vs. FGOV.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) and First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.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.
| SAAA.L | FGOV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.47 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 2.29 | -1.50 |
| Martin ratioReturn relative to average drawdown | 1.74 | 7.91 | -6.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SAAA.L | FGOV.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 2.23 | -1.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 0.28 | -0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.05 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.13 | -0.01 |
Drawdowns
SAAA.L vs. FGOV.L - Drawdown Comparison
The maximum SAAA.L drawdown since its inception was -24.70%, which is greater than FGOV.L's maximum drawdown of -14.18%. Use the drawdown chart below to compare losses from any high point for SAAA.L and FGOV.L.
Loading charts...
Drawdown Indicators
| SAAA.L | FGOV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.70% | -14.18% | -10.52% |
Max Drawdown (1Y)Largest decline over 1 year | -3.83% | -1.74% | -2.09% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -1.74% | -3.94% |
Max Drawdown (5Y)Largest decline over 5 years | -18.85% | -11.94% | -6.91% |
Max Drawdown (10Y)Largest decline over 10 years | -24.70% | — | — |
Current DrawdownCurrent decline from peak | -18.59% | -0.19% | -18.40% |
Average DrawdownAverage peak-to-trough decline | -9.88% | -6.05% | -3.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 0.51% | +1.24% |
Volatility
SAAA.L vs. FGOV.L - Volatility Comparison
iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) has a higher volatility of 1.36% compared to First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist (FGOV.L) at 0.80%. This indicates that SAAA.L's price experiences larger fluctuations and is considered to be riskier than FGOV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SAAA.L | FGOV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 0.80% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 1.60% | +1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 1.80% | +2.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.75% | 3.30% | +3.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 3.18% | +4.68% |
SAAA.L vs. FGOV.L - Expense Ratio Comparison
SAAA.L has a 0.20% expense ratio, which is lower than FGOV.L's 0.45% expense ratio.
Dividends
SAAA.L vs. FGOV.L - Dividend Comparison
SAAA.L's dividend yield for the trailing twelve months is around 2.68%, less than FGOV.L's 3.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGOV.L First Trust Low Duration Global Government Bond UCITS ETF GBP Hedged dist | 3.07% | 2.82% | 2.27% | 1.86% | 1.01% | 1.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 2.68% | 2.48% | 2.34% | 1.57% | 0.76% | 0.48% | 0.61% | 0.89% | 0.87% | 0.81% | 0.83% | 1.06% |
Frequently Asked Questions
SAAA.L and FGOV.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SAAA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SAAA.L is cheaper with a 0.20% expense ratio, compared with 0.45% for FGOV.L.
SAAA.L tracks Bloomberg Global Aggregate TR USD, while FGOV.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.20% for SAAA.L and 0.45% for FGOV.L.
Find the right allocation for SAAA.L and FGOV.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer