SAAA.L vs. GAAA.L
SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) and GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) are both Global Bonds funds from iShares tracking the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, SAAA.L returned -1.97%/yr vs -1.98%/yr for GAAA.L. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
SAAA.L vs. GAAA.L - Performance Comparison
Loading charts...
Different Trading Currencies
SAAA.L is traded in GBP, while GAAA.L is traded in USD. To make them comparable, the GAAA.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 GAAA.L's 0.53% 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%
GAAA.L
- 1D
- 0.20%
- 1M
- 0.92%
- YTD
- 0.53%
- 6M
- -0.01%
- 1Y
- 2.89%
- 3Y*
- 1.34%
- 5Y*
- -1.98%
- 10Y*
- —
SAAA.L vs. GAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 0.29% | 2.96% | -3.46% | 2.32% | -11.40% | -6.94% | 8.12% | 1.61% | 1.97% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.53% | 2.56% | -3.42% | 2.85% | -11.17% | -7.89% | 9.07% | 0.93% | 2.21% |
Correlation
The correlation between SAAA.L and GAAA.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018 | 0.77 |
The correlation between SAAA.L and GAAA.L shifts across timeframes, from 0.67 (1 year) to 0.78 (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. GAAA.L — Risk / Return Rank
SAAA.L
GAAA.L
SAAA.L vs. GAAA.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 iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.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 | GAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.08 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.80 | -0.01 |
| Martin ratioReturn relative to average drawdown | 1.74 | 1.60 | +0.13 |
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 | GAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.48 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | -0.25 | -0.04 |
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 | -0.09 | +0.21 |
Drawdowns
SAAA.L vs. GAAA.L - Drawdown Comparison
The maximum SAAA.L drawdown since its inception was -24.70%, roughly equal to the maximum GAAA.L drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for SAAA.L and GAAA.L.
Loading charts...
Drawdown Indicators
| SAAA.L | GAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.70% | -24.49% | -0.21% |
Max Drawdown (1Y)Largest decline over 1 year | -3.83% | -3.62% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -5.86% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -18.85% | -19.04% | +0.19% |
Max Drawdown (10Y)Largest decline over 10 years | -24.70% | — | — |
Current DrawdownCurrent decline from peak | -18.59% | -18.20% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -9.88% | -12.61% | +2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.80% | -0.05% |
Volatility
SAAA.L vs. GAAA.L - Volatility Comparison
The current volatility for iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) is 1.36%, while iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a volatility of 2.22%. This indicates that SAAA.L experiences smaller price fluctuations and is considered to be less risky than GAAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SAAA.L | GAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 2.22% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 5.00% | -1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 5.97% | -1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.75% | 7.86% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 7.94% | -0.08% |
SAAA.L vs. GAAA.L - Expense Ratio Comparison
Both SAAA.L and GAAA.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SAAA.L vs. GAAA.L - Dividend Comparison
SAAA.L's dividend yield for the trailing twelve months is around 2.68%, while GAAA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (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% |
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 GAAA.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SAAA.L and GAAA.L have the same expense ratio: 0.20% per year.
Both ETFs track Bloomberg Global Aggregate TR USD.
Find the right allocation for SAAA.L and GAAA.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