SAAA.L vs. GAGG.L
SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) and GAGG.L (Amundi Index Barclays Global Agg 500M) are both Global Bonds funds tracking the Bloomberg Global Aggregate TR USD, from iShares and Amundi respectively. Both are passively managed. Over the past 5 years, SAAA.L returned -1.97%/yr vs -0.76%/yr for GAGG.L. Their correlation of 0.86 suggests significant overlap in exposure. SAAA.L charges 0.20%/yr vs 0.03%/yr for GAGG.L.
Performance
SAAA.L vs. GAGG.L - Performance Comparison
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Different Trading Currencies
SAAA.L is traded in GBP, while GAGG.L is traded in GBp. To make them comparable, the GAGG.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 higher than GAGG.L's 0.08% 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%
GAGG.L
- 1D
- 0.15%
- 1M
- 1.11%
- YTD
- 0.08%
- 6M
- -0.06%
- 1Y
- 3.13%
- 3Y*
- 0.64%
- 5Y*
- -0.76%
- 10Y*
- —
SAAA.L vs. GAGG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 2.74% | -0.16% |
GAGG.L Amundi Index Barclays Global Agg 500M | 0.08% | 0.42% | 0.19% | -0.73% | -5.96% | -3.91% | 5.63% | 2.75% | 4.95% | -1.16% |
Correlation
The correlation between SAAA.L and GAGG.L is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2017 | 0.86 |
The correlation between SAAA.L and GAGG.L shifts across timeframes, from 0.68 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SAAA.L vs. GAGG.L — Risk / Return Rank
SAAA.L
GAGG.L
SAAA.L vs. GAGG.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 Amundi Index Barclays Global Agg 500M (GAGG.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 | GAGG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.11 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.84 | -0.04 |
| Martin ratioReturn relative to average drawdown | 1.74 | 1.75 | -0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SAAA.L | GAGG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.66 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | -0.12 | -0.18 |
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 | 0.03 | +0.10 |
Drawdowns
SAAA.L vs. GAGG.L - Drawdown Comparison
The maximum SAAA.L drawdown since its inception was -24.70%, which is greater than GAGG.L's maximum drawdown of -19.47%. Use the drawdown chart below to compare losses from any high point for SAAA.L and GAGG.L.
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Drawdown Indicators
| SAAA.L | GAGG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.70% | -19.47% | -5.23% |
Max Drawdown (1Y)Largest decline over 1 year | -3.83% | -3.73% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -4.94% | -0.74% |
Max Drawdown (5Y)Largest decline over 5 years | -18.85% | -14.17% | -4.68% |
Max Drawdown (10Y)Largest decline over 10 years | -24.70% | — | — |
Current DrawdownCurrent decline from peak | -18.59% | -14.03% | -4.56% |
Average DrawdownAverage peak-to-trough decline | -9.88% | -9.68% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.78% | -0.03% |
Volatility
SAAA.L vs. GAGG.L - Volatility Comparison
iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) has a higher volatility of 1.36% compared to Amundi Index Barclays Global Agg 500M (GAGG.L) at 1.19%. This indicates that SAAA.L's price experiences larger fluctuations and is considered to be riskier than GAGG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAAA.L | GAGG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.19% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 3.47% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 4.70% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.75% | 6.55% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 7.17% | +0.69% |
SAAA.L vs. GAGG.L - Expense Ratio Comparison
SAAA.L has a 0.20% expense ratio, which is higher than GAGG.L's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SAAA.L vs. GAGG.L - Dividend Comparison
SAAA.L's dividend yield for the trailing twelve months is around 2.68%, while GAGG.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAGG.L Amundi Index Barclays Global Agg 500M | 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 GAGG.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GAGG.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GAGG.L is cheaper with a 0.03% expense ratio, compared with 0.20% for SAAA.L.
Both ETFs track Bloomberg Global Aggregate TR USD. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.20% for SAAA.L and 0.03% for GAGG.L.
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