SAAA.L vs. IAAA.L
SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) and IAAA.L (iShares Global AAA-AA Government Bond UCITS) are both Global Bonds funds from iShares tracking the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 10 years, SAAA.L returned 0.39%/yr vs 0.38%/yr for IAAA.L. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
SAAA.L vs. IAAA.L - Performance Comparison
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Different Trading Currencies
SAAA.L is traded in GBP, while IAAA.L is traded in USD. To make them comparable, the IAAA.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 IAAA.L's 0.50% return. Both investments have delivered pretty close results over the past 10 years, with SAAA.L having a 0.39% annualized return and IAAA.L not far behind at 0.38%.
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%
IAAA.L
- 1D
- 0.19%
- 1M
- 0.94%
- YTD
- 0.50%
- 6M
- -0.28%
- 1Y
- 2.99%
- 3Y*
- 1.35%
- 5Y*
- -1.97%
- 10Y*
- 0.38%
SAAA.L vs. IAAA.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% | -0.11% |
IAAA.L iShares Global AAA-AA Government Bond UCITS | 0.50% | 3.40% | -4.06% | 2.60% | -11.38% | -7.06% | 7.58% | 1.91% | 2.58% | 0.07% |
Correlation
The correlation between SAAA.L and IAAA.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2012 | 0.55 |
The correlation between SAAA.L and IAAA.L shifts across timeframes, from 0.46 (1 year) to 0.58 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SAAA.L vs. IAAA.L — Risk / Return Rank
SAAA.L
IAAA.L
SAAA.L vs. IAAA.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 Government Bond UCITS (IAAA.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 | IAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.12 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 1.57 | -0.78 |
| Martin ratioReturn relative to average drawdown | 1.74 | 3.00 | -1.26 |
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 | IAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.70 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | -0.33 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.05 | 0.05 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.15 | -0.02 |
Drawdowns
SAAA.L vs. IAAA.L - Drawdown Comparison
The maximum SAAA.L drawdown since its inception was -24.70%, roughly equal to the maximum IAAA.L drawdown of -24.39%. Use the drawdown chart below to compare losses from any high point for SAAA.L and IAAA.L.
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Drawdown Indicators
| SAAA.L | IAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.70% | -24.39% | -0.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.83% | -3.01% | -0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -5.84% | +0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -18.85% | -18.89% | +0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -24.70% | -24.39% | -0.31% |
Current DrawdownCurrent decline from peak | -18.59% | -18.15% | -0.44% |
Average DrawdownAverage peak-to-trough decline | -9.88% | -9.49% | -0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.62% | +0.13% |
Volatility
SAAA.L vs. IAAA.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 Government Bond UCITS (IAAA.L) has a volatility of 2.31%. This indicates that SAAA.L experiences smaller price fluctuations and is considered to be less risky than IAAA.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 | IAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 2.31% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 4.89% | -1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 6.78% | -2.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.75% | 9.35% | -2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 10.23% | -2.37% |
SAAA.L vs. IAAA.L - Expense Ratio Comparison
Both SAAA.L and IAAA.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. IAAA.L - Dividend Comparison
SAAA.L's dividend yield for the trailing twelve months is around 2.68%, which matches IAAA.L's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAAA.L iShares Global AAA-AA Government Bond UCITS | 2.69% | 2.46% | 2.37% | 1.52% | 0.76% | 0.49% | 0.56% | 0.88% | 0.94% | 0.77% | 0.89% | 1.08% |
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 IAAA.L have a correlation of 0.46, 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 IAAA.L have the same expense ratio: 0.20% per year.
Both ETFs track Bloomberg Global Aggregate TR USD.
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