SAAA.L vs. SWDA.L
SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - SAAA.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR USD, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 10 years, SAAA.L returned 0.39%/yr vs 13.91%/yr for SWDA.L. At a 0.13 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.
Performance
SAAA.L vs. SWDA.L - Performance Comparison
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Different Trading Currencies
SAAA.L is traded in GBP, while SWDA.L is traded in GBp. To make them comparable, the SWDA.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 SWDA.L's 10.08% return. Over the past 10 years, SAAA.L has underperformed SWDA.L with an annualized return of 0.39%, while SWDA.L has yielded a comparatively higher 13.91% annualized 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%
SWDA.L
- 1D
- 0.15%
- 1M
- 5.12%
- YTD
- 10.08%
- 6M
- 10.35%
- 1Y
- 27.25%
- 3Y*
- 17.68%
- 5Y*
- 13.06%
- 10Y*
- 13.91%
SAAA.L vs. SWDA.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% |
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 10.08% | 12.64% | 21.11% | 17.59% | -8.33% | 23.64% | 12.25% | 23.03% | -3.78% | 11.78% |
Correlation
The correlation between SAAA.L and SWDA.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.13 |
The correlation between SAAA.L and SWDA.L shifts across timeframes, from 0.09 (5 years) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SAAA.L vs. SWDA.L — Risk / Return Rank
SAAA.L
SWDA.L
SAAA.L vs. SWDA.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 Core MSCI World UCITS ETF USD (Acc) (SWDA.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 | SWDA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.68 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.51 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 4.14 | -3.35 |
| Martin ratioReturn relative to average drawdown | 1.74 | 16.55 | -14.82 |
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 | SWDA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 2.66 | -1.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 0.98 | -1.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.05 | 0.96 | -0.91 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.88 | -0.76 |
Drawdowns
SAAA.L vs. SWDA.L - Drawdown Comparison
The maximum SAAA.L drawdown since its inception was -24.70%, roughly equal to the maximum SWDA.L drawdown of -25.58%. Use the drawdown chart below to compare losses from any high point for SAAA.L and SWDA.L.
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Drawdown Indicators
| SAAA.L | SWDA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.70% | -25.58% | +0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -3.83% | -6.55% | +2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -18.50% | +12.82% |
Max Drawdown (5Y)Largest decline over 5 years | -18.85% | -18.50% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -24.70% | -25.58% | +0.88% |
Current DrawdownCurrent decline from peak | -18.59% | -0.10% | -18.49% |
Average DrawdownAverage peak-to-trough decline | -9.88% | -3.49% | -6.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.64% | +0.11% |
Volatility
SAAA.L vs. SWDA.L - Volatility Comparison
The current volatility for iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) is 1.36%, while iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) has a volatility of 2.52%. This indicates that SAAA.L experiences smaller price fluctuations and is considered to be less risky than SWDA.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 | SWDA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 2.52% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 7.29% | -3.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 10.19% | -5.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.75% | 13.30% | -6.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 14.50% | -6.64% |
SAAA.L vs. SWDA.L - Expense Ratio Comparison
Both SAAA.L and SWDA.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. SWDA.L - Dividend Comparison
SAAA.L's dividend yield for the trailing twelve months is around 2.68%, while SWDA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SWDA.L iShares Core MSCI World 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% |
Frequently Asked Questions
SAAA.L and SWDA.L have a correlation of 0.27, 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 SWDA.L have the same expense ratio: 0.20% per year.
SAAA.L is categorized as Global Bonds, while SWDA.L is Global Equities. SAAA.L tracks Bloomberg Global Aggregate TR USD, while SWDA.L tracks MSCI World Index.
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