SAAA.L vs. VAGP.L
SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) and VAGP.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing) are both Global Bonds funds - SAAA.L tracks the Bloomberg Global Aggregate TR USD while VAGP.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 -0.24%/yr for VAGP.L. A 0.59 correlation means they provide meaningful diversification when combined. SAAA.L charges 0.20%/yr vs 0.10%/yr for VAGP.L.
Performance
SAAA.L vs. VAGP.L - Performance Comparison
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Returns By Period
In the year-to-date period, SAAA.L achieves a 0.29% return, which is significantly higher than VAGP.L's 0.19% 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%
VAGP.L
- 1D
- 0.29%
- 1M
- 0.35%
- YTD
- 0.19%
- 6M
- 0.36%
- 1Y
- 3.24%
- 3Y*
- 3.74%
- 5Y*
- -0.24%
- 10Y*
- —
SAAA.L vs. VAGP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | -3.27% |
VAGP.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing | 0.19% | 4.96% | 2.51% | 5.84% | -13.81% | -2.03% | 5.31% | 2.30% |
Correlation
The correlation between SAAA.L and VAGP.L is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2019 | 0.59 |
The correlation between SAAA.L and VAGP.L shifts across timeframes, from 0.55 (1 year) to 0.66 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SAAA.L vs. VAGP.L — Risk / Return Rank
SAAA.L
VAGP.L
SAAA.L vs. VAGP.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 Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.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 | VAGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.17 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 1.15 | -0.36 |
| Martin ratioReturn relative to average drawdown | 1.74 | 3.41 | -1.67 |
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 | VAGP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.97 | -0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | -0.05 | -0.24 |
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 | 0.12 | 0.00 |
Drawdowns
SAAA.L vs. VAGP.L - Drawdown Comparison
The maximum SAAA.L drawdown since its inception was -24.70%, which is greater than VAGP.L's maximum drawdown of -18.13%. Use the drawdown chart below to compare losses from any high point for SAAA.L and VAGP.L.
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Drawdown Indicators
| SAAA.L | VAGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.70% | -18.13% | -6.57% |
Max Drawdown (1Y)Largest decline over 1 year | -3.83% | -2.80% | -1.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -4.04% | -1.64% |
Max Drawdown (5Y)Largest decline over 5 years | -18.85% | -17.70% | -1.15% |
Max Drawdown (10Y)Largest decline over 10 years | -24.70% | — | — |
Current DrawdownCurrent decline from peak | -18.59% | -3.76% | -14.83% |
Average DrawdownAverage peak-to-trough decline | -9.88% | -6.70% | -3.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 0.95% | +0.80% |
Volatility
SAAA.L vs. VAGP.L - Volatility Comparison
iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) and Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.L) have volatilities of 1.36% and 1.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAAA.L | VAGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.43% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 2.79% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 3.35% | +1.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.75% | 4.78% | +1.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 4.50% | +3.36% |
SAAA.L vs. VAGP.L - Expense Ratio Comparison
SAAA.L has a 0.20% expense ratio, which is higher than VAGP.L's 0.10% 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. VAGP.L - Dividend Comparison
SAAA.L's dividend yield for the trailing twelve months is around 2.68%, less than VAGP.L's 3.55% yield.
| 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% |
VAGP.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing | 3.55% | 3.50% | 3.08% | 2.37% | 1.46% | 0.86% | 1.21% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SAAA.L and VAGP.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGP.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGP.L is cheaper with a 0.10% expense ratio, compared with 0.20% for SAAA.L.
SAAA.L tracks Bloomberg Global Aggregate TR USD, while VAGP.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for SAAA.L and 0.10% for VAGP.L.
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