SAAA.L vs. XGSG.L
SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) and XGSG.L (Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged) are both Global Bonds funds - SAAA.L tracks the Bloomberg Global Aggregate TR USD while XGSG.L tracks the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 10 years, SAAA.L returned 0.40%/yr vs 0.21%/yr for XGSG.L. A 0.56 correlation means they provide meaningful diversification when combined. SAAA.L charges 0.20%/yr vs 0.25%/yr for XGSG.L.
Performance
SAAA.L vs. XGSG.L - Performance Comparison
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Different Trading Currencies
SAAA.L is traded in GBP, while XGSG.L is traded in GBp. To make them comparable, the XGSG.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 -0.01% return, which is significantly higher than XGSG.L's -0.55% return. Over the past 10 years, SAAA.L has outperformed XGSG.L with an annualized return of 0.40%, while XGSG.L has yielded a comparatively lower 0.21% annualized return.
SAAA.L
- 1D
- -0.30%
- 1M
- 0.19%
- YTD
- -0.01%
- 6M
- 0.04%
- 1Y
- 2.99%
- 3Y*
- 1.20%
- 5Y*
- -2.03%
- 10Y*
- 0.40%
XGSG.L
- 1D
- -0.25%
- 1M
- -0.65%
- YTD
- -0.55%
- 6M
- -0.11%
- 1Y
- 1.68%
- 3Y*
- 2.34%
- 5Y*
- -1.14%
- 10Y*
- 0.21%
SAAA.L vs. XGSG.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) | -0.01% | 2.96% | -3.47% | 2.32% | -11.40% | -6.94% | 8.11% | 1.60% | 2.75% | -0.11% |
XGSG.L Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged | -0.55% | 3.60% | 1.17% | 4.98% | -13.98% | -2.55% | 5.20% | 5.68% | 0.69% | 0.86% |
Correlation
The correlation between SAAA.L and XGSG.L is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2012 | 0.56 |
The correlation between SAAA.L and XGSG.L shifts across timeframes, from 0.51 (1 year) to 0.67 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SAAA.L vs. XGSG.L — Risk / Return Rank
SAAA.L
XGSG.L
SAAA.L vs. XGSG.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 Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged (XGSG.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 | XGSG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.07 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.78 | 0.52 | +0.25 |
| Martin ratioReturn relative to average drawdown | 1.69 | 1.47 | +0.22 |
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 | XGSG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 0.34 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | -0.21 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.05 | 0.05 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.20 | 0.37 | -0.57 |
Drawdowns
SAAA.L vs. XGSG.L - Drawdown Comparison
The maximum SAAA.L drawdown since its inception was -42.08%, which is greater than XGSG.L's maximum drawdown of -18.53%. Use the drawdown chart below to compare losses from any high point for SAAA.L and XGSG.L.
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Drawdown Indicators
| SAAA.L | XGSG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.08% | -18.53% | -23.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.83% | -3.20% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -4.43% | -1.25% |
Max Drawdown (5Y)Largest decline over 5 years | -18.85% | -17.29% | -1.56% |
Max Drawdown (10Y)Largest decline over 10 years | -24.70% | -18.53% | -6.17% |
Current DrawdownCurrent decline from peak | -30.29% | -9.05% | -21.24% |
Average DrawdownAverage peak-to-trough decline | -29.58% | -4.87% | -24.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 1.14% | +0.62% |
Volatility
SAAA.L vs. XGSG.L - Volatility Comparison
iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) and Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged (XGSG.L) have volatilities of 1.37% and 1.40%, 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 | XGSG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.40% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.47% | 2.89% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.52% | 4.91% | -0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.75% | 5.40% | +1.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 4.55% | +3.31% |
SAAA.L vs. XGSG.L - Expense Ratio Comparison
SAAA.L has a 0.20% expense ratio, which is lower than XGSG.L's 0.25% expense ratio. Despite the difference, 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. XGSG.L - Dividend Comparison
SAAA.L's dividend yield for the trailing twelve months is around 2.69%, less than XGSG.L's 2.86% 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) | 2.69% | 2.48% | 2.34% | 1.57% | 0.76% | 0.48% | 0.61% | 0.89% | 0.87% | 0.81% | 0.83% | 1.06% |
XGSG.L Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged | 2.86% | 2.60% | 2.64% | 1.78% | 2.68% | 1.62% | 0.96% | 0.70% | 0.61% | 0.74% | 0.92% | 0.67% |
Frequently Asked Questions
SAAA.L and XGSG.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SAAA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SAAA.L is cheaper with a 0.20% expense ratio, compared with 0.25% for XGSG.L.
SAAA.L tracks Bloomberg Global Aggregate TR USD, while XGSG.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.20% for SAAA.L and 0.25% for XGSG.L.
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