SPPB.L vs. ISAC.L
SPPB.L (iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist)) and ISAC.L (iShares MSCI ACWI UCITS ETF USD (Acc)) are both exchange-traded funds - SPPB.L is a Government Bonds fund tracking the iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist), while ISAC.L is a Global Equities fund tracking the MSCI All Country World Index (Net). Both are passively managed. Over the past 3 years, SPPB.L returned 4.93%/yr vs 17.72%/yr for ISAC.L. At a 0.10 correlation, their price movements are largely independent.
Performance
SPPB.L vs. ISAC.L - Performance Comparison
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Different Trading Currencies
SPPB.L is traded in GBP, while ISAC.L is traded in USD. To make them comparable, the ISAC.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPPB.L achieves a 0.85% return, which is significantly lower than ISAC.L's 10.73% return.
SPPB.L
- 1D
- -0.37%
- 1M
- -0.63%
- 6M
- 0.48%
- YTD
- 0.85%
- 1Y
- 3.26%
- 3Y*
- 4.93%
- 5Y*
- —
- 10Y*
- —
ISAC.L
- 1D
- -0.92%
- 1M
- -1.47%
- 6M
- 9.00%
- YTD
- 10.73%
- 1Y
- 22.42%
- 3Y*
- 17.72%
- 5Y*
- 11.51%
- 10Y*
- 12.14%
SPPB.L vs. ISAC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPPB.L iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist) | 0.85% | 3.56% | 4.29% | 8.02% | -0.67% |
ISAC.L iShares MSCI ACWI UCITS ETF USD (Acc) | 10.73% | 13.64% | 19.87% | 16.44% | -1.24% |
Correlation
The correlation between SPPB.L and ISAC.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022 | 0.10 |
Over the past year, SPPB.L and ISAC.L have become more correlated (0.36) than their long-term average of 0.10, meaning their price movements have been converging.
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Return for Risk
SPPB.L vs. ISAC.L — Risk / Return Rank
SPPB.L
ISAC.L
SPPB.L vs. ISAC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist) (SPPB.L) and iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPPB.L | ISAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.33 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 3.25 | -2.20 |
| Martin ratioReturn relative to average drawdown | 3.13 | 11.85 | -8.72 |
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Drawdowns
SPPB.L vs. ISAC.L - Drawdown Comparison
The maximum SPPB.L drawdown since its inception was -6.07%, smaller than the maximum ISAC.L drawdown of -25.84%. Use the drawdown chart below to compare losses from any high point for SPPB.L and ISAC.L.
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Drawdown Indicators
| SPPB.L | ISAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.07% | -25.84% | +19.77% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -6.88% | +3.59% |
Max Drawdown (3Y)Largest decline over 3 years | -3.64% | -18.33% | +14.69% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.33% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.84% | — |
Current DrawdownCurrent decline from peak | -1.36% | -2.45% | +1.09% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -3.51% | +1.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.89% | -0.79% |
Volatility
SPPB.L vs. ISAC.L - Volatility Comparison
The current volatility for iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist) (SPPB.L) is 1.31%, while iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.L) has a volatility of 3.31%. This indicates that SPPB.L experiences smaller price fluctuations and is considered to be less risky than ISAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPPB.L | ISAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 3.31% | -2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.64% | 10.05% | -6.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.34% | 12.43% | -8.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.74% | 14.39% | -8.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 15.40% | -9.66% |
Dividends
SPPB.L vs. ISAC.L - Dividend Comparison
SPPB.L's dividend yield for the trailing twelve months is around 2.48%, while ISAC.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ISAC.L iShares MSCI ACWI UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% |
SPPB.L iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist) | 2.48% | 2.37% | 1.89% | 1.29% |
Frequently Asked Questions
SPPB.L and ISAC.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPPB.L is categorized as Government Bonds, while ISAC.L is Global Equities. SPPB.L tracks iShares Spain Govt Bond UCITS ETF GBP Hedged (Dist), while ISAC.L tracks MSCI All Country World Index (Net).
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