USCR.L vs. GFA.L

Last updated Jul 17, 2026

USCR.L (SPDR Bloomberg SASB U.S. Corporate ESG UCITS ETF) and GFA.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc)) are both exchange-traded funds - USCR.L is a Corporate Bonds fund tracking the Bloomberg US Corp Bond TR USD, while GFA.L is a Global High Yield Bonds fund tracking the ICE Global Fallen Angel High Yield 10% Constrained Index. Both are passively managed. Over the past 5 years, USCR.L returned -0.13%/yr vs 3.01%/yr for GFA.L. A 0.53 correlation means they provide meaningful diversification when combined. USCR.L charges 0.15%/yr vs 0.40%/yr for GFA.L.

Performance

USCR.L vs. GFA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg SASB U.S. Corporate ESG UCITS ETF (USCR.L) and VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USCR.L achieves a -0.36% return, which is significantly lower than GFA.L's 3.70% return.

USCR.L

• 1D: 0.00%
• 1M: -0.85%
• 6M: -0.36%
• YTD: -0.36%
• 1Y: 4.65%
• 3Y*: 4.70%
• 5Y*: -0.13%
• 10Y*: —

GFA.L

• 1D: -0.16%
• 1M: -0.03%
• 6M: 3.39%
• YTD: 3.70%
• 1Y: 7.10%
• 3Y*: 8.22%
• 5Y*: 3.01%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

USCR.L vs. GFA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
USCR.L SPDR Bloomberg SASB U.S. Corporate ESG UCITS ETF	-0.36%	7.70%	2.20%	8.01%	-15.77%	-1.52%	3.10%
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc)	3.70%	9.97%	6.02%	10.29%	-12.56%	1.93%	8.29%

Correlation

The correlation between USCR.L and GFA.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Oct 23, 2020	0.53

The correlation between USCR.L and GFA.L has been stable across timeframes, ranging from 0.49 to 0.56 - a consistent structural relationship.

Return for Risk

USCR.L vs. GFA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USCR.L

USCR.L Risk / Return Rank: 33
USCR.L Sharpe Ratio Rank: 32
USCR.L Sortino Ratio Rank: 31
USCR.L Omega Ratio Rank: 30
USCR.L Calmar Ratio Rank: 38
USCR.L Martin Ratio Rank: 36

GFA.L

GFA.L Risk / Return Rank: 39
GFA.L Sharpe Ratio Rank: 37
GFA.L Sortino Ratio Rank: 35
GFA.L Omega Ratio Rank: 40
GFA.L Calmar Ratio Rank: 43
GFA.L Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USCR.L vs. GFA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg SASB U.S. Corporate ESG UCITS ETF (USCR.L) and VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.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.

	USCR.L	GFA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.09	-0.11
Sortino ratio: Return per unit of downside risk	1.42	1.54	-0.11
Omega ratio: Gain probability vs. loss probability	1.17	1.22	-0.05
Calmar ratio: Return relative to maximum drawdown	1.60	1.81	-0.21
Martin ratio: Return relative to average drawdown	4.56	4.89	-0.33

USCR.L vs. GFA.L - Sharpe Ratio Comparison

The current USCR.L Sharpe Ratio is 0.98, which is comparable to the GFA.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of USCR.L and GFA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USCR.L vs. GFA.L - Drawdown Comparison

The maximum USCR.L drawdown since its inception was -22.42%, roughly equal to the maximum GFA.L drawdown of -22.98%. Use the drawdown chart below to compare losses from any high point for USCR.L and GFA.L.

Drawdown Indicators

	USCR.L	GFA.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.42%	-22.98%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-3.90%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-6.09%	-5.14%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-22.42%	-22.54%	+0.12%
Current Drawdown Current decline from peak	-1.75%	-0.65%	-1.10%
Average Drawdown Average peak-to-trough decline	-8.15%	-4.38%	-3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.45%	-0.43%

Volatility

USCR.L vs. GFA.L - Volatility Comparison

The current volatility for SPDR Bloomberg SASB U.S. Corporate ESG UCITS ETF (USCR.L) is 1.24%, while VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.L) has a volatility of 1.48%. This indicates that USCR.L experiences smaller price fluctuations and is considered to be less risky than GFA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCR.L	GFA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.48%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	5.65%	-2.05%
Volatility (1Y) Calculated over the trailing 1-year period	4.74%	6.49%	-1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	8.26%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	8.42%	-1.46%

USCR.L vs. GFA.L - Expense Ratio Comparison

USCR.L has a 0.15% expense ratio, which is lower than GFA.L's 0.40% expense ratio.

Dividends

USCR.L vs. GFA.L - Dividend Comparison

Neither USCR.L nor GFA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USCR.L and GFA.L in my portfolio?

USCR.L and GFA.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USCR.L or GFA.L?

On fees, USCR.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USCR.L or GFA.L?

USCR.L is cheaper with a 0.15% expense ratio, compared with 0.40% for GFA.L.

What is the main difference between USCR.L and GFA.L?

USCR.L is categorized as Corporate Bonds, while GFA.L is Global High Yield Bonds. USCR.L tracks Bloomberg US Corp Bond TR USD, while GFA.L tracks ICE Global Fallen Angel High Yield 10% Constrained Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.15% for USCR.L and 0.40% for GFA.L.