USDV.L vs. GLCB.L
USDV.L (SPDR S&P US Dividend Aristocrats UCITS ETF Dis) and GLCB.L (SPDR Refinitiv Global Convertible Bond UCITS ETF) are both exchange-traded funds - USDV.L is a Large Cap Blend Equities fund tracking the S&P High Yield Dividend Aristocrats Index, while GLCB.L is a Convertible Bonds fund tracking the Refinitiv Global CB TR USD. Both are passively managed. Over the past 10 years, USDV.L returned 8.46%/yr vs 5.49%/yr for GLCB.L. At a 0.34 correlation, their price movements are largely independent. USDV.L charges 0.35%/yr vs 0.50%/yr for GLCB.L.
Performance
USDV.L vs. GLCB.L - Performance Comparison
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Different Trading Currencies
USDV.L is traded in GBP, while GLCB.L is traded in GBp. To make them comparable, the GLCB.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, USDV.L achieves a 10.27% return, which is significantly lower than GLCB.L's 13.53% return. Over the past 10 years, USDV.L has outperformed GLCB.L with an annualized return of 8.46%, while GLCB.L has yielded a comparatively lower 5.49% annualized return.
USDV.L
- 1D
- -0.66%
- 1M
- 0.54%
- 6M
- 5.93%
- YTD
- 10.27%
- 1Y
- 12.88%
- 3Y*
- 9.04%
- 5Y*
- 7.34%
- 10Y*
- 8.46%
GLCB.L
- 1D
- -0.93%
- 1M
- -3.74%
- 6M
- 10.54%
- YTD
- 13.53%
- 1Y
- 26.78%
- 3Y*
- 15.27%
- 5Y*
- 6.46%
- 10Y*
- 5.49%
USDV.L vs. GLCB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USDV.L SPDR S&P US Dividend Aristocrats UCITS ETF Dis | 10.27% | 1.15% | 9.34% | -3.51% | 11.56% | 26.74% | -2.72% | 18.93% | 1.52% | 5.36% |
GLCB.L SPDR Refinitiv Global Convertible Bond UCITS ETF | 13.53% | 16.97% | 8.82% | 8.16% | -10.86% | -2.14% | 33.15% | 9.84% | -25.44% | 11.93% |
Correlation
The correlation between USDV.L and GLCB.L is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2014 | 0.34 |
Over the past year, the correlation between USDV.L and GLCB.L has dropped to 0.02 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
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Return for Risk
USDV.L vs. GLCB.L — Risk / Return Rank
USDV.L
GLCB.L
USDV.L vs. GLCB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.L) and SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.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.
| USDV.L | GLCB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.43 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 4.69 | -2.75 |
| Martin ratioReturn relative to average drawdown | 4.94 | 14.31 | -9.38 |
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Drawdowns
USDV.L vs. GLCB.L - Drawdown Comparison
The maximum USDV.L drawdown since its inception was -37.29%, which is greater than GLCB.L's maximum drawdown of -29.82%. Use the drawdown chart below to compare losses from any high point for USDV.L and GLCB.L.
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Drawdown Indicators
| USDV.L | GLCB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.29% | -29.82% | -7.47% |
Max Drawdown (1Y)Largest decline over 1 year | -6.60% | -5.69% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -16.30% | -8.41% | -7.89% |
Max Drawdown (5Y)Largest decline over 5 years | -16.30% | -19.80% | +3.50% |
Max Drawdown (10Y)Largest decline over 10 years | -27.79% | -29.82% | +2.03% |
Current DrawdownCurrent decline from peak | -2.59% | -5.65% | +3.06% |
Average DrawdownAverage peak-to-trough decline | -7.43% | -9.78% | +2.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 1.87% | +0.73% |
Volatility
USDV.L vs. GLCB.L - Volatility Comparison
The current volatility for SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.L) is 3.05%, while SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) has a volatility of 4.15%. This indicates that USDV.L experiences smaller price fluctuations and is considered to be less risky than GLCB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USDV.L | GLCB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.05% | 4.15% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 7.27% | 9.23% | -1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.50% | 11.55% | -2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.79% | 10.05% | +2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.14% | 12.99% | +2.15% |
USDV.L vs. GLCB.L - Expense Ratio Comparison
USDV.L has a 0.35% expense ratio, which is lower than GLCB.L's 0.50% expense ratio.
Dividends
USDV.L vs. GLCB.L - Dividend Comparison
USDV.L's dividend yield for the trailing twelve months is around 2.04%, more than GLCB.L's 0.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLCB.L SPDR Refinitiv Global Convertible Bond UCITS ETF | 0.27% | 0.66% | 0.47% | 0.23% | 0.23% | 0.17% | 0.31% | 0.43% | 0.35% | 0.38% | 0.00% | 0.00% |
USDV.L SPDR S&P US Dividend Aristocrats UCITS ETF Dis | 2.04% | 2.20% | 1.99% | 2.28% | 2.11% | 2.13% | 2.57% | 2.07% | 2.19% | 1.85% | 1.65% | 2.00% |
Frequently Asked Questions
USDV.L and GLCB.L have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USDV.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USDV.L is cheaper with a 0.35% expense ratio, compared with 0.50% for GLCB.L.
USDV.L is categorized as Large Cap Blend Equities, while GLCB.L is Convertible Bonds. USDV.L tracks S&P High Yield Dividend Aristocrats Index, while GLCB.L tracks Refinitiv Global CB TR USD. Their fees differ too: 0.35% for USDV.L and 0.50% for GLCB.L.
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