VAGS.L vs. GLAD.L

Last updated Jun 5, 2026

VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) and GLAD.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)) are both Global Bonds funds - VAGS.L tracks the Bloomberg Global Aggregate TR Hdg GBP while GLAD.L tracks the Bloomberg Global Aggregate TR Hdg USD. Both are passively managed. Over the past 5 years, VAGS.L returned -0.25%/yr vs 1.74%/yr for GLAD.L. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.10% expense ratio.

Performance

VAGS.L vs. GLAD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) and SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VAGS.L is traded in GBP, while GLAD.L is traded in USD. To make them comparable, the GLAD.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VAGS.L achieves a 0.19% return, which is significantly lower than GLAD.L's 0.95% return.

VAGS.L

• 1D: 0.14%
• 1M: 0.08%
• YTD: 0.19%
• 6M: 0.50%
• 1Y: 3.31%
• 3Y*: 3.76%
• 5Y*: -0.25%
• 10Y*: —

GLAD.L

• 1D: 0.15%
• 1M: 1.06%
• YTD: 0.95%
• 6M: 0.02%
• 1Y: 4.48%
• 3Y*: 1.54%
• 5Y*: 1.74%
• 10Y*: —

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

VAGS.L vs. GLAD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating	0.19%	4.96%	2.39%	5.94%	-13.72%	-2.14%	5.52%	-0.32%
GLAD.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)	0.91%	-2.74%	5.03%	1.40%	-0.92%	-0.43%	2.12%	-4.71%

Correlation

The correlation between VAGS.L and GLAD.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Oct 14, 2019	0.23

The correlation between VAGS.L and GLAD.L shifts across timeframes, from 0.11 (1 year) to 0.26 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VAGS.L vs. GLAD.L — Risk / Return Rank

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

VAGS.L

VAGS.L Risk / Return Rank: 25
VAGS.L Sharpe Ratio Rank: 26
VAGS.L Sortino Ratio Rank: 24
VAGS.L Omega Ratio Rank: 23
VAGS.L Calmar Ratio Rank: 25
VAGS.L Martin Ratio Rank: 26

GLAD.L

GLAD.L Risk / Return Rank: 31
GLAD.L Sharpe Ratio Rank: 31
GLAD.L Sortino Ratio Rank: 30
GLAD.L Omega Ratio Rank: 30
GLAD.L Calmar Ratio Rank: 31
GLAD.L Martin Ratio Rank: 31

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.

VAGS.L vs. GLAD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) and SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.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.

	VAGS.L	GLAD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.69	+0.19
Sortino ratio: Return per unit of downside risk	1.29	1.05	+0.25
Omega ratio: Gain probability vs. loss probability	1.15	1.13	+0.02
Calmar ratio: Return relative to maximum drawdown	1.17	0.77	+0.40
Martin ratio: Return relative to average drawdown	3.41	1.89	+1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VAGS.L vs. GLAD.L - Sharpe Ratio Comparison

The current VAGS.L Sharpe Ratio is 0.89, which is comparable to the GLAD.L Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of VAGS.L and GLAD.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.

Sharpe Ratios by Period

	VAGS.L	GLAD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.69	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.20	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.01	+0.11

Drawdowns

VAGS.L vs. GLAD.L - Drawdown Comparison

The maximum VAGS.L drawdown since its inception was -17.99%, which is greater than GLAD.L's maximum drawdown of -16.50%. Use the drawdown chart below to compare losses from any high point for VAGS.L and GLAD.L.

Drawdown Indicators

	VAGS.L	GLAD.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.99%	-16.50%	-1.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-5.81%	+3.14%
Max Drawdown (3Y) Largest decline over 3 years	-3.93%	-8.90%	+4.97%
Max Drawdown (5Y) Largest decline over 5 years	-17.60%	-15.63%	-1.97%
Current Drawdown Current decline from peak	-3.70%	-7.81%	+4.11%
Average Drawdown Average peak-to-trough decline	-6.65%	-9.44%	+2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	2.37%	-1.46%

Volatility

VAGS.L vs. GLAD.L - Volatility Comparison

The current volatility for Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) is 1.44%, while SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) has a volatility of 1.77%. This indicates that VAGS.L experiences smaller price fluctuations and is considered to be less risky than GLAD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAGS.L	GLAD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	1.77%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	5.10%	-2.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	6.43%	-2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.86%	8.58%	-3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.57%	8.84%	-4.27%

VAGS.L vs. GLAD.L - Expense Ratio Comparison

Both VAGS.L and GLAD.L have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VAGS.L vs. GLAD.L - Dividend Comparison

Neither VAGS.L nor GLAD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VAGS.L and GLAD.L in my portfolio?

VAGS.L and GLAD.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VAGS.L or GLAD.L?

Both ETFs have the same 0.10% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VAGS.L or GLAD.L?

VAGS.L and GLAD.L have the same expense ratio: 0.10% per year.

What is the main difference between VAGS.L and GLAD.L?

VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP, while GLAD.L tracks Bloomberg Global Aggregate TR Hdg USD. They also come from different issuers: Vanguard and State Street.