XBGG.L vs. GGOV.L

Last updated Jun 5, 2026

XBGG.L (Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged) and GGOV.L (Amundi Index J.P. Morgan GBI Global Govies) are both Global Bonds funds - XBGG.L tracks the Bloomberg Global Aggregate TR Hdg GBP while GGOV.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, XBGG.L returned -0.30%/yr vs -2.27%/yr for GGOV.L. At a 0.37 correlation, their price movements are largely independent. XBGG.L charges 0.15%/yr vs 0.10%/yr for GGOV.L.

Performance

XBGG.L vs. GGOV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged (XBGG.L) and Amundi Index J.P. Morgan GBI Global Govies (GGOV.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XBGG.L achieves a 0.16% return, which is significantly higher than GGOV.L's -0.92% return.

XBGG.L

• 1D: 0.17%
• 1M: 0.43%
• YTD: 0.16%
• 6M: 0.38%
• 1Y: 3.11%
• 3Y*: 3.48%
• 5Y*: -0.30%
• 10Y*: 0.78%

GGOV.L

• 1D: 0.15%
• 1M: 0.73%
• YTD: -0.92%
• 6M: -1.54%
• 1Y: 0.64%
• 3Y*: -1.14%
• 5Y*: -2.27%
• 10Y*: —

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

XBGG.L vs. GGOV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XBGG.L Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged	0.16%	4.60%	2.19%	5.74%	-13.34%	-1.53%	4.26%	-0.18%
GGOV.L Amundi Index J.P. Morgan GBI Global Govies	-0.92%	-1.06%	-1.97%	-1.94%	-7.40%	-5.91%	6.13%	-8.77%

Correlation

The correlation between XBGG.L and GGOV.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Aug 9, 2019	0.37

Return for Risk

XBGG.L vs. GGOV.L — Risk / Return Rank

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

XBGG.L

XBGG.L Risk / Return Rank: 26
XBGG.L Sharpe Ratio Rank: 27
XBGG.L Sortino Ratio Rank: 26
XBGG.L Omega Ratio Rank: 25
XBGG.L Calmar Ratio Rank: 25
XBGG.L Martin Ratio Rank: 25

GGOV.L

GGOV.L Risk / Return Rank: 10
GGOV.L Sharpe Ratio Rank: 11
GGOV.L Sortino Ratio Rank: 10
GGOV.L Omega Ratio Rank: 10
GGOV.L Calmar Ratio Rank: 11
GGOV.L Martin Ratio Rank: 10

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.

XBGG.L vs. GGOV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged (XBGG.L) and Amundi Index J.P. Morgan GBI Global Govies (GGOV.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.

	XBGG.L	GGOV.L	Difference
Sharpe ratio: Return per unit of total volatility	0.94	0.14	+0.81
Sortino ratio: Return per unit of downside risk	1.40	0.24	+1.16
Omega ratio: Gain probability vs. loss probability	1.17	1.03	+0.14
Calmar ratio: Return relative to maximum drawdown	1.15	0.14	+1.01
Martin ratio: Return relative to average drawdown	3.33	0.26	+3.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBGG.L vs. GGOV.L - Sharpe Ratio Comparison

The current XBGG.L Sharpe Ratio is 0.94, which is higher than the GGOV.L Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of XBGG.L and GGOV.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

	XBGG.L	GGOV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.14	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.36	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	-0.51	+0.72

Drawdowns

XBGG.L vs. GGOV.L - Drawdown Comparison

The maximum XBGG.L drawdown since its inception was -17.06%, smaller than the maximum GGOV.L drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for XBGG.L and GGOV.L.

Drawdown Indicators

	XBGG.L	GGOV.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.06%	-25.96%	+8.90%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-4.67%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	-5.70%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-16.89%	-16.68%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-17.06%	—	—
Current Drawdown Current decline from peak	-3.55%	-24.80%	+21.25%
Average Drawdown Average peak-to-trough decline	-4.80%	-18.43%	+13.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	2.46%	-1.53%

Volatility

XBGG.L vs. GGOV.L - Volatility Comparison

Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged (XBGG.L) has a higher volatility of 1.46% compared to Amundi Index J.P. Morgan GBI Global Govies (GGOV.L) at 1.30%. This indicates that XBGG.L's price experiences larger fluctuations and is considered to be riskier than GGOV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBGG.L	GGOV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.30%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	3.42%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	4.66%	-1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.52%	8.19%	-3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.05%	9.19%	-5.14%

XBGG.L vs. GGOV.L - Expense Ratio Comparison

XBGG.L has a 0.15% expense ratio, which is higher than GGOV.L's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XBGG.L vs. GGOV.L - Dividend Comparison

XBGG.L's dividend yield for the trailing twelve months is around 2.96%, while GGOV.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GGOV.L Amundi Index J.P. Morgan GBI Global Govies	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XBGG.L Xtrackers II ESG Global Aggregate Bond UCITS ETF 3D GBP hedged	2.96%	2.93%	3.04%	2.00%	2.76%	0.79%	1.35%	1.72%	1.42%

Frequently Asked Questions

Can I hold both XBGG.L and GGOV.L in my portfolio?

XBGG.L and GGOV.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XBGG.L or GGOV.L?

On fees, GGOV.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XBGG.L or GGOV.L?

GGOV.L is cheaper with a 0.10% expense ratio, compared with 0.15% for XBGG.L.

What is the main difference between XBGG.L and GGOV.L?

XBGG.L tracks Bloomberg Global Aggregate TR Hdg GBP, while GGOV.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: Xtrackers and Amundi. Their fees differ too: 0.15% for XBGG.L and 0.10% for GGOV.L.