XGSG.L vs. SAAA.L
XGSG.L (Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged) and SAAA.L (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) are both Global Bonds funds - XGSG.L tracks the Bloomberg Global Aggregate TR Hdg GBP while SAAA.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 10 years, XGSG.L returned -1.29%/yr vs 0.39%/yr for SAAA.L. A 0.55 correlation means they provide meaningful diversification when combined. XGSG.L charges 0.25%/yr vs 0.20%/yr for SAAA.L.
Performance
XGSG.L vs. SAAA.L - Performance Comparison
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Different Trading Currencies
XGSG.L is traded in GBp, while SAAA.L is traded in GBP. To make them comparable, the SAAA.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, XGSG.L achieves a -1.67% return, which is significantly lower than SAAA.L's 0.29% return. Over the past 10 years, XGSG.L has underperformed SAAA.L with an annualized return of -1.29%, while SAAA.L has yielded a comparatively higher 0.39% annualized return.
XGSG.L
- 1D
- 0.00%
- 1M
- -0.33%
- YTD
- -1.67%
- 6M
- -1.46%
- 1Y
- -1.24%
- 3Y*
- -0.11%
- 5Y*
- -3.22%
- 10Y*
- -1.29%
SAAA.L
- 1D
- 0.19%
- 1M
- 0.80%
- YTD
- 0.29%
- 6M
- 0.21%
- 1Y
- 3.05%
- 3Y*
- 1.29%
- 5Y*
- -1.97%
- 10Y*
- 0.39%
XGSG.L vs. SAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XGSG.L Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged | -1.67% | 0.95% | -1.45% | 3.09% | -16.07% | -4.09% | 4.20% | 4.93% | 0.08% | 0.12% |
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 0.29% | 2.96% | -3.46% | 2.32% | -11.40% | -6.94% | 8.12% | 1.61% | 2.74% | -0.11% |
Correlation
The correlation between XGSG.L and SAAA.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 2013 | 0.55 |
The correlation between XGSG.L and SAAA.L shifts across timeframes, from 0.48 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XGSG.L vs. SAAA.L — Risk / Return Rank
XGSG.L
SAAA.L
XGSG.L vs. SAAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged (XGSG.L) and iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.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.
| XGSG.L | SAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.11 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 0.79 | -1.12 |
| Martin ratioReturn relative to average drawdown | -0.85 | 1.74 | -2.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XGSG.L | SAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.25 | 0.67 | -0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.58 | -0.29 | -0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.28 | 0.05 | -0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | 0.12 | -0.23 |
Drawdowns
XGSG.L vs. SAAA.L - Drawdown Comparison
The maximum XGSG.L drawdown since its inception was -23.52%, roughly equal to the maximum SAAA.L drawdown of -24.70%. Use the drawdown chart below to compare losses from any high point for XGSG.L and SAAA.L.
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Drawdown Indicators
| XGSG.L | SAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.52% | -24.70% | +1.18% |
Max Drawdown (1Y)Largest decline over 1 year | -3.73% | -3.83% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -4.86% | -5.68% | +0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -20.36% | -18.85% | -1.51% |
Max Drawdown (10Y)Largest decline over 10 years | -23.52% | -24.70% | +1.18% |
Current DrawdownCurrent decline from peak | -20.27% | -18.59% | -1.68% |
Average DrawdownAverage peak-to-trough decline | -8.29% | -9.88% | +1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 1.75% | -0.29% |
Volatility
XGSG.L vs. SAAA.L - Volatility Comparison
Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged (XGSG.L) has a higher volatility of 1.48% compared to iShares Global AAA-AA Government Bond UCITS ETF (Dist) (SAAA.L) at 1.36%. This indicates that XGSG.L's price experiences larger fluctuations and is considered to be riskier than SAAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XGSG.L | SAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.36% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 3.45% | -0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.04% | 4.50% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.52% | 6.75% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 7.86% | -3.18% |
XGSG.L vs. SAAA.L - Expense Ratio Comparison
XGSG.L has a 0.25% expense ratio, which is higher than SAAA.L's 0.20% 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
XGSG.L vs. SAAA.L - Dividend Comparison
XGSG.L's dividend yield for the trailing twelve months is around 0.03%, less than SAAA.L's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SAAA.L iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 2.68% | 2.48% | 2.34% | 1.57% | 0.76% | 0.48% | 0.61% | 0.89% | 0.87% | 0.81% | 0.83% | 1.06% |
XGSG.L Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged | 0.03% | 0.03% | 0.03% | 0.02% | 0.03% | 0.02% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Frequently Asked Questions
XGSG.L and SAAA.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SAAA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SAAA.L is cheaper with a 0.20% expense ratio, compared with 0.25% for XGSG.L.
XGSG.L tracks Bloomberg Global Aggregate TR Hdg GBP, while SAAA.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.25% for XGSG.L and 0.20% for SAAA.L.
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