XGSG.L vs. XNAS.L

Last updated Jun 5, 2026

XGSG.L (Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged) and XNAS.L (Xtrackers NASDAQ 100 UCITS ETF) are both exchange-traded funds - XGSG.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP, while XNAS.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 3 years, XGSG.L returned -0.11%/yr vs 25.15%/yr for XNAS.L. At a 0.02 correlation, their price movements are largely independent. XGSG.L charges 0.25%/yr vs 0.20%/yr for XNAS.L.

Performance

XGSG.L vs. XNAS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged (XGSG.L) and Xtrackers NASDAQ 100 UCITS ETF (XNAS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XGSG.L is traded in GBp, while XNAS.L is traded in USD. To make them comparable, the XNAS.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 XNAS.L's 20.93% 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%

XNAS.L

• 1D: 0.00%
• 1M: 10.24%
• YTD: 20.93%
• 6M: 19.10%
• 1Y: 42.68%
• 3Y*: 25.15%
• 5Y*: —
• 10Y*: —

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

XGSG.L vs. XNAS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XGSG.L Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged	-1.67%	0.95%	-1.45%	3.09%	1.06%
XNAS.L Xtrackers NASDAQ 100 UCITS ETF	20.16%	11.29%	28.81%	48.59%	-8.32%

Correlation

The correlation between XGSG.L and XNAS.L is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022	0.02

Return for Risk

XGSG.L vs. XNAS.L — Risk / Return Rank

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

XGSG.L

XGSG.L Risk / Return Rank: 6
XGSG.L Sharpe Ratio Rank: 7
XGSG.L Sortino Ratio Rank: 6
XGSG.L Omega Ratio Rank: 6
XGSG.L Calmar Ratio Rank: 6
XGSG.L Martin Ratio Rank: 5

XNAS.L

XNAS.L Risk / Return Rank: 76
XNAS.L Sharpe Ratio Rank: 80
XNAS.L Sortino Ratio Rank: 79
XNAS.L Omega Ratio Rank: 75
XNAS.L Calmar Ratio Rank: 74
XNAS.L Martin Ratio Rank: 71

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.

XGSG.L vs. XNAS.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 Xtrackers NASDAQ 100 UCITS ETF (XNAS.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	XNAS.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.25	2.68	-2.93
Sortino ratio: Return per unit of downside risk	-0.30	3.56	-3.86
Omega ratio: Gain probability vs. loss probability	0.96	1.48	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.33	3.82	-4.15
Martin ratio: Return relative to average drawdown	-0.85	10.85	-11.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XGSG.L vs. XNAS.L - Sharpe Ratio Comparison

The current XGSG.L Sharpe Ratio is -0.25, which is lower than the XNAS.L Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of XGSG.L and XNAS.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

	XGSG.L	XNAS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.25	2.68	-2.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.58	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	1.41	-1.52

Drawdowns

XGSG.L vs. XNAS.L - Drawdown Comparison

The maximum XGSG.L drawdown since its inception was -23.52%, roughly equal to the maximum XNAS.L drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for XGSG.L and XNAS.L.

Drawdown Indicators

	XGSG.L	XNAS.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.52%	-24.49%	+0.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.73%	-11.08%	+7.35%
Max Drawdown (3Y) Largest decline over 3 years	-4.86%	-24.49%	+19.63%
Max Drawdown (5Y) Largest decline over 5 years	-20.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-23.52%	—	—
Current Drawdown Current decline from peak	-20.27%	0.00%	-20.27%
Average Drawdown Average peak-to-trough decline	-8.29%	-3.85%	-4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	3.91%	-2.45%

Volatility

XGSG.L vs. XNAS.L - Volatility Comparison

The current volatility for Xtrackers II Global Government Bond UCITS ETF 2D GBP Hedged (XGSG.L) is 1.48%, while Xtrackers NASDAQ 100 UCITS ETF (XNAS.L) has a volatility of 4.93%. This indicates that XGSG.L experiences smaller price fluctuations and is considered to be less risky than XNAS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XGSG.L	XNAS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	4.93%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	11.49%	-8.57%
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	15.78%	-10.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.52%	18.98%	-13.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	18.98%	-14.30%

XGSG.L vs. XNAS.L - Expense Ratio Comparison

XGSG.L has a 0.25% expense ratio, which is higher than XNAS.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. XNAS.L - Dividend Comparison

XGSG.L's dividend yield for the trailing twelve months is around 0.03%, while XNAS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XNAS.L Xtrackers NASDAQ 100 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XGSG.L and XNAS.L in my portfolio?

XGSG.L and XNAS.L have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XGSG.L or XNAS.L?

On fees, XNAS.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XGSG.L or XNAS.L?

XNAS.L is cheaper with a 0.20% expense ratio, compared with 0.25% for XGSG.L.

What is the main difference between XGSG.L and XNAS.L?

XGSG.L is categorized as Global Bonds, while XNAS.L is Nasdaq-100. XGSG.L tracks Bloomberg Global Aggregate TR Hdg GBP, while XNAS.L tracks NASDAQ-100 Index. Their fees differ too: 0.25% for XGSG.L and 0.20% for XNAS.L.