XZWG.L vs. GAAA.L
XZWG.L (Xtrackers II ESG Global Government Bond UCITS ETF) and GAAA.L (iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc)) are both Global Bonds funds - XZWG.L tracks the Bloomberg Global Aggregate TR Hdg EUR while GAAA.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 3 years, XZWG.L returned 2.54%/yr vs 3.95%/yr for GAAA.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.20% expense ratio.
Performance
XZWG.L vs. GAAA.L - Performance Comparison
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Returns By Period
In the year-to-date period, XZWG.L achieves a -0.93% return, which is significantly lower than GAAA.L's 0.12% return.
XZWG.L
- 1D
- 0.17%
- 1M
- -0.13%
- YTD
- -0.93%
- 6M
- -0.55%
- 1Y
- 0.34%
- 3Y*
- 2.54%
- 5Y*
- —
- 10Y*
- —
GAAA.L
- 1D
- 0.20%
- 1M
- -0.00%
- YTD
- 0.12%
- 6M
- 0.69%
- 1Y
- 1.91%
- 3Y*
- 3.95%
- 5Y*
- -3.02%
- 10Y*
- —
XZWG.L vs. GAAA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XZWG.L Xtrackers II ESG Global Government Bond UCITS ETF | -0.93% | 7.85% | -4.18% | 6.19% | -21.45% | -0.83% |
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.12% | 10.43% | -5.07% | 8.26% | -20.61% | -0.84% |
Correlation
The correlation between XZWG.L and GAAA.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021 | 0.98 |
The correlation between XZWG.L and GAAA.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
XZWG.L vs. GAAA.L — Risk / Return Rank
XZWG.L
GAAA.L
XZWG.L vs. GAAA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II ESG Global Government Bond UCITS ETF (XZWG.L) and iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.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.
| XZWG.L | GAAA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.05 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.08 | 0.37 | -0.29 |
| Martin ratioReturn relative to average drawdown | 0.19 | 0.98 | -0.79 |
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
| XZWG.L | GAAA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.05 | 0.26 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.42 | -0.07 | -0.36 |
Drawdowns
XZWG.L vs. GAAA.L - Drawdown Comparison
The maximum XZWG.L drawdown since its inception was -27.49%, smaller than the maximum GAAA.L drawdown of -33.06%. Use the drawdown chart below to compare losses from any high point for XZWG.L and GAAA.L.
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Drawdown Indicators
| XZWG.L | GAAA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.49% | -33.06% | +5.57% |
Max Drawdown (1Y)Largest decline over 1 year | -4.29% | -5.08% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -9.10% | -10.29% | +1.19% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.55% | — |
Current DrawdownCurrent decline from peak | -15.46% | -17.69% | +2.23% |
Average DrawdownAverage peak-to-trough decline | -17.81% | -13.80% | -4.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 1.95% | -0.15% |
Volatility
XZWG.L vs. GAAA.L - Volatility Comparison
The current volatility for Xtrackers II ESG Global Government Bond UCITS ETF (XZWG.L) is 2.37%, while iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) (GAAA.L) has a volatility of 2.52%. This indicates that XZWG.L experiences smaller price fluctuations and is considered to be less risky than GAAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XZWG.L | GAAA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.37% | 2.52% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 4.91% | 5.61% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 7.23% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.63% | 8.91% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.63% | 7.96% | +0.67% |
XZWG.L vs. GAAA.L - Expense Ratio Comparison
Both XZWG.L and GAAA.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
XZWG.L vs. GAAA.L - Dividend Comparison
XZWG.L's dividend yield for the trailing twelve months is around 2.59%, while GAAA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GAAA.L iShares Global AAA-AA Govt Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XZWG.L Xtrackers II ESG Global Government Bond UCITS ETF | 2.59% | 2.42% | 2.65% | 1.69% | 1.11% |
Frequently Asked Questions
With a correlation of 0.96, XZWG.L and GAAA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
XZWG.L and GAAA.L have the same expense ratio: 0.20% per year.
XZWG.L tracks Bloomberg Global Aggregate TR Hdg EUR, while GAAA.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: DWS and iShares.
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