XZWG.L vs. GLAG.L

Last updated Jun 5, 2026

XZWG.L (Xtrackers II ESG Global Government Bond UCITS ETF) and GLAG.L (SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged) are both Global Bonds funds - XZWG.L tracks the Bloomberg Global Aggregate TR Hdg EUR while GLAG.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 3 years, XZWG.L returned 2.54%/yr vs 3.39%/yr for GLAG.L. With a 0.95 correlation, they move nearly in lockstep. XZWG.L charges 0.20%/yr vs 0.10%/yr for GLAG.L.

Performance

XZWG.L vs. GLAG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers II ESG Global Government Bond UCITS ETF (XZWG.L) and SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLAG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XZWG.L achieves a -0.93% return, which is significantly lower than GLAG.L's 0.02% return.

XZWG.L

• 1D: 0.17%
• 1M: -0.13%
• YTD: -0.93%
• 6M: -0.55%
• 1Y: 0.34%
• 3Y*: 2.54%
• 5Y*: —
• 10Y*: —

GLAG.L

• 1D: 0.08%
• 1M: 0.05%
• YTD: 0.02%
• 6M: 0.44%
• 1Y: 2.30%
• 3Y*: 3.39%
• 5Y*: -1.75%
• 10Y*: —

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

XZWG.L vs. GLAG.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%
GLAG.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged	0.02%	7.79%	-1.43%	5.30%	-16.03%	-0.38%

Correlation

The correlation between XZWG.L and GLAG.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.96

The correlation between XZWG.L and GLAG.L has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

XZWG.L vs. GLAG.L — Risk / Return Rank

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

XZWG.L

XZWG.L Risk / Return Rank: 9
XZWG.L Sharpe Ratio Rank: 10
XZWG.L Sortino Ratio Rank: 9
XZWG.L Omega Ratio Rank: 9
XZWG.L Calmar Ratio Rank: 10
XZWG.L Martin Ratio Rank: 10

GLAG.L

GLAG.L Risk / Return Rank: 16
GLAG.L Sharpe Ratio Rank: 16
GLAG.L Sortino Ratio Rank: 16
GLAG.L Omega Ratio Rank: 15
GLAG.L Calmar Ratio Rank: 17
GLAG.L Martin Ratio Rank: 18

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.

XZWG.L vs. GLAG.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 SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLAG.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	GLAG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.05	0.46	-0.41
Sortino ratio: Return per unit of downside risk	0.12	0.73	-0.60
Omega ratio: Gain probability vs. loss probability	1.01	1.08	-0.07
Calmar ratio: Return relative to maximum drawdown	0.08	0.65	-0.57
Martin ratio: Return relative to average drawdown	0.19	1.80	-1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XZWG.L vs. GLAG.L - Sharpe Ratio Comparison

The current XZWG.L Sharpe Ratio is 0.05, which is lower than the GLAG.L Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of XZWG.L and GLAG.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

	XZWG.L	GLAG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	0.46	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-0.01	-0.42

Drawdowns

XZWG.L vs. GLAG.L - Drawdown Comparison

The maximum XZWG.L drawdown since its inception was -27.49%, which is greater than GLAG.L's maximum drawdown of -25.75%. Use the drawdown chart below to compare losses from any high point for XZWG.L and GLAG.L.

Drawdown Indicators

	XZWG.L	GLAG.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.49%	-25.75%	-1.74%
Max Drawdown (1Y) Largest decline over 1 year	-4.29%	-3.53%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-6.86%	-2.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.25%	—
Current Drawdown Current decline from peak	-15.46%	-10.98%	-4.48%
Average Drawdown Average peak-to-trough decline	-17.81%	-9.75%	-8.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.28%	+0.52%

Volatility

XZWG.L vs. GLAG.L - Volatility Comparison

Xtrackers II ESG Global Government Bond UCITS ETF (XZWG.L) has a higher volatility of 2.37% compared to SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged (GLAG.L) at 1.98%. This indicates that XZWG.L's price experiences larger fluctuations and is considered to be riskier than GLAG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XZWG.L	GLAG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	1.98%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	3.82%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	4.96%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	6.50%	+2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.63%	5.79%	+2.84%

XZWG.L vs. GLAG.L - Expense Ratio Comparison

XZWG.L has a 0.20% expense ratio, which is higher than GLAG.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

XZWG.L vs. GLAG.L - Dividend Comparison

XZWG.L's dividend yield for the trailing twelve months is around 2.59%, less than GLAG.L's 3.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GLAG.L SPDR Bloomberg Barclays Global Aggregate Bond UCITS USD unhedged	3.15%	3.00%	2.80%	2.02%	1.48%	1.24%	1.47%	0.84%
XZWG.L Xtrackers II ESG Global Government Bond UCITS ETF	2.59%	2.42%	2.65%	1.69%	1.11%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XZWG.L and GLAG.L in my portfolio?

With a correlation of 0.95, XZWG.L and GLAG.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.

Which ETF is better, XZWG.L or GLAG.L?

On fees, GLAG.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, XZWG.L or GLAG.L?

GLAG.L is cheaper with a 0.10% expense ratio, compared with 0.20% for XZWG.L.

What is the main difference between XZWG.L and GLAG.L?

XZWG.L tracks Bloomberg Global Aggregate TR Hdg EUR, while GLAG.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: DWS and State Street. Their fees differ too: 0.20% for XZWG.L and 0.10% for GLAG.L.