BCHS.L vs. VAGP.L

Last updated Jun 14, 2026

BCHS.L (Invesco CoinShares Global Blockchain UCITS ETF Acc) and VAGP.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing) are both exchange-traded funds - BCHS.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD, while VAGP.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, BCHS.L returned 12.48%/yr vs -0.33%/yr for VAGP.L. At a 0.01 correlation, their price movements are largely independent. BCHS.L charges 0.65%/yr vs 0.10%/yr for VAGP.L.

Performance

BCHS.L vs. VAGP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco CoinShares Global Blockchain UCITS ETF Acc (BCHS.L) and Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BCHS.L is traded in GBp, while VAGP.L is traded in GBP. To make them comparable, the VAGP.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, BCHS.L achieves a 25.35% return, which is significantly higher than VAGP.L's 0.30% return.

BCHS.L

• 1D: 5.50%
• 1M: 1.69%
• YTD: 25.35%
• 6M: 18.40%
• 1Y: 56.79%
• 3Y*: 41.92%
• 5Y*: 12.48%
• 10Y*: —

VAGP.L

• 1D: 0.18%
• 1M: 1.12%
• YTD: 0.30%
• 6M: 0.92%
• 1Y: 3.26%
• 3Y*: 3.87%
• 5Y*: -0.33%
• 10Y*: —

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

BCHS.L vs. VAGP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BCHS.L Invesco CoinShares Global Blockchain UCITS ETF Acc	25.35%	35.24%	18.50%	58.28%	-46.25%	26.00%	89.05%	7.52%
VAGP.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing	0.30%	4.93%	2.54%	5.85%	-13.82%	-2.05%	5.34%	2.12%

Correlation

The correlation between BCHS.L and VAGP.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019	0.01

The correlation between BCHS.L and VAGP.L shifts across timeframes, from 0.01 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BCHS.L vs. VAGP.L — Risk / Return Rank

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

BCHS.L

BCHS.L Risk / Return Rank: 39
BCHS.L Sharpe Ratio Rank: 44
BCHS.L Sortino Ratio Rank: 43
BCHS.L Omega Ratio Rank: 38
BCHS.L Calmar Ratio Rank: 41
BCHS.L Martin Ratio Rank: 29

VAGP.L

VAGP.L Risk / Return Rank: 27
VAGP.L Sharpe Ratio Rank: 28
VAGP.L Sortino Ratio Rank: 26
VAGP.L Omega Ratio Rank: 26
VAGP.L Calmar Ratio Rank: 26
VAGP.L Martin Ratio Rank: 26

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.

BCHS.L vs. VAGP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CoinShares Global Blockchain UCITS ETF Acc (BCHS.L) and Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BCHS.L	VAGP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.90	+0.47
Sortino ratio: Return per unit of downside risk	1.92	1.28	+0.64
Omega ratio: Gain probability vs. loss probability	1.23	1.16	+0.07
Calmar ratio: Return relative to maximum drawdown	1.80	1.09	+0.71
Martin ratio: Return relative to average drawdown	3.63	3.10	+0.53

BCHS.L vs. VAGP.L - Sharpe Ratio Comparison

The current BCHS.L Sharpe Ratio is 1.37, which is higher than the VAGP.L Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of BCHS.L and VAGP.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.

Drawdowns

BCHS.L vs. VAGP.L - Drawdown Comparison

The maximum BCHS.L drawdown since its inception was -55.89%, which is greater than VAGP.L's maximum drawdown of -18.13%. Use the drawdown chart below to compare losses from any high point for BCHS.L and VAGP.L.

Drawdown Indicators

	BCHS.L	VAGP.L	Difference
Max Drawdown Largest peak-to-trough decline	-55.89%	-18.13%	-37.76%
Max Drawdown (1Y) Largest decline over 1 year	-29.49%	-2.77%	-26.72%
Max Drawdown (3Y) Largest decline over 3 years	-35.64%	-4.01%	-31.63%
Max Drawdown (5Y) Largest decline over 5 years	-55.89%	-17.71%	-38.18%
Current Drawdown Current decline from peak	-4.94%	-3.65%	-1.29%
Average Drawdown Average peak-to-trough decline	-23.07%	-6.65%	-16.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.64%	0.98%	+13.66%

Volatility

BCHS.L vs. VAGP.L - Volatility Comparison

Invesco CoinShares Global Blockchain UCITS ETF Acc (BCHS.L) has a higher volatility of 12.78% compared to Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.L) at 1.42%. This indicates that BCHS.L's price experiences larger fluctuations and is considered to be riskier than VAGP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCHS.L	VAGP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.78%	1.42%	+11.36%
Volatility (6M) Calculated over the trailing 6-month period	26.27%	2.81%	+23.46%
Volatility (1Y) Calculated over the trailing 1-year period	38.60%	3.38%	+35.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.27%	4.79%	+33.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.52%	4.50%	+32.02%

BCHS.L vs. VAGP.L - Expense Ratio Comparison

BCHS.L has a 0.65% expense ratio, which is higher than VAGP.L's 0.10% expense ratio.

Dividends

BCHS.L vs. VAGP.L - Dividend Comparison

BCHS.L has not paid dividends to shareholders, while VAGP.L's dividend yield for the trailing twelve months is around 3.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BCHS.L Invesco CoinShares Global Blockchain UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VAGP.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing	3.55%	3.50%	3.08%	2.37%	1.46%	0.86%	1.21%	0.59%

Frequently Asked Questions

Can I hold both BCHS.L and VAGP.L in my portfolio?

BCHS.L and VAGP.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCHS.L or VAGP.L?

On fees, VAGP.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, BCHS.L or VAGP.L?

VAGP.L is cheaper with a 0.10% expense ratio, compared with 0.65% for BCHS.L.

What is the main difference between BCHS.L and VAGP.L?

BCHS.L is categorized as Technology Equities, while VAGP.L is Global Bonds. BCHS.L tracks MSCI World/Information Tech NR USD, while VAGP.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.65% for BCHS.L and 0.10% for VAGP.L.