CE31.L vs. VGWE.DE
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and VGWE.DE (Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Acc) are both exchange-traded funds - CE31.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while VGWE.DE is a Dividend fund tracking the FTSE All-World High Dividend Yield Index. Both are passively managed. Over the past 5 years, CE31.L returned 0.96%/yr vs 11.63%/yr for VGWE.DE. At a 0.11 correlation, their price movements are largely independent. CE31.L charges 0.15%/yr vs 0.29%/yr for VGWE.DE.
Performance
CE31.L vs. VGWE.DE - Performance Comparison
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Different Trading Currencies
CE31.L is traded in GBp, while VGWE.DE is traded in EUR. To make them comparable, the VGWE.DE values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CE31.L achieves a -0.69% return, which is significantly lower than VGWE.DE's 11.54% return.
CE31.L
- 1D
- 0.18%
- 1M
- 0.53%
- YTD
- -0.69%
- 6M
- -0.65%
- 1Y
- 3.69%
- 3Y*
- 2.80%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
VGWE.DE
- 1D
- 0.35%
- 1M
- 3.53%
- YTD
- 11.54%
- 6M
- 13.03%
- 1Y
- 28.13%
- 3Y*
- 16.00%
- 5Y*
- 11.63%
- 10Y*
- —
CE31.L vs. VGWE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.69% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 1.16% |
VGWE.DE Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Acc | 11.54% | 18.67% | 10.56% | 5.73% | 5.50% | 18.81% | 7.29% |
Correlation
The correlation between CE31.L and VGWE.DE is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.11 |
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Return for Risk
CE31.L vs. VGWE.DE — Risk / Return Rank
CE31.L
VGWE.DE
CE31.L vs. VGWE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) and Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Acc (VGWE.DE). 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.
| CE31.L | VGWE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.55 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 4.08 | -2.68 |
| Martin ratioReturn relative to average drawdown | 3.13 | 15.13 | -12.00 |
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
| CE31.L | VGWE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 3.04 | -2.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 1.03 | -0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 1.07 | -1.00 |
Drawdowns
CE31.L vs. VGWE.DE - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, which is greater than VGWE.DE's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for CE31.L and VGWE.DE.
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Drawdown Indicators
| CE31.L | VGWE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -13.60% | -4.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -6.86% | +4.24% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -13.60% | +10.55% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -13.60% | +7.62% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | — | — |
Current DrawdownCurrent decline from peak | -3.78% | -0.01% | -3.77% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -2.09% | -5.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.85% | -0.68% |
Volatility
CE31.L vs. VGWE.DE - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Acc (VGWE.DE) has a volatility of 2.37%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky than VGWE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CE31.L | VGWE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 2.37% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 7.28% | -4.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 9.23% | -5.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 11.21% | -5.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 11.96% | -4.89% |
CE31.L vs. VGWE.DE - Expense Ratio Comparison
CE31.L has a 0.15% expense ratio, which is lower than VGWE.DE's 0.29% expense ratio.
Dividends
CE31.L vs. VGWE.DE - Dividend Comparison
Neither CE31.L nor VGWE.DE has paid dividends to shareholders.
Frequently Asked Questions
CE31.L and VGWE.DE have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CE31.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CE31.L is cheaper with a 0.15% expense ratio, compared with 0.29% for VGWE.DE.
CE31.L is categorized as European Government Bonds, while VGWE.DE is Dividend. CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while VGWE.DE tracks FTSE All-World High Dividend Yield Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for CE31.L and 0.29% for VGWE.DE.
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