EUN3.DE vs. VUAA.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Global Government Bond UCITS ETF USD (Dist) (EUN3.DE) and Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L).

EUN3.DE and VUAA.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EUN3.DE is a passively managed fund by iShares that tracks the performance of the FTSE G7 Government Bond. It was launched on Mar 6, 2009. VUAA.L is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Net Total Return. It was launched on May 14, 2019. Both EUN3.DE and VUAA.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EUN3.DE vs. VUAA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Global Government Bond UCITS ETF USD (Dist) (EUN3.DE) and Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L). The values are adjusted to include any dividend payments, if applicable.

EUN3.DE vs. VUAA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EUN3.DE iShares Global Government Bond UCITS ETF USD (Dist)	-1.18%	-5.37%	2.25%	0.44%	-12.65%	1.09%	-0.23%	3.49%
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation	-2.59%	3.44%	33.54%	22.89%	-13.59%	39.02%	7.96%	12.33%

Different Trading Currencies

EUN3.DE is traded in EUR, while VUAA.L is traded in USD. To make them comparable, the VUAA.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, EUN3.DE achieves a -1.18% return, which is significantly higher than VUAA.L's -4.92% return.

EUN3.DE

• 1D: -0.35%
• 1M: -1.00%
• YTD: -1.18%
• 6M: -1.69%
• 1Y: -6.16%
• 3Y*: -1.76%
• 5Y*: -3.03%
• 10Y*: -0.94%

VUAA.L

• 1D: 0.00%
• 1M: -4.96%
• YTD: -4.92%
• 6M: -1.94%
• 1Y: 7.73%
• 3Y*: 15.19%
• 5Y*: 11.66%
• 10Y*: —

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

EUN3.DE vs. VUAA.L - Expense Ratio Comparison

EUN3.DE has a 0.20% expense ratio, which is higher than VUAA.L's 0.07% 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%.

EUN3.DE

iShares Global Government Bond UCITS ETF USD (Dist)

VUAA.L

Vanguard S&P 500 UCITS ETF USD Accumulation

Return for Risk

EUN3.DE vs. VUAA.L — Risk / Return Rank

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

EUN3.DE

EUN3.DE Risk / Return Rank: 1
EUN3.DE Sharpe Ratio Rank: 0
EUN3.DE Sortino Ratio Rank: 1
EUN3.DE Omega Ratio Rank: 1
EUN3.DE Calmar Ratio Rank: 1
EUN3.DE Martin Ratio Rank: 3

VUAA.L

VUAA.L Risk / Return Rank: 68
VUAA.L Sharpe Ratio Rank: 62
VUAA.L Sortino Ratio Rank: 62
VUAA.L Omega Ratio Rank: 63
VUAA.L Calmar Ratio Rank: 77
VUAA.L Martin Ratio Rank: 77

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.

EUN3.DE vs. VUAA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Government Bond UCITS ETF USD (Dist) (EUN3.DE) and Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.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.

	EUN3.DE	VUAA.L	Difference
Sharpe ratio Return per unit of total volatility	-1.07	0.46	-1.53
Sortino ratio Return per unit of downside risk	-1.33	0.72	-2.05
Omega ratio Gain probability vs. loss probability	0.83	1.10	-0.28
Calmar ratio Return relative to maximum drawdown	-0.77	1.01	-1.78
Martin ratio Return relative to average drawdown	-1.22	3.18	-4.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUN3.DE vs. VUAA.L - Sharpe Ratio Comparison

The current EUN3.DE Sharpe Ratio is -1.07, which is lower than the VUAA.L Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of EUN3.DE and VUAA.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EUN3.DE	VUAA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.07	0.46	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	0.73	-1.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.74	-0.57

Correlation

The correlation between EUN3.DE and VUAA.L is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

EUN3.DE vs. VUAA.L - Dividend Comparison

EUN3.DE's dividend yield for the trailing twelve months is around 1.49%, while VUAA.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUN3.DE iShares Global Government Bond UCITS ETF USD (Dist)	1.49%	3.09%	2.40%	1.47%	0.79%	0.60%	1.08%	1.20%	1.04%	1.01%	1.04%	0.59%
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

EUN3.DE vs. VUAA.L - Drawdown Comparison

The maximum EUN3.DE drawdown since its inception was -22.73%, smaller than the maximum VUAA.L drawdown of -33.55%. Use the drawdown chart below to compare losses from any high point for EUN3.DE and VUAA.L.

Drawdown Indicators

	EUN3.DE	VUAA.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.73%	-34.05%	+11.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.99%	-11.75%	+3.76%
Max Drawdown (5Y) Largest decline over 5 years	-18.97%	-24.36%	+5.39%
Max Drawdown (10Y) Largest decline over 10 years	-22.73%	—	—
Current Drawdown Current decline from peak	-21.44%	-5.41%	-16.03%
Average Drawdown Average peak-to-trough decline	-9.39%	-5.20%	-4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.07%	2.05%	+3.02%

Volatility

EUN3.DE vs. VUAA.L - Volatility Comparison

The current volatility for iShares Global Government Bond UCITS ETF USD (Dist) (EUN3.DE) is 1.72%, while Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L) has a volatility of 4.09%. This indicates that EUN3.DE experiences smaller price fluctuations and is considered to be less risky than VUAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUN3.DE	VUAA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	4.09%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	3.24%	8.81%	-5.57%
Volatility (1Y) Calculated over the trailing 1-year period	5.36%	16.97%	-11.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.82%	15.87%	-9.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	17.90%	-11.66%