EUNH.DE vs. VGEB.DE
EUNH.DE (iShares Core Euro Government Bond UCITS ETF (Dist)) and VGEB.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Distributing) are both European Government Bonds funds tracking the Bloomberg Euro Aggregate Treasury, from iShares and Vanguard respectively. Both are passively managed. Over the past 5 years, EUNH.DE returned -2.27%/yr vs -2.17%/yr for VGEB.DE. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.07% expense ratio.
Performance
EUNH.DE vs. VGEB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EUNH.DE achieves a -0.06% return, which is significantly lower than VGEB.DE's 0.13% return.
EUNH.DE
- 1D
- 0.04%
- 1M
- -0.08%
- YTD
- -0.06%
- 6M
- 0.09%
- 1Y
- 0.30%
- 3Y*
- 2.35%
- 5Y*
- -2.27%
- 10Y*
- -0.32%
VGEB.DE
- 1D
- 0.03%
- 1M
- 0.00%
- YTD
- 0.13%
- 6M
- 0.18%
- 1Y
- 0.31%
- 3Y*
- 2.38%
- 5Y*
- -2.17%
- 10Y*
- —
EUNH.DE vs. VGEB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUNH.DE iShares Core Euro Government Bond UCITS ETF (Dist) | -0.06% | 0.80% | 1.52% | 6.83% | -18.32% | -3.37% | 4.72% | 6.76% | 0.85% | 0.01% |
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | 0.13% | 0.69% | 1.55% | 6.99% | -18.10% | -3.26% | 4.75% | 7.05% | 1.21% | -0.03% |
Correlation
The correlation between EUNH.DE and VGEB.DE 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 (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.96 |
The correlation between EUNH.DE and VGEB.DE has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
EUNH.DE vs. VGEB.DE — Risk / Return Rank
EUNH.DE
VGEB.DE
EUNH.DE vs. VGEB.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Euro Government Bond UCITS ETF (Dist) (EUNH.DE) and Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VGEB.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.
| EUNH.DE | VGEB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.00 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | -0.03 | -0.01 |
| Martin ratioReturn relative to average drawdown | -0.08 | -0.06 | -0.01 |
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
| EUNH.DE | VGEB.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.02 | -0.02 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | -0.34 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | -0.03 | +0.28 |
Drawdowns
EUNH.DE vs. VGEB.DE - Drawdown Comparison
The maximum EUNH.DE drawdown since its inception was -22.43%, roughly equal to the maximum VGEB.DE drawdown of -22.15%. Use the drawdown chart below to compare losses from any high point for EUNH.DE and VGEB.DE.
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Drawdown Indicators
| EUNH.DE | VGEB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.43% | -22.15% | -0.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.48% | -3.43% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -4.10% | -4.05% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -21.53% | -21.25% | -0.28% |
Max Drawdown (10Y)Largest decline over 10 years | -22.43% | — | — |
Current DrawdownCurrent decline from peak | -14.10% | -13.65% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -5.97% | -8.83% | +2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 1.35% | 0.00% |
Volatility
EUNH.DE vs. VGEB.DE - Volatility Comparison
iShares Core Euro Government Bond UCITS ETF (Dist) (EUNH.DE) has a higher volatility of 1.72% compared to Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VGEB.DE) at 1.63%. This indicates that EUNH.DE's price experiences larger fluctuations and is considered to be riskier than VGEB.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUNH.DE | VGEB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 1.63% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.70% | 3.47% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.37% | 4.16% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.34% | 6.32% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.52% | 5.52% | 0.00% |
EUNH.DE vs. VGEB.DE - Expense Ratio Comparison
Both EUNH.DE and VGEB.DE have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
EUNH.DE vs. VGEB.DE - Dividend Comparison
EUNH.DE's dividend yield for the trailing twelve months is around 2.49%, less than VGEB.DE's 2.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUNH.DE iShares Core Euro Government Bond UCITS ETF (Dist) | 2.49% | 2.30% | 1.77% | 0.97% | 0.27% | 0.24% | 0.47% | 0.65% | 0.66% | 0.70% | 0.94% | 0.62% |
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | 2.89% | 2.88% | 2.56% | 1.96% | 0.66% | 0.08% | 0.19% | 0.74% | 0.80% | 0.09% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, EUNH.DE and VGEB.DE 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 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
EUNH.DE and VGEB.DE have the same expense ratio: 0.07% per year.
Both ETFs track Bloomberg Euro Aggregate Treasury. They also come from different issuers: iShares and Vanguard.
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