FRGP.L vs. VUTA.L
FRGP.L (iShares France Govt Bond UCITS ETF GBP Hedged (Dist)) and VUTA.L (Vanguard USD Treasury Bond UCITS ETF Accumulating) are both Government Bonds funds - FRGP.L tracks the iShares France Govt Bond UCITS ETF GBP Hedged (Dist) while VUTA.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 3 years, FRGP.L returned 2.90%/yr vs 1.93%/yr for VUTA.L. At a 0.26 correlation, their price movements are largely independent.
Performance
FRGP.L vs. VUTA.L - Performance Comparison
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Returns By Period
In the year-to-date period, FRGP.L achieves a 0.66% return, which is significantly higher than VUTA.L's -0.45% return.
FRGP.L
- 1D
- -0.15%
- 1M
- -0.95%
- 6M
- 0.05%
- YTD
- 0.66%
- 1Y
- 1.92%
- 3Y*
- 2.90%
- 5Y*
- —
- 10Y*
- —
VUTA.L
- 1D
- -0.59%
- 1M
- -0.59%
- 6M
- -0.64%
- YTD
- -0.45%
- 1Y
- 2.76%
- 3Y*
- 1.93%
- 5Y*
- -0.27%
- 10Y*
- —
FRGP.L vs. VUTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FRGP.L iShares France Govt Bond UCITS ETF GBP Hedged (Dist) | 0.66% | 2.22% | 0.16% | 7.60% | -1.64% |
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating | -0.45% | -1.12% | 2.51% | -1.91% | -6.11% |
Correlation
The correlation between FRGP.L and VUTA.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022 | 0.26 |
Over the past year, the correlation between FRGP.L and VUTA.L has dropped to 0.04 - well below their long-term average of 0.26, suggesting their price drivers have been diverging.
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Return for Risk
FRGP.L vs. VUTA.L — Risk / Return Rank
FRGP.L
VUTA.L
FRGP.L vs. VUTA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares France Govt Bond UCITS ETF GBP Hedged (Dist) (FRGP.L) and Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.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.
| FRGP.L | VUTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.08 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | 0.53 | -0.02 |
| Martin ratioReturn relative to average drawdown | 1.31 | 1.22 | +0.09 |
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Drawdowns
FRGP.L vs. VUTA.L - Drawdown Comparison
The maximum FRGP.L drawdown since its inception was -6.67%, smaller than the maximum VUTA.L drawdown of -25.05%. Use the drawdown chart below to compare losses from any high point for FRGP.L and VUTA.L.
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Drawdown Indicators
| FRGP.L | VUTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.67% | -25.05% | +18.38% |
Max Drawdown (1Y)Largest decline over 1 year | -3.35% | -5.19% | +1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -4.24% | -21.06% | +16.82% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.06% | — |
Current DrawdownCurrent decline from peak | -2.12% | -19.48% | +17.36% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -17.91% | +15.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 2.26% | -0.95% |
Volatility
FRGP.L vs. VUTA.L - Volatility Comparison
The current volatility for iShares France Govt Bond UCITS ETF GBP Hedged (Dist) (FRGP.L) is 1.32%, while Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.L) has a volatility of 1.92%. This indicates that FRGP.L experiences smaller price fluctuations and is considered to be less risky than VUTA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRGP.L | VUTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 1.92% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 3.74% | 4.50% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.59% | 6.04% | -1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.26% | 16.62% | -10.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.26% | 17.25% | -10.99% |
Dividends
FRGP.L vs. VUTA.L - Dividend Comparison
FRGP.L's dividend yield for the trailing twelve months is around 2.91%, while VUTA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FRGP.L iShares France Govt Bond UCITS ETF GBP Hedged (Dist) | 2.91% | 2.83% | 2.36% | 1.82% |
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FRGP.L and VUTA.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRGP.L tracks iShares France Govt Bond UCITS ETF GBP Hedged (Dist), while VUTA.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: iShares and Vanguard.
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