FSMG.L vs. V3GP.L

Last updated Jun 4, 2026

FSMG.L (Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD) and V3GP.L (Vanguard ESG Global Corporate Bond UCITS ETF GBP Hedged Distributing) are both Global Corporate Bonds funds - FSMG.L tracks the Bloomberg Gbl Agg Corp TR USD while V3GP.L tracks the Bloomberg Gbl Agg Corp TR Hdg GBP. Both are passively managed. Over the past 5 years, FSMG.L returned 1.58%/yr vs 0.42%/yr for V3GP.L. At a 0.41 correlation, their price movements are largely independent. FSMG.L charges 0.25%/yr vs 0.15%/yr for V3GP.L.

Performance

FSMG.L vs. V3GP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD (FSMG.L) and Vanguard ESG Global Corporate Bond UCITS ETF GBP Hedged Distributing (V3GP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMG.L achieves a 0.98% return, which is significantly higher than V3GP.L's 0.36% return.

FSMG.L

• 1D: -0.11%
• 1M: 1.36%
• YTD: 0.98%
• 6M: 0.58%
• 1Y: 6.75%
• 3Y*: 3.72%
• 5Y*: 1.58%
• 10Y*: —

V3GP.L

• 1D: -0.35%
• 1M: 0.27%
• YTD: 0.36%
• 6M: 0.53%
• 1Y: 4.43%
• 3Y*: 5.20%
• 5Y*: 0.42%
• 10Y*: —

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

FSMG.L vs. V3GP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSMG.L Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD	0.98%	2.65%	2.78%	3.90%	-5.75%	3.84%
V3GP.L Vanguard ESG Global Corporate Bond UCITS ETF GBP Hedged Distributing	0.36%	6.20%	3.56%	7.64%	-14.57%	1.05%

Correlation

The correlation between FSMG.L and V3GP.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.41

The correlation between FSMG.L and V3GP.L shifts across timeframes, from 0.30 (1 year) to 0.45 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FSMG.L vs. V3GP.L — Risk / Return Rank

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

FSMG.L

FSMG.L Risk / Return Rank: 32
FSMG.L Sharpe Ratio Rank: 33
FSMG.L Sortino Ratio Rank: 35
FSMG.L Omega Ratio Rank: 33
FSMG.L Calmar Ratio Rank: 34
FSMG.L Martin Ratio Rank: 27

V3GP.L

V3GP.L Risk / Return Rank: 34
V3GP.L Sharpe Ratio Rank: 33
V3GP.L Sortino Ratio Rank: 33
V3GP.L Omega Ratio Rank: 32
V3GP.L Calmar Ratio Rank: 33
V3GP.L Martin Ratio Rank: 36

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.

FSMG.L vs. V3GP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD (FSMG.L) and Vanguard ESG Global Corporate Bond UCITS ETF GBP Hedged Distributing (V3GP.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.

	FSMG.L	V3GP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.23	-0.04
Sortino ratio: Return per unit of downside risk	1.80	1.77	+0.03
Omega ratio: Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	1.63	1.65	-0.02
Martin ratio: Return relative to average drawdown	3.74	5.66	-1.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMG.L vs. V3GP.L - Sharpe Ratio Comparison

The current FSMG.L Sharpe Ratio is 1.19, which is comparable to the V3GP.L Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of FSMG.L and V3GP.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.

Sharpe Ratios by Period

	FSMG.L	V3GP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	1.23	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.08	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.09	+0.13

Drawdowns

FSMG.L vs. V3GP.L - Drawdown Comparison

The maximum FSMG.L drawdown since its inception was -11.66%, smaller than the maximum V3GP.L drawdown of -20.15%. Use the drawdown chart below to compare losses from any high point for FSMG.L and V3GP.L.

Drawdown Indicators

	FSMG.L	V3GP.L	Difference
Max Drawdown Largest peak-to-trough decline	-11.66%	-20.15%	+8.49%
Max Drawdown (1Y) Largest decline over 1 year	-4.12%	-2.67%	-1.45%
Max Drawdown (3Y) Largest decline over 3 years	-5.52%	-3.83%	-1.69%
Max Drawdown (5Y) Largest decline over 5 years	-11.66%	-20.15%	+8.49%
Current Drawdown Current decline from peak	-1.72%	-0.87%	-0.85%
Average Drawdown Average peak-to-trough decline	-4.51%	-7.79%	+3.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	0.78%	+1.02%

Volatility

FSMG.L vs. V3GP.L - Volatility Comparison

Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD (FSMG.L) has a higher volatility of 2.37% compared to Vanguard ESG Global Corporate Bond UCITS ETF GBP Hedged Distributing (V3GP.L) at 1.44%. This indicates that FSMG.L's price experiences larger fluctuations and is considered to be riskier than V3GP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMG.L	V3GP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	1.44%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	4.46%	2.81%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	5.67%	3.60%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.32%	5.43%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.32%	5.42%	+1.90%

FSMG.L vs. V3GP.L - Expense Ratio Comparison

FSMG.L has a 0.25% expense ratio, which is higher than V3GP.L's 0.15% 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%.

Dividends

FSMG.L vs. V3GP.L - Dividend Comparison

FSMG.L's dividend yield for the trailing twelve months is around 6.04%, more than V3GP.L's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021
FSMG.L Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD	6.04%	4.83%	5.10%	4.67%	2.87%	1.10%
V3GP.L Vanguard ESG Global Corporate Bond UCITS ETF GBP Hedged Distributing	4.38%	4.43%	4.36%	4.10%	2.48%	0.71%

Frequently Asked Questions

Can I hold both FSMG.L and V3GP.L in my portfolio?

FSMG.L and V3GP.L have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSMG.L or V3GP.L?

On fees, V3GP.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSMG.L or V3GP.L?

V3GP.L is cheaper with a 0.15% expense ratio, compared with 0.25% for FSMG.L.

What is the main difference between FSMG.L and V3GP.L?

FSMG.L tracks Bloomberg Gbl Agg Corp TR USD, while V3GP.L tracks Bloomberg Gbl Agg Corp TR Hdg GBP. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.25% for FSMG.L and 0.15% for V3GP.L.