FTFX.L vs. VAGS.L

Last updated Jul 18, 2026

FTFX.L (First Trust FactorFX UCITS ETF Class A USD (Acc)) and VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) are both exchange-traded funds - FTFX.L is a Currency fund tracking the Bloomberg G10 Carry Index, while VAGS.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, FTFX.L returned 5.92%/yr vs 0.79%/yr for VAGS.L. At a 0.08 correlation, their price movements are largely independent. FTFX.L charges 0.75%/yr vs 0.10%/yr for VAGS.L.

Performance

FTFX.L vs. VAGS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust FactorFX UCITS ETF Class A USD (Acc) (FTFX.L) and Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FTFX.L is traded in USD, while VAGS.L is traded in GBP. To make them comparable, the VAGS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FTFX.L achieves a 6.72% return, which is significantly higher than VAGS.L's 0.06% return.

FTFX.L

• 1D: 0.26%
• 1M: 1.81%
• 6M: 5.89%
• YTD: 6.72%
• 1Y: 9.83%
• 3Y*: 6.78%
• 5Y*: 5.92%
• 10Y*: —

VAGS.L

• 1D: -0.06%
• 1M: 0.62%
• 6M: 0.61%
• YTD: 0.06%
• 1Y: 3.20%
• 3Y*: 6.71%
• 5Y*: 0.79%
• 10Y*: —

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

FTFX.L vs. VAGS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FTFX.L First Trust FactorFX UCITS ETF Class A USD (Acc)	6.72%	8.14%	7.93%	9.97%	-1.13%	-3.43%	0.33%	2.24%
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating	0.06%	14.62%	3.81%	14.28%	-21.87%	-2.20%	9.78%	7.62%

Correlation

The correlation between FTFX.L and VAGS.L is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019	0.08

Return for Risk

FTFX.L vs. VAGS.L — Risk / Return Rank

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

FTFX.L

FTFX.L Risk / Return Rank: 71
FTFX.L Sharpe Ratio Rank: 62
FTFX.L Sortino Ratio Rank: 63
FTFX.L Omega Ratio Rank: 71
FTFX.L Calmar Ratio Rank: 83
FTFX.L Martin Ratio Rank: 74

VAGS.L

VAGS.L Risk / Return Rank: 26
VAGS.L Sharpe Ratio Rank: 27
VAGS.L Sortino Ratio Rank: 25
VAGS.L Omega Ratio Rank: 24
VAGS.L Calmar Ratio Rank: 27
VAGS.L Martin Ratio Rank: 28

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.

FTFX.L vs. VAGS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust FactorFX UCITS ETF Class A USD (Acc) (FTFX.L) and Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.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.

	FTFX.L	VAGS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.55	0.38	+1.17
Sortino ratio: Return per unit of downside risk	2.23	0.61	+1.62
Omega ratio: Gain probability vs. loss probability	1.31	1.07	+0.24
Calmar ratio: Return relative to maximum drawdown	3.30	0.59	+2.71
Martin ratio: Return relative to average drawdown	10.02	1.32	+8.70

FTFX.L vs. VAGS.L - Sharpe Ratio Comparison

The current FTFX.L Sharpe Ratio is 1.55, which is higher than the VAGS.L Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of FTFX.L and VAGS.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.

Drawdowns

FTFX.L vs. VAGS.L - Drawdown Comparison

The maximum FTFX.L drawdown since its inception was -8.13%, smaller than the maximum VAGS.L drawdown of -34.86%. Use the drawdown chart below to compare losses from any high point for FTFX.L and VAGS.L.

Drawdown Indicators

	FTFX.L	VAGS.L	Difference
Max Drawdown Largest peak-to-trough decline	-8.13%	-34.86%	+26.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-5.44%	+2.47%
Max Drawdown (3Y) Largest decline over 3 years	-6.92%	-10.81%	+3.89%
Max Drawdown (5Y) Largest decline over 5 years	-6.92%	-34.83%	+27.91%
Current Drawdown Current decline from peak	0.00%	-2.74%	+2.74%
Average Drawdown Average peak-to-trough decline	-2.08%	-9.02%	+6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	2.41%	-1.43%

Volatility

FTFX.L vs. VAGS.L - Volatility Comparison

The current volatility for First Trust FactorFX UCITS ETF Class A USD (Acc) (FTFX.L) is 1.12%, while Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) has a volatility of 2.11%. This indicates that FTFX.L experiences smaller price fluctuations and is considered to be less risky than VAGS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTFX.L	VAGS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	2.11%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	4.29%	6.34%	-2.05%
Volatility (1Y) Calculated over the trailing 1-year period	6.31%	8.35%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.32%	10.90%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.18%	10.85%	-4.67%

FTFX.L vs. VAGS.L - Expense Ratio Comparison

FTFX.L has a 0.75% expense ratio, which is higher than VAGS.L's 0.10% expense ratio.

Dividends

FTFX.L vs. VAGS.L - Dividend Comparison

Neither FTFX.L nor VAGS.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FTFX.L First Trust FactorFX UCITS ETF Class A USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating	0.00%	1.43%	3.03%	2.33%	1.45%	0.87%	0.91%	0.10%

Frequently Asked Questions

Can I hold both FTFX.L and VAGS.L in my portfolio?

FTFX.L and VAGS.L have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTFX.L or VAGS.L?

On fees, VAGS.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTFX.L or VAGS.L?

VAGS.L is cheaper with a 0.10% expense ratio, compared with 0.75% for FTFX.L.

What is the main difference between FTFX.L and VAGS.L?

FTFX.L is categorized as Currency, while VAGS.L is Global Bonds. FTFX.L tracks Bloomberg G10 Carry Index, while VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.75% for FTFX.L and 0.10% for VAGS.L.