GBDV.L vs. VHYL.L

Last updated Jul 18, 2026

GBDV.L (SPDR S&P Global Dividend Aristocrats UCITS) and VHYL.L (Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing) are both exchange-traded funds - GBDV.L is a Global Equities fund tracking the S&P Global Dividend Aristocrats index, while VHYL.L is a Dividend fund tracking the FTSE All-World High Dividend Yield Index. Both are passively managed. Over the past 10 years, GBDV.L returned 6.46%/yr vs 9.76%/yr for VHYL.L. Their correlation of 0.88 suggests significant overlap in exposure. GBDV.L charges 0.45%/yr vs 0.29%/yr for VHYL.L.

Performance

GBDV.L vs. VHYL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) and Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VHYL.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBDV.L achieves a 12.11% return, which is significantly lower than VHYL.L's 13.32% return. Over the past 10 years, GBDV.L has underperformed VHYL.L with an annualized return of 6.46%, while VHYL.L has yielded a comparatively higher 9.76% annualized return.

GBDV.L

• 1D: 0.27%
• 1M: 3.68%
• 6M: 8.12%
• YTD: 12.11%
• 1Y: 18.64%
• 3Y*: 13.81%
• 5Y*: 8.02%
• 10Y*: 6.46%

VHYL.L

• 1D: 0.04%
• 1M: -0.25%
• 6M: 9.49%
• YTD: 13.32%
• 1Y: 25.74%
• 3Y*: 16.86%
• 5Y*: 12.12%
• 10Y*: 9.76%

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

GBDV.L vs. VHYL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	12.11%	9.25%	8.98%	1.23%	4.57%	16.69%	-12.13%	15.83%	-3.84%	8.16%
VHYL.L Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing	13.32%	18.23%	11.22%	5.25%	5.95%	19.23%	-3.53%	17.00%	-6.59%	8.80%

Correlation

The correlation between GBDV.L and VHYL.L is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 21, 2013	0.88

Over the past year, the correlation between GBDV.L and VHYL.L has dropped to 0.64 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

GBDV.L vs. VHYL.L - Sectors Allocation Comparison

Sectors	GBDV.L	VHYL.L
Financial Services	23.0%	28.2%
Utilities	16.9%	5.3%
Industrials	12.0%	12.2%
Real Estate	11.4%	0.8%
Communication Services	10.3%	3.4%
Consumer Defensive	8.4%	8.5%
Energy	7.8%	8.7%
Healthcare	3.8%	11.1%
Technology	2.9%	9.5%
Basic Materials	2.3%	5.2%
Consumer Cyclical	1.3%	7.2%

Return for Risk

GBDV.L vs. VHYL.L — Risk / Return Rank

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

GBDV.L

GBDV.L Risk / Return Rank: 79
GBDV.L Sharpe Ratio Rank: 85
GBDV.L Sortino Ratio Rank: 82
GBDV.L Omega Ratio Rank: 82
GBDV.L Calmar Ratio Rank: 76
GBDV.L Martin Ratio Rank: 69

VHYL.L

VHYL.L Risk / Return Rank: 91
VHYL.L Sharpe Ratio Rank: 95
VHYL.L Sortino Ratio Rank: 94
VHYL.L Omega Ratio Rank: 95
VHYL.L Calmar Ratio Rank: 85
VHYL.L Martin Ratio Rank: 85

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.

GBDV.L vs. VHYL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) and Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VHYL.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.

	GBDV.L	VHYL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.98	-0.84
Sortino ratio: Return per unit of downside risk	2.95	3.98	-1.03
Omega ratio: Gain probability vs. loss probability	1.38	1.57	-0.19
Calmar ratio: Return relative to maximum drawdown	3.06	3.69	-0.62
Martin ratio: Return relative to average drawdown	9.50	13.31	-3.81

GBDV.L vs. VHYL.L - Sharpe Ratio Comparison

The current GBDV.L Sharpe Ratio is 2.14, which is comparable to the VHYL.L Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of GBDV.L and VHYL.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

GBDV.L vs. VHYL.L - Drawdown Comparison

The maximum GBDV.L drawdown since its inception was -40.46%, which is greater than VHYL.L's maximum drawdown of -27.87%. Use the drawdown chart below to compare losses from any high point for GBDV.L and VHYL.L.

Drawdown Indicators

	GBDV.L	VHYL.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.46%	-27.87%	-12.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.06%	-6.95%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	-13.57%	-12.79%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	-12.79%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	-34.77%	-27.87%	-6.90%
Current Drawdown Current decline from peak	0.00%	-0.51%	+0.51%
Average Drawdown Average peak-to-trough decline	-11.54%	-3.58%	-7.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.93%	+0.03%

Volatility

GBDV.L vs. VHYL.L - Volatility Comparison

SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) has a higher volatility of 2.59% compared to Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VHYL.L) at 1.92%. This indicates that GBDV.L's price experiences larger fluctuations and is considered to be riskier than VHYL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBDV.L	VHYL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	1.92%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	6.95%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	8.69%	8.65%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.74%	10.76%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.05%	12.99%	+1.06%

GBDV.L vs. VHYL.L - Expense Ratio Comparison

GBDV.L has a 0.45% expense ratio, which is higher than VHYL.L's 0.29% expense ratio.

Dividends

GBDV.L vs. VHYL.L - Dividend Comparison

GBDV.L's dividend yield for the trailing twelve months is around 3.72%, more than VHYL.L's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	3.72%	4.21%	3.80%	4.25%	4.26%	3.68%	3.91%	3.60%	3.87%	3.28%	3.49%	3.73%
VHYL.L Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing	2.53%	2.79%	3.08%	3.37%	3.67%	3.08%	3.28%	3.34%	3.63%	3.09%	2.88%	3.20%

Frequently Asked Questions

Can I hold both GBDV.L and VHYL.L in my portfolio?

GBDV.L and VHYL.L have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBDV.L or VHYL.L?

On fees, VHYL.L is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GBDV.L or VHYL.L?

VHYL.L is cheaper with a 0.29% expense ratio, compared with 0.45% for GBDV.L.

What is the main difference between GBDV.L and VHYL.L?

GBDV.L is categorized as Global Equities, while VHYL.L is Dividend. GBDV.L tracks S&P Global Dividend Aristocrats index, while VHYL.L tracks FTSE All-World High Dividend Yield Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.45% for GBDV.L and 0.29% for VHYL.L.