GBPG.L vs. VETY.L

Last updated Jun 6, 2026

GBPG.L (Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)) and VETY.L (Vanguard EUR Eurozone Government Bond UCITS ETF Distributing) are both European Government Bonds funds - GBPG.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while VETY.L tracks the Bloomberg Euro Agg Govt TR EUR. Both are passively managed. Over the past 3 years, GBPG.L returned 3.71%/yr vs 2.41%/yr for VETY.L. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.

Performance

GBPG.L vs. VETY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L) and Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VETY.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBPG.L achieves a 3.11% return, which is significantly higher than VETY.L's -1.13% return.

GBPG.L

• 1D: 0.02%
• 1M: 0.56%
• YTD: 3.11%
• 6M: 0.30%
• 1Y: 3.02%
• 3Y*: 3.71%
• 5Y*: —
• 10Y*: —

VETY.L

• 1D: -0.32%
• 1M: -0.19%
• YTD: -1.13%
• 6M: -1.06%
• 1Y: 2.68%
• 3Y*: 2.41%
• 5Y*: -2.16%
• 10Y*: 0.71%

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

GBPG.L vs. VETY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GBPG.L Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)	3.11%	2.23%	0.17%	4.28%	-9.15%	-1.16%
VETY.L Vanguard EUR Eurozone Government Bond UCITS ETF Distributing	-1.13%	5.77%	-2.94%	4.81%	-13.61%	-3.45%

Correlation

The correlation between GBPG.L and VETY.L is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 8, 2021	0.62

The correlation between GBPG.L and VETY.L has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

Return for Risk

GBPG.L vs. VETY.L — Risk / Return Rank

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

GBPG.L

GBPG.L Risk / Return Rank: 20
GBPG.L Sharpe Ratio Rank: 18
GBPG.L Sortino Ratio Rank: 17
GBPG.L Omega Ratio Rank: 21
GBPG.L Calmar Ratio Rank: 22
GBPG.L Martin Ratio Rank: 22

VETY.L

VETY.L Risk / Return Rank: 16
VETY.L Sharpe Ratio Rank: 17
VETY.L Sortino Ratio Rank: 16
VETY.L Omega Ratio Rank: 16
VETY.L Calmar Ratio Rank: 17
VETY.L Martin Ratio Rank: 16

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.

GBPG.L vs. VETY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L) and Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VETY.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.

	GBPG.L	VETY.L	Difference
Sharpe ratio: Return per unit of total volatility	0.51	0.48	+0.03
Sortino ratio: Return per unit of downside risk	0.75	0.73	+0.03
Omega ratio: Gain probability vs. loss probability	1.13	1.08	+0.04
Calmar ratio: Return relative to maximum drawdown	0.95	0.57	+0.38
Martin ratio: Return relative to average drawdown	2.58	1.29	+1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBPG.L vs. VETY.L - Sharpe Ratio Comparison

The current GBPG.L Sharpe Ratio is 0.51, which is comparable to the VETY.L Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of GBPG.L and VETY.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

	GBPG.L	VETY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	0.48	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.11	-0.15

Drawdowns

GBPG.L vs. VETY.L - Drawdown Comparison

The maximum GBPG.L drawdown since its inception was -15.04%, smaller than the maximum VETY.L drawdown of -26.62%. Use the drawdown chart below to compare losses from any high point for GBPG.L and VETY.L.

Drawdown Indicators

	GBPG.L	VETY.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.04%	-26.62%	+11.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.16%	-4.67%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-3.30%	-6.32%	+3.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.62%	—
Current Drawdown Current decline from peak	-1.67%	-18.99%	+17.32%
Average Drawdown Average peak-to-trough decline	-5.90%	-12.06%	+6.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	2.07%	-0.90%

Volatility

GBPG.L vs. VETY.L - Volatility Comparison

The current volatility for Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L) is 1.40%, while Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VETY.L) has a volatility of 1.68%. This indicates that GBPG.L experiences smaller price fluctuations and is considered to be less risky than VETY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBPG.L	VETY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	1.68%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	5.33%	4.28%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	5.85%	5.55%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.41%	7.52%	-2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.41%	8.52%	-3.11%

GBPG.L vs. VETY.L - Expense Ratio Comparison

Both GBPG.L and VETY.L 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

GBPG.L vs. VETY.L - Dividend Comparison

GBPG.L's dividend yield for the trailing twelve months is around 4.09%, more than VETY.L's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GBPG.L Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)	4.09%	4.13%	4.10%	3.35%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VETY.L Vanguard EUR Eurozone Government Bond UCITS ETF Distributing	2.92%	2.82%	2.61%	1.82%	0.47%	0.08%	0.15%	0.53%	0.55%	0.48%	0.31%

Frequently Asked Questions

Can I hold both GBPG.L and VETY.L in my portfolio?

GBPG.L and VETY.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBPG.L or VETY.L?

Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GBPG.L or VETY.L?

GBPG.L and VETY.L have the same expense ratio: 0.07% per year.

What is the main difference between GBPG.L and VETY.L?

GBPG.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while VETY.L tracks Bloomberg Euro Agg Govt TR EUR. They also come from different issuers: Goldman Sachs and Vanguard.