GCVG.L vs. VWCE.DE

Last updated Jun 4, 2026

GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) and VWCE.DE (Vanguard FTSE All-World UCITS ETF) are both exchange-traded funds - GCVG.L is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged), while VWCE.DE is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 3 years, GCVG.L returned 19.49%/yr vs 18.24%/yr for VWCE.DE. A 0.64 correlation means they provide meaningful diversification when combined. GCVG.L charges 0.55%/yr vs 0.19%/yr for VWCE.DE.

Performance

GCVG.L vs. VWCE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and Vanguard FTSE All-World UCITS ETF (VWCE.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GCVG.L is traded in GBP, while VWCE.DE is traded in EUR. To make them comparable, the VWCE.DE values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GCVG.L achieves a 18.39% return, which is significantly higher than VWCE.DE's 11.88% return.

GCVG.L

• 1D: -0.19%
• 1M: 5.17%
• YTD: 18.39%
• 6M: 21.00%
• 1Y: 37.25%
• 3Y*: 19.49%
• 5Y*: —
• 10Y*: —

VWCE.DE

• 1D: -0.44%
• 1M: 6.27%
• YTD: 11.88%
• 6M: 12.61%
• 1Y: 30.35%
• 3Y*: 18.24%
• 5Y*: 12.47%
• 10Y*: —

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

GCVG.L vs. VWCE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF	18.39%	22.98%	9.45%	13.81%	-14.46%
VWCE.DE Vanguard FTSE All-World UCITS ETF	11.88%	14.84%	18.99%	15.82%	-4.58%

Correlation

The correlation between GCVG.L and VWCE.DE is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.64

The correlation between GCVG.L and VWCE.DE has been stable across timeframes, ranging from 0.61 to 0.64 - a consistent structural relationship.

Return for Risk

GCVG.L vs. VWCE.DE — Risk / Return Rank

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

GCVG.L

GCVG.L Risk / Return Rank: 92
GCVG.L Sharpe Ratio Rank: 91
GCVG.L Sortino Ratio Rank: 92
GCVG.L Omega Ratio Rank: 93
GCVG.L Calmar Ratio Rank: 90
GCVG.L Martin Ratio Rank: 93

VWCE.DE

VWCE.DE Risk / Return Rank: 74
VWCE.DE Sharpe Ratio Rank: 70
VWCE.DE Sortino Ratio Rank: 71
VWCE.DE Omega Ratio Rank: 72
VWCE.DE Calmar Ratio Rank: 78
VWCE.DE Martin Ratio Rank: 82

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.

GCVG.L vs. VWCE.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and Vanguard FTSE All-World UCITS ETF (VWCE.DE). 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.

	GCVG.L	VWCE.DE	Difference
Sharpe ratio: Return per unit of total volatility	3.26	2.78	+0.47
Sortino ratio: Return per unit of downside risk	4.52	3.82	+0.70
Omega ratio: Gain probability vs. loss probability	1.64	1.52	+0.12
Calmar ratio: Return relative to maximum drawdown	5.67	4.30	+1.36
Martin ratio: Return relative to average drawdown	24.59	17.18	+7.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCVG.L vs. VWCE.DE - Sharpe Ratio Comparison

The current GCVG.L Sharpe Ratio is 3.26, which is comparable to the VWCE.DE Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of GCVG.L and VWCE.DE, 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

	GCVG.L	VWCE.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	2.78	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.79	+0.29

Drawdowns

GCVG.L vs. VWCE.DE - Drawdown Comparison

The maximum GCVG.L drawdown since its inception was -17.60%, smaller than the maximum VWCE.DE drawdown of -25.99%. Use the drawdown chart below to compare losses from any high point for GCVG.L and VWCE.DE.

Drawdown Indicators

	GCVG.L	VWCE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-17.60%	-25.99%	+8.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.51%	-7.02%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-7.62%	-18.90%	+11.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.90%	—
Current Drawdown Current decline from peak	-0.19%	-0.44%	+0.25%
Average Drawdown Average peak-to-trough decline	-5.49%	-3.47%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	1.76%	-0.25%

Volatility

GCVG.L vs. VWCE.DE - Volatility Comparison

SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) has a higher volatility of 4.00% compared to Vanguard FTSE All-World UCITS ETF (VWCE.DE) at 3.43%. This indicates that GCVG.L's price experiences larger fluctuations and is considered to be riskier than VWCE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCVG.L	VWCE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	3.43%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	8.00%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	11.35%	10.87%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.93%	13.31%	-3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.93%	15.52%	-5.59%

GCVG.L vs. VWCE.DE - Expense Ratio Comparison

GCVG.L has a 0.55% expense ratio, which is higher than VWCE.DE's 0.19% expense ratio.

Dividends

GCVG.L vs. VWCE.DE - Dividend Comparison

GCVG.L's dividend yield for the trailing twelve months is around 0.52%, while VWCE.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF	0.52%	0.59%	0.41%	0.28%
VWCE.DE Vanguard FTSE All-World UCITS ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GCVG.L and VWCE.DE in my portfolio?

GCVG.L and VWCE.DE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GCVG.L or VWCE.DE?

On fees, VWCE.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GCVG.L or VWCE.DE?

VWCE.DE is cheaper with a 0.19% expense ratio, compared with 0.55% for GCVG.L.

What is the main difference between GCVG.L and VWCE.DE?

GCVG.L is categorized as Convertible Bonds, while VWCE.DE is Global Equities. GCVG.L tracks Refinitiv Qualified Global Convertible (GBP Hedged), while VWCE.DE tracks FTSE All-World Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.55% for GCVG.L and 0.19% for VWCE.DE.