GLTP.L vs. VGOV.L
GLTP.L (Invesco UK Gilts UCITS ETF Dist) and VGOV.L (Vanguard UK Gilt UCITS ETF Distributing) are both European Government Bonds funds - GLTP.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while VGOV.L tracks the FTSE Actuaries UK Conventional Gilts All Stocks Index. Both are passively managed. Over the past 5 years, GLTP.L returned -5.18%/yr vs -5.78%/yr for VGOV.L. With a 0.97 correlation, they move nearly in lockstep. GLTP.L charges 0.06%/yr vs 0.07%/yr for VGOV.L.
Performance
GLTP.L vs. VGOV.L - Performance Comparison
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Different Trading Currencies
GLTP.L is traded in GBp, while VGOV.L is traded in GBP. To make them comparable, the VGOV.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with GLTP.L having a -1.08% return and VGOV.L slightly lower at -1.10%.
GLTP.L
- 1D
- 0.13%
- 1M
- -0.49%
- 6M
- -2.13%
- YTD
- -1.08%
- 1Y
- 2.52%
- 3Y*
- 2.57%
- 5Y*
- -5.18%
- 10Y*
- —
VGOV.L
- 1D
- 0.13%
- 1M
- -0.55%
- 6M
- -2.14%
- YTD
- -1.10%
- 1Y
- 2.46%
- 3Y*
- 2.47%
- 5Y*
- -5.78%
- 10Y*
- -1.77%
GLTP.L vs. VGOV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GLTP.L Invesco UK Gilts UCITS ETF Dist | -1.08% | 5.35% | -4.39% | 3.50% | -24.95% | -5.40% | 8.70% | 5.42% |
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | -1.10% | 4.79% | -4.32% | 3.33% | -27.01% | -5.36% | 9.33% | 6.04% |
Correlation
The correlation between GLTP.L and VGOV.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2019 | 0.97 |
The correlation between GLTP.L and VGOV.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
GLTP.L vs. VGOV.L — Risk / Return Rank
GLTP.L
VGOV.L
GLTP.L vs. VGOV.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco UK Gilts UCITS ETF Dist (GLTP.L) and Vanguard UK Gilt UCITS ETF Distributing (VGOV.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.
| GLTP.L | VGOV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.07 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 0.42 | +0.02 |
| Martin ratioReturn relative to average drawdown | 1.09 | 1.05 | +0.04 |
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Drawdowns
GLTP.L vs. VGOV.L - Drawdown Comparison
The maximum GLTP.L drawdown since its inception was -37.02%, smaller than the maximum VGOV.L drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for GLTP.L and VGOV.L.
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Drawdown Indicators
| GLTP.L | VGOV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.02% | -39.28% | +2.26% |
Max Drawdown (1Y)Largest decline over 1 year | -5.69% | -5.76% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -8.00% | +0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -34.89% | -37.38% | +2.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.28% | — |
Current DrawdownCurrent decline from peak | -28.19% | -30.62% | +2.43% |
Average DrawdownAverage peak-to-trough decline | -18.66% | -12.19% | -6.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 2.34% | -0.02% |
Volatility
GLTP.L vs. VGOV.L - Volatility Comparison
Invesco UK Gilts UCITS ETF Dist (GLTP.L) and Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) have volatilities of 1.89% and 1.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLTP.L | VGOV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 1.89% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 5.38% | 5.44% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.45% | 6.47% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.56% | 11.42% | -0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 10.08% | +0.08% |
GLTP.L vs. VGOV.L - Expense Ratio Comparison
GLTP.L has a 0.06% expense ratio, which is lower than VGOV.L's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GLTP.L vs. VGOV.L - Dividend Comparison
GLTP.L's dividend yield for the trailing twelve months is around 4.54%, less than VGOV.L's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLTP.L Invesco UK Gilts UCITS ETF Dist | 4.54% | 4.39% | 4.33% | 3.24% | 1.62% | 0.81% | 0.81% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% |
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | 4.62% | 4.51% | 4.14% | 3.16% | 1.87% | 1.09% | 1.16% | 1.38% | 1.57% | 1.62% | 1.62% | 1.92% |
Frequently Asked Questions
With a correlation of 0.97, GLTP.L and VGOV.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, GLTP.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLTP.L is cheaper with a 0.06% expense ratio, compared with 0.07% for VGOV.L.
GLTP.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while VGOV.L tracks FTSE Actuaries UK Conventional Gilts All Stocks Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.06% for GLTP.L and 0.07% for VGOV.L.
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