GLTP.L vs. VGVA.L

Last updated Jun 5, 2026

GLTP.L (Invesco UK Gilts UCITS ETF Dist) and VGVA.L (Vanguard UK Gilt UCITS ETF Accumulating) are both European Government Bonds funds tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, from Invesco and Vanguard respectively. Both are passively managed. Over the past 5 years, GLTP.L returned -4.79%/yr vs -5.33%/yr for VGVA.L. With a 0.98 correlation, they move nearly in lockstep. GLTP.L charges 0.06%/yr vs 0.07%/yr for VGVA.L.

Performance

GLTP.L vs. VGVA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco UK Gilts UCITS ETF Dist (GLTP.L) and Vanguard UK Gilt UCITS ETF Accumulating (VGVA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GLTP.L is traded in GBp, while VGVA.L is traded in GBP. To make them comparable, the VGVA.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLTP.L achieves a -1.34% return, which is significantly lower than VGVA.L's -1.19% return.

GLTP.L

• 1D: 0.25%
• 1M: 1.64%
• YTD: -1.34%
• 6M: -1.41%
• 1Y: 2.02%
• 3Y*: 2.16%
• 5Y*: -4.79%
• 10Y*: —

VGVA.L

• 1D: 0.28%
• 1M: 1.61%
• YTD: -1.19%
• 6M: -1.36%
• 1Y: 2.14%
• 3Y*: 2.10%
• 5Y*: -5.33%
• 10Y*: —

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

GLTP.L vs. VGVA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GLTP.L Invesco UK Gilts UCITS ETF Dist	-1.34%	5.35%	-4.39%	3.50%	-24.95%	-5.40%	8.70%	3.59%
VGVA.L Vanguard UK Gilt UCITS ETF Accumulating	-1.19%	4.03%	-3.61%	3.26%	-27.03%	-5.38%	9.36%	3.71%

Correlation

The correlation between GLTP.L and VGVA.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 22, 2019	0.98

The correlation between GLTP.L and VGVA.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

GLTP.L vs. VGVA.L — Risk / Return Rank

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

GLTP.L

GLTP.L Risk / Return Rank: 13
GLTP.L Sharpe Ratio Rank: 14
GLTP.L Sortino Ratio Rank: 12
GLTP.L Omega Ratio Rank: 13
GLTP.L Calmar Ratio Rank: 13
GLTP.L Martin Ratio Rank: 14

VGVA.L

VGVA.L Risk / Return Rank: 14
VGVA.L Sharpe Ratio Rank: 14
VGVA.L Sortino Ratio Rank: 13
VGVA.L Omega Ratio Rank: 13
VGVA.L Calmar Ratio Rank: 14
VGVA.L Martin Ratio Rank: 14

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.

GLTP.L vs. VGVA.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 Accumulating (VGVA.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.

	GLTP.L	VGVA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.31	0.33	-0.02
Sortino ratio: Return per unit of downside risk	0.47	0.49	-0.02
Omega ratio: Gain probability vs. loss probability	1.06	1.06	0.00
Calmar ratio: Return relative to maximum drawdown	0.35	0.37	-0.02
Martin ratio: Return relative to average drawdown	0.94	1.00	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLTP.L vs. VGVA.L - Sharpe Ratio Comparison

The current GLTP.L Sharpe Ratio is 0.31, which is comparable to the VGVA.L Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of GLTP.L and VGVA.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

	GLTP.L	VGVA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	0.33	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	-0.47	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.26	-0.25	-0.01

Drawdowns

GLTP.L vs. VGVA.L - Drawdown Comparison

The maximum GLTP.L drawdown since its inception was -37.02%, smaller than the maximum VGVA.L drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for GLTP.L and VGVA.L.

Drawdown Indicators

	GLTP.L	VGVA.L	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-39.28%	+2.26%
Max Drawdown (1Y) Largest decline over 1 year	-5.69%	-5.75%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-7.66%	-7.88%	+0.22%
Max Drawdown (5Y) Largest decline over 5 years	-34.89%	-37.05%	+2.16%
Current Drawdown Current decline from peak	-28.38%	-31.00%	+2.62%
Average Drawdown Average peak-to-trough decline	-18.68%	-19.93%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.13%	+0.02%

Volatility

GLTP.L vs. VGVA.L - Volatility Comparison

Invesco UK Gilts UCITS ETF Dist (GLTP.L) and Vanguard UK Gilt UCITS ETF Accumulating (VGVA.L) have volatilities of 2.85% and 2.79%, 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.

Volatility by Period

	GLTP.L	VGVA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.79%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	5.22%	5.27%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	6.51%	6.53%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.58%	11.28%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.25%	10.86%	-0.61%

GLTP.L vs. VGVA.L - Expense Ratio Comparison

GLTP.L has a 0.06% expense ratio, which is lower than VGVA.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. VGVA.L - Dividend Comparison

GLTP.L's dividend yield for the trailing twelve months is around 4.50%, while VGVA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GLTP.L Invesco UK Gilts UCITS ETF Dist	4.50%	4.39%	4.33%	3.24%	1.62%	0.81%	0.81%	0.72%
VGVA.L Vanguard UK Gilt UCITS ETF Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLTP.L and VGVA.L in my portfolio?

With a correlation of 0.97, GLTP.L and VGVA.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.

Which ETF is better, GLTP.L or VGVA.L?

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.

Which ETF is cheaper, GLTP.L or VGVA.L?

GLTP.L is cheaper with a 0.06% expense ratio, compared with 0.07% for VGVA.L.

What is the main difference between GLTP.L and VGVA.L?

Both ETFs track FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.06% for GLTP.L and 0.07% for VGVA.L.