GOVD.L vs. XCOU.L

Last updated Jul 26, 2026

GOVD.L (Amundi Global Government Bond UCITS ETF Dist) and XCOU.L (Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc) are both Global Bonds funds from Amundi - GOVD.L tracks the FTSE G7 and EMU Government Bond Index while XCOU.L tracks the Bloomberg MSCI Global Green Bond 1-10 Year USD Hedged Index. Both are passively managed. Over the past 3 years, GOVD.L returned -0.31%/yr vs 3.76%/yr for XCOU.L. Their 0.60 correlation means they have sometimes moved together and sometimes differently. GOVD.L charges 0.09%/yr vs 0.15%/yr for XCOU.L.

Performance

GOVD.L vs. XCOU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi Global Government Bond UCITS ETF Dist (GOVD.L) and Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc (XCOU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GOVD.L is traded in GBP, while XCOU.L is traded in USD. To make them comparable, the XCOU.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GOVD.L achieves a -1.87% return, which is significantly lower than XCOU.L's 1.60% return.

GOVD.L

• 1D: 0.00%
• 1M: -2.53%
• 6M: -0.86%
• YTD: -1.87%
• 1Y: -0.92%
• 3Y*: -0.31%
• 5Y*: -3.01%
• 10Y*: —
• ALL TIME*: -7.30%

XCOU.L

• 1D: 0.30%
• 1M: -2.19%
• 6M: 2.61%
• YTD: 1.60%
• 1Y: 3.40%
• 3Y*: 3.76%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.30%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GOVD.L Amundi Global Government Bond UCITS ETF Dist	£3.03K	£1.48K	£7.59K
XCOU.L Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc	£0.00	£19.57	£56.69K

GOVD.L vs. XCOU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GOVD.L Amundi Global Government Bond UCITS ETF Dist	-1.87%	-0.20%	-1.78%	-1.14%	-4.50%
XCOU.L Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc	1.60%	-2.22%	6.24%	3.05%	-2.91%

Correlation

The correlation between GOVD.L and XCOU.L is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (All Time) Calculated using the full available price history since May 11, 2022	0.60

The correlation between GOVD.L and XCOU.L shifts across timeframes, from 0.47 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GOVD.L vs. XCOU.L — Risk / Return Rank

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

GOVD.L

GOVD.L Risk / Return Rank: 29
GOVD.L Sharpe Ratio Rank: 12
GOVD.L Sortino Ratio Rank: 32
GOVD.L Omega Ratio Rank: 76
GOVD.L Calmar Ratio Rank: 12
GOVD.L Martin Ratio Rank: 12

XCOU.L

XCOU.L Risk / Return Rank: 30
XCOU.L Sharpe Ratio Rank: 32
XCOU.L Sortino Ratio Rank: 30
XCOU.L Omega Ratio Rank: 30
XCOU.L Calmar Ratio Rank: 27
XCOU.L Martin Ratio Rank: 30

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.

GOVD.L vs. XCOU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Global Government Bond UCITS ETF Dist (GOVD.L) and Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc (XCOU.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.

	GOVD.L	XCOU.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	0.64	-0.64
Sortino ratio: Return per unit of downside risk	1.20	0.93	+0.27
Omega ratio: Gain probability vs. loss probability	1.32	1.11	+0.21
Calmar ratio: Return relative to maximum drawdown	-0.02	0.76	-0.77
Martin ratio: Return relative to average drawdown	-0.02	1.79	-1.81

GOVD.L vs. XCOU.L - Sharpe Ratio Comparison

The current GOVD.L Sharpe Ratio is -0.00, which is lower than the XCOU.L Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of GOVD.L and XCOU.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

GOVD.L vs. XCOU.L - Drawdown Comparison

The maximum GOVD.L drawdown since its inception was -38.07%, which is greater than XCOU.L's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for GOVD.L and XCOU.L.

Drawdown Indicators

	GOVD.L	XCOU.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.07%	-15.77%	-22.30%
Max Drawdown (1Y) Largest decline over 1 year	-27.55%	-5.44%	-22.11%
Max Drawdown (3Y) Largest decline over 3 years	-27.55%	-8.50%	-19.05%
Max Drawdown (5Y) Largest decline over 5 years	-27.55%	—	—
Current Drawdown Current decline from peak	-36.93%	-3.23%	-33.70%
Average Drawdown Average peak-to-trough decline	-32.02%	-6.69%	-25.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.36%	2.31%	+21.05%

Volatility

GOVD.L vs. XCOU.L - Volatility Comparison

The current volatility for Amundi Global Government Bond UCITS ETF Dist (GOVD.L) is 1.08%, while Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc (XCOU.L) has a volatility of 1.77%. This indicates that GOVD.L experiences smaller price fluctuations and is considered to be less risky than XCOU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOVD.L	XCOU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	1.77%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	120.69%	5.10%	+115.59%
Volatility (1Y) Calculated over the trailing 1-year period	149.55%	6.51%	+143.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.46%	8.51%	+58.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.69%	8.51%	+53.18%

GOVD.L vs. XCOU.L - Expense Ratio Comparison

GOVD.L has a 0.09% expense ratio, which is lower than XCOU.L's 0.15% 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

GOVD.L vs. XCOU.L - Dividend Comparison

GOVD.L's dividend yield for the trailing twelve months is around 2.73%, while XCOU.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
GOVD.L Amundi Global Government Bond UCITS ETF Dist	2.73%	2.68%	2.45%	1.64%	1.28%	1.23%	0.48%
XCOU.L Amundi Global Aggregate Proceeds Bond 1-10Y UCITS ETF USD Hedged Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GOVD.L and XCOU.L in my portfolio?

GOVD.L and XCOU.L have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GOVD.L or XCOU.L?

On fees, GOVD.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GOVD.L or XCOU.L?

GOVD.L is cheaper with a 0.09% expense ratio, compared with 0.15% for XCOU.L.

What is the main difference between GOVD.L and XCOU.L?

GOVD.L tracks FTSE G7 and EMU Government Bond Index, while XCOU.L tracks Bloomberg MSCI Global Green Bond 1-10 Year USD Hedged Index. Their fees differ too: 0.09% for GOVD.L and 0.15% for XCOU.L.