GOVG.L vs. VAGU.L

Last updated Jun 5, 2026

GOVG.L (Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D)) and VAGU.L (Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating) are both Global Bonds funds - GOVG.L tracks the Bloomberg Global Aggregate TR Hdg GBP while VAGU.L tracks the Bloomberg Global Aggregate TR Hdg USD. Both are passively managed. Over the past 3 years, GOVG.L returned 0.19%/yr vs 1.49%/yr for VAGU.L. At a 0.30 correlation, their price movements are largely independent. GOVG.L charges 0.15%/yr vs 0.10%/yr for VAGU.L.

Performance

GOVG.L vs. VAGU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) (GOVG.L) and Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating (VAGU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GOVG.L is traded in GBp, while VAGU.L is traded in USD. To make them comparable, the VAGU.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, GOVG.L achieves a -0.17% return, which is significantly lower than VAGU.L's 0.82% return.

GOVG.L

• 1D: -0.29%
• 1M: -0.27%
• YTD: -0.17%
• 6M: -2.59%
• 1Y: -0.71%
• 3Y*: 0.19%
• 5Y*: —
• 10Y*: —

VAGU.L

• 1D: 0.20%
• 1M: 1.48%
• YTD: 0.82%
• 6M: -0.10%
• 1Y: 4.43%
• 3Y*: 1.49%
• 5Y*: 1.39%
• 10Y*: —

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

GOVG.L vs. VAGU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GOVG.L Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D)	-0.17%	0.76%	-0.52%	2.69%	-14.37%	-0.98%
VAGU.L Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating	0.78%	-2.54%	4.53%	1.56%	-2.22%	1.20%

Correlation

The correlation between GOVG.L and VAGU.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jul 28, 2021	0.30

The correlation between GOVG.L and VAGU.L shifts across timeframes, from 0.19 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

GOVG.L vs. VAGU.L - Sectors Allocation Comparison

Sectors	GOVG.L	VAGU.L
Financial Services	19.1%	100.0%
Technology	18.1%	-
Consumer Cyclical	12.2%	-
Industrials	9.9%	-
Basic Materials	9.0%	-
Consumer Defensive	8.2%	-
Healthcare	7.4%	-
Communication Services	6.0%	-
Energy	5.2%	-
Utilities	3.0%	-
Real Estate	1.9%	-

Return for Risk

GOVG.L vs. VAGU.L — Risk / Return Rank

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

GOVG.L

GOVG.L Risk / Return Rank: 7
GOVG.L Sharpe Ratio Rank: 8
GOVG.L Sortino Ratio Rank: 7
GOVG.L Omega Ratio Rank: 6
GOVG.L Calmar Ratio Rank: 8
GOVG.L Martin Ratio Rank: 8

VAGU.L

VAGU.L Risk / Return Rank: 27
VAGU.L Sharpe Ratio Rank: 28
VAGU.L Sortino Ratio Rank: 28
VAGU.L Omega Ratio Rank: 26
VAGU.L Calmar Ratio Rank: 27
VAGU.L Martin Ratio Rank: 26

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.

GOVG.L vs. VAGU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) (GOVG.L) and Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating (VAGU.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.

	GOVG.L	VAGU.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	0.69	-0.83
Sortino ratio: Return per unit of downside risk	-0.15	1.02	-1.17
Omega ratio: Gain probability vs. loss probability	0.98	1.13	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.13	0.79	-0.93
Martin ratio: Return relative to average drawdown	-0.28	1.89	-2.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVG.L vs. VAGU.L - Sharpe Ratio Comparison

The current GOVG.L Sharpe Ratio is -0.14, which is lower than the VAGU.L Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of GOVG.L and VAGU.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

	GOVG.L	VAGU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	0.69	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	0.03	-0.57

Drawdowns

GOVG.L vs. VAGU.L - Drawdown Comparison

The maximum GOVG.L drawdown since its inception was -17.52%, roughly equal to the maximum VAGU.L drawdown of -17.32%. Use the drawdown chart below to compare losses from any high point for GOVG.L and VAGU.L.

Drawdown Indicators

	GOVG.L	VAGU.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.52%	-17.32%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-4.41%	-5.56%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	-5.40%	-9.05%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.71%	—
Current Drawdown Current decline from peak	-13.83%	-8.71%	-5.12%
Average Drawdown Average peak-to-trough decline	-11.97%	-9.64%	-2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.34%	-0.18%

Volatility

GOVG.L vs. VAGU.L - Volatility Comparison

The current volatility for Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR Hedged GBP (D) (GOVG.L) is 1.50%, while Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating (VAGU.L) has a volatility of 1.86%. This indicates that GOVG.L experiences smaller price fluctuations and is considered to be less risky than VAGU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOVG.L	VAGU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	1.86%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	3.74%	5.04%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	4.27%	6.37%	-2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.14%	8.78%	-3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	8.99%	-3.85%

GOVG.L vs. VAGU.L - Expense Ratio Comparison

GOVG.L has a 0.15% expense ratio, which is higher than VAGU.L's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GOVG.L vs. VAGU.L - Dividend Comparison

Neither GOVG.L nor VAGU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GOVG.L and VAGU.L in my portfolio?

GOVG.L and VAGU.L have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GOVG.L or VAGU.L?

On fees, VAGU.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GOVG.L or VAGU.L?

VAGU.L is cheaper with a 0.10% expense ratio, compared with 0.15% for GOVG.L.

What is the main difference between GOVG.L and VAGU.L?

GOVG.L tracks Bloomberg Global Aggregate TR Hdg GBP, while VAGU.L tracks Bloomberg Global Aggregate TR Hdg USD. They also come from different issuers: Amundi and Vanguard. Their fees differ too: 0.15% for GOVG.L and 0.10% for VAGU.L.