GOVP.L vs. VUTA.L
GOVP.L (iShares $ Treasury Bond UCITS ETF) and VUTA.L (Vanguard USD Treasury Bond UCITS ETF Accumulating) are both Government Bonds funds - GOVP.L tracks the iShares $ Treasury Bond UCITS ETF while VUTA.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 5 years, GOVP.L returned -1.21%/yr vs -0.27%/yr for VUTA.L. At a 0.36 correlation, their price movements are largely independent. GOVP.L charges 0.10%/yr vs 0.05%/yr for VUTA.L.
Performance
GOVP.L vs. VUTA.L - Performance Comparison
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Returns By Period
In the year-to-date period, GOVP.L achieves a -0.39% return, which is significantly higher than VUTA.L's -0.45% return.
GOVP.L
- 1D
- -0.22%
- 1M
- -0.45%
- 6M
- -0.39%
- YTD
- -0.39%
- 1Y
- 3.25%
- 3Y*
- 2.60%
- 5Y*
- -1.21%
- 10Y*
- —
VUTA.L
- 1D
- -0.59%
- 1M
- -0.59%
- 6M
- -0.64%
- YTD
- -0.45%
- 1Y
- 2.76%
- 3Y*
- 1.93%
- 5Y*
- -0.27%
- 10Y*
- —
GOVP.L vs. VUTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GOVP.L iShares $ Treasury Bond UCITS ETF | -0.39% | 6.04% | 0.48% | 2.90% | -13.18% | -2.61% | 7.02% | -0.20% |
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating | -0.45% | -1.12% | 2.51% | -1.91% | -1.88% | -1.09% | 3.97% | -6.72% |
Correlation
The correlation between GOVP.L and VUTA.L is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2019 | 0.36 |
Over the past year, the correlation between GOVP.L and VUTA.L has dropped to 0.15 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.
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Return for Risk
GOVP.L vs. VUTA.L — Risk / Return Rank
GOVP.L
VUTA.L
GOVP.L vs. VUTA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ Treasury Bond UCITS ETF (GOVP.L) and Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.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.
| GOVP.L | VUTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.08 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.53 | +0.56 |
| Martin ratioReturn relative to average drawdown | 2.81 | 1.22 | +1.59 |
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Drawdowns
GOVP.L vs. VUTA.L - Drawdown Comparison
The maximum GOVP.L drawdown since its inception was -20.62%, smaller than the maximum VUTA.L drawdown of -25.05%. Use the drawdown chart below to compare losses from any high point for GOVP.L and VUTA.L.
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Drawdown Indicators
| GOVP.L | VUTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.62% | -25.05% | +4.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.96% | -5.19% | +2.23% |
Max Drawdown (3Y)Largest decline over 3 years | -5.29% | -21.06% | +15.77% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -21.06% | +3.00% |
Current DrawdownCurrent decline from peak | -9.71% | -19.48% | +9.77% |
Average DrawdownAverage peak-to-trough decline | -9.87% | -17.91% | +8.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 2.26% | -1.11% |
Volatility
GOVP.L vs. VUTA.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond UCITS ETF (GOVP.L) is 1.14%, while Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.L) has a volatility of 1.92%. This indicates that GOVP.L experiences smaller price fluctuations and is considered to be less risky than VUTA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVP.L | VUTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.92% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 4.50% | -1.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 6.04% | -2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.76% | 16.62% | -10.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 17.25% | -11.72% |
GOVP.L vs. VUTA.L - Expense Ratio Comparison
GOVP.L has a 0.10% expense ratio, which is higher than VUTA.L's 0.05% 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
GOVP.L vs. VUTA.L - Dividend Comparison
GOVP.L's dividend yield for the trailing twelve months is around 3.97%, while VUTA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GOVP.L iShares $ Treasury Bond UCITS ETF | 3.97% | 3.96% | 3.89% | 3.08% | 1.49% | 0.85% | 1.32% |
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GOVP.L and VUTA.L have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VUTA.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUTA.L is cheaper with a 0.05% expense ratio, compared with 0.10% for GOVP.L.
GOVP.L tracks iShares $ Treasury Bond UCITS ETF, while VUTA.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.10% for GOVP.L and 0.05% for VUTA.L.
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