GOVP.L vs. VUTY.L
GOVP.L (iShares $ Treasury Bond UCITS ETF) and VUTY.L (Vanguard USD Treasury Bond UCITS ETF Distributing) are both Government Bonds funds - GOVP.L tracks the iShares $ Treasury Bond UCITS ETF while VUTY.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 -0.28%/yr for VUTY.L. At a 0.36 correlation, their price movements are largely independent. GOVP.L charges 0.10%/yr vs 0.05%/yr for VUTY.L.
Performance
GOVP.L vs. VUTY.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 VUTY.L's -0.43% 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*
- —
VUTY.L
- 1D
- -0.63%
- 1M
- -0.62%
- 6M
- -0.61%
- YTD
- -0.43%
- 1Y
- 2.80%
- 3Y*
- 1.93%
- 5Y*
- -0.28%
- 10Y*
- 0.60%
GOVP.L vs. VUTY.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% |
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing | -0.43% | -1.14% | 2.53% | -1.95% | -1.84% | -1.13% | 4.01% | -6.77% |
Correlation
The correlation between GOVP.L and VUTY.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 | 0.31 |
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 VUTY.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. VUTY.L — Risk / Return Rank
GOVP.L
VUTY.L
GOVP.L vs. VUTY.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 Distributing (VUTY.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 | VUTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| 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. VUTY.L - Drawdown Comparison
The maximum GOVP.L drawdown since its inception was -20.62%, smaller than the maximum VUTY.L drawdown of -22.66%. Use the drawdown chart below to compare losses from any high point for GOVP.L and VUTY.L.
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Drawdown Indicators
| GOVP.L | VUTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.62% | -22.66% | +2.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.96% | -5.24% | +2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -5.29% | -8.28% | +2.99% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -16.17% | -1.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.66% | — |
Current DrawdownCurrent decline from peak | -9.71% | -18.09% | +8.38% |
Average DrawdownAverage peak-to-trough decline | -9.87% | -12.67% | +2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 2.29% | -1.14% |
Volatility
GOVP.L vs. VUTY.L - Volatility Comparison
The current volatility for iShares $ Treasury Bond UCITS ETF (GOVP.L) is 1.14%, while Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.L) has a volatility of 2.01%. This indicates that GOVP.L experiences smaller price fluctuations and is considered to be less risky than VUTY.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 | VUTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 2.01% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 4.46% | -1.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 5.99% | -2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.76% | 8.66% | -2.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 9.23% | -3.70% |
GOVP.L vs. VUTY.L - Expense Ratio Comparison
GOVP.L has a 0.10% expense ratio, which is higher than VUTY.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. VUTY.L - Dividend Comparison
GOVP.L's dividend yield for the trailing twelve months is around 3.97%, less than VUTY.L's 4.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GOVP.L iShares $ Treasury Bond UCITS ETF | 3.97% | 3.96% | 3.89% | 3.08% | 1.49% | 0.85% | 1.32% | 0.00% | 0.00% | 0.00% | 0.00% |
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing | 4.30% | 4.40% | 4.00% | 3.47% | 2.06% | 1.19% | 1.64% | 2.42% | 2.24% | 1.64% | 0.92% |
Frequently Asked Questions
GOVP.L and VUTY.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, VUTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VUTY.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 VUTY.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 VUTY.L.
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