IGLT.L vs. VGOV.L
IGLT.L (iShares Core UK Gilts UCITS ETF) and VGOV.L (Vanguard UK Gilt UCITS ETF Distributing) are both exchange-traded funds - IGLT.L is a Government Bonds fund tracking the FTSE Actuaries UK Conventional Gilts All Stocks Index, while VGOV.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 10 years, IGLT.L returned -0.90%/yr vs -1.29%/yr for VGOV.L. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.
Performance
IGLT.L vs. VGOV.L - Performance Comparison
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Returns By Period
In the year-to-date period, IGLT.L achieves a -0.84% return, which is significantly higher than VGOV.L's -1.28% return. Over the past 10 years, IGLT.L has outperformed VGOV.L with an annualized return of -0.90%, while VGOV.L has yielded a comparatively lower -1.29% annualized return.
IGLT.L
- 1D
- 0.21%
- 1M
- 1.42%
- YTD
- -0.84%
- 6M
- -1.14%
- 1Y
- 2.10%
- 3Y*
- 2.44%
- 5Y*
- -4.26%
- 10Y*
- -0.90%
VGOV.L
- 1D
- 0.28%
- 1M
- 1.61%
- YTD
- -1.28%
- 6M
- -1.26%
- 1Y
- 2.08%
- 3Y*
- 2.10%
- 5Y*
- -5.33%
- 10Y*
- -1.29%
IGLT.L vs. VGOV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGLT.L iShares Core UK Gilts UCITS ETF | -0.84% | 4.69% | -3.33% | 3.56% | -23.71% | -5.03% | 8.08% | 6.70% | 0.53% | 1.39% |
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | -1.28% | 4.78% | -4.30% | 3.32% | -27.01% | -5.37% | 9.32% | 7.65% | 0.35% | 1.90% |
Correlation
The correlation between IGLT.L and VGOV.L is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 24, 2012 | 0.93 |
The correlation between IGLT.L and VGOV.L has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
IGLT.L vs. VGOV.L — Risk / Return Rank
IGLT.L
VGOV.L
IGLT.L vs. VGOV.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core UK Gilts UCITS ETF (IGLT.L) and Vanguard UK Gilt UCITS ETF Distributing (VGOV.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.
| IGLT.L | VGOV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.06 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | 0.36 | +0.04 |
| Martin ratioReturn relative to average drawdown | 1.07 | 0.96 | +0.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IGLT.L | VGOV.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.35 | 0.32 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | -0.47 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.10 | -0.13 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.03 | +0.24 |
Drawdowns
IGLT.L vs. VGOV.L - Drawdown Comparison
The maximum IGLT.L drawdown since its inception was -35.52%, smaller than the maximum VGOV.L drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for IGLT.L and VGOV.L.
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Drawdown Indicators
| IGLT.L | VGOV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.52% | -39.28% | +3.76% |
Max Drawdown (1Y)Largest decline over 1 year | -5.24% | -5.74% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -6.97% | -7.98% | +1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -37.38% | +3.89% |
Max Drawdown (10Y)Largest decline over 10 years | -35.52% | -39.28% | +3.76% |
Current DrawdownCurrent decline from peak | -25.96% | -30.74% | +4.78% |
Average DrawdownAverage peak-to-trough decline | -8.26% | -12.39% | +4.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 2.16% | -0.19% |
Volatility
IGLT.L vs. VGOV.L - Volatility Comparison
The current volatility for iShares Core UK Gilts UCITS ETF (IGLT.L) is 2.31%, while Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) has a volatility of 2.69%. This indicates that IGLT.L experiences smaller price fluctuations and is considered to be less risky than VGOV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGLT.L | VGOV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 2.69% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 4.73% | 5.24% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.00% | 6.47% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.02% | 11.44% | -1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.02% | 10.15% | -1.13% |
IGLT.L vs. VGOV.L - Expense Ratio Comparison
Both IGLT.L and VGOV.L have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IGLT.L vs. VGOV.L - Dividend Comparison
IGLT.L's dividend yield for the trailing twelve months is around 4.50%, less than VGOV.L's 4.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGLT.L iShares Core UK Gilts UCITS ETF | 4.50% | 4.26% | 3.69% | 2.40% | 1.32% | 0.79% | 0.95% | 1.25% | 1.31% | 1.30% | 1.88% | 2.05% |
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | 4.61% | 4.51% | 4.14% | 3.16% | 1.87% | 1.09% | 1.16% | 1.38% | 1.57% | 1.62% | 1.62% | 1.92% |
Frequently Asked Questions
With a correlation of 0.96, IGLT.L and VGOV.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.
Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IGLT.L and VGOV.L have the same expense ratio: 0.07% per year.
IGLT.L is categorized as Government Bonds, while VGOV.L is European Government Bonds. IGLT.L tracks FTSE Actuaries UK Conventional Gilts All Stocks Index, while VGOV.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: iShares and Vanguard.
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