IS0Z.DE vs. VAGF.DE
IS0Z.DE (iShares Global AAA-AA Government Bond UCITS ETF (Dist)) and VAGF.DE (Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc) are both Global Bonds funds - IS0Z.DE tracks the Bloomberg Global Government AAA-AA Capped Bond while VAGF.DE tracks the Bloomberg Global Aggregate Float Adjusted and Scaled (EUR Hedged). Both are passively managed. Over the past 5 years, IS0Z.DE returned -2.11%/yr vs -1.66%/yr for VAGF.DE. A 0.73 correlation means they provide meaningful diversification when combined. IS0Z.DE charges 0.20%/yr vs 0.10%/yr for VAGF.DE.
Performance
IS0Z.DE vs. VAGF.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IS0Z.DE achieves a 1.29% return, which is significantly higher than VAGF.DE's -0.68% return.
IS0Z.DE
- 1D
- 0.06%
- 1M
- 0.21%
- YTD
- 1.29%
- 6M
- 1.26%
- 1Y
- 0.54%
- 3Y*
- 1.18%
- 5Y*
- -2.11%
- 10Y*
- -0.58%
VAGF.DE
- 1D
- 0.09%
- 1M
- -0.28%
- YTD
- -0.68%
- 6M
- -0.37%
- 1Y
- 1.16%
- 3Y*
- 2.04%
- 5Y*
- -1.66%
- 10Y*
- —
IS0Z.DE vs. VAGF.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IS0Z.DE iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 1.29% | -1.88% | 0.75% | 4.39% | -16.12% | -0.07% | 2.03% | 0.99% |
VAGF.DE Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc | -0.68% | 3.23% | 0.82% | 4.53% | -14.84% | -2.97% | 5.07% | 0.73% |
Correlation
The correlation between IS0Z.DE and VAGF.DE is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2019 | 0.73 |
The correlation between IS0Z.DE and VAGF.DE has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.
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Return for Risk
IS0Z.DE vs. VAGF.DE — Risk / Return Rank
IS0Z.DE
VAGF.DE
IS0Z.DE vs. VAGF.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE) and Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc (VAGF.DE). 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.
| IS0Z.DE | VAGF.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.06 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | 0.38 | -0.29 |
| Martin ratioReturn relative to average drawdown | 0.19 | 1.06 | -0.87 |
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
| IS0Z.DE | VAGF.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.06 | 0.33 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.33 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.10 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | -0.17 | +0.22 |
Drawdowns
IS0Z.DE vs. VAGF.DE - Drawdown Comparison
The maximum IS0Z.DE drawdown since its inception was -21.02%, which is greater than VAGF.DE's maximum drawdown of -19.57%. Use the drawdown chart below to compare losses from any high point for IS0Z.DE and VAGF.DE.
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Drawdown Indicators
| IS0Z.DE | VAGF.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.02% | -19.57% | -1.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -3.11% | +0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -5.11% | -4.45% | -0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -19.65% | -18.79% | -0.86% |
Max Drawdown (10Y)Largest decline over 10 years | -21.02% | — | — |
Current DrawdownCurrent decline from peak | -15.06% | -10.73% | -4.33% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -8.99% | +1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.13% | +0.08% |
Volatility
IS0Z.DE vs. VAGF.DE - Volatility Comparison
iShares Global AAA-AA Government Bond UCITS ETF (Dist) (IS0Z.DE) has a higher volatility of 1.69% compared to Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc (VAGF.DE) at 1.55%. This indicates that IS0Z.DE's price experiences larger fluctuations and is considered to be riskier than VAGF.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IS0Z.DE | VAGF.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.69% | 1.55% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 2.98% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 3.63% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.19% | 4.90% | +1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.66% | 4.71% | +0.95% |
IS0Z.DE vs. VAGF.DE - Expense Ratio Comparison
IS0Z.DE has a 0.20% expense ratio, which is higher than VAGF.DE'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
IS0Z.DE vs. VAGF.DE - Dividend Comparison
IS0Z.DE's dividend yield for the trailing twelve months is around 2.67%, while VAGF.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IS0Z.DE iShares Global AAA-AA Government Bond UCITS ETF (Dist) | 2.67% | 2.51% | 2.30% | 1.57% | 0.80% | 0.47% | 0.62% | 0.88% | 0.90% | 0.82% | 0.84% | 1.06% |
VAGF.DE Vanguard Global Aggregate Bond UCITS ETF (EUR Hedged) Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IS0Z.DE and VAGF.DE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGF.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGF.DE is cheaper with a 0.10% expense ratio, compared with 0.20% for IS0Z.DE.
IS0Z.DE tracks Bloomberg Global Government AAA-AA Capped Bond, while VAGF.DE tracks Bloomberg Global Aggregate Float Adjusted and Scaled (EUR Hedged). They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for IS0Z.DE and 0.10% for VAGF.DE.
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