ITEH.L vs. VDTY.L
ITEH.L (iShares Italy Govt Bond UCITS ETF USD Hedged (Acc)) and VDTY.L (Vanguard USD Treasury Bond UCITS ETF) are both Government Bonds funds - ITEH.L tracks the iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) while VDTY.L tracks the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 5 years, ITEH.L returned 0.91%/yr vs -0.72%/yr for VDTY.L. At a 0.49 correlation, their price movements are largely independent. ITEH.L charges 0.22%/yr vs 0.05%/yr for VDTY.L.
Performance
ITEH.L vs. VDTY.L - Performance Comparison
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Returns By Period
In the year-to-date period, ITEH.L achieves a 0.48% return, which is significantly higher than VDTY.L's -0.40% return.
ITEH.L
- 1D
- 0.00%
- 1M
- -0.63%
- 6M
- -0.16%
- YTD
- 0.48%
- 1Y
- 3.10%
- 3Y*
- 6.11%
- 5Y*
- 0.91%
- 10Y*
- —
VDTY.L
- 1D
- 0.09%
- 1M
- -0.24%
- 6M
- -0.40%
- YTD
- -0.40%
- 1Y
- 3.41%
- 3Y*
- 2.87%
- 5Y*
- -0.72%
- 10Y*
- 0.78%
ITEH.L vs. VDTY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ITEH.L iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) | 0.48% | 5.18% | 6.60% | 11.65% | -15.12% | -2.50% | 8.95% | 13.79% | -1.81% |
VDTY.L Vanguard USD Treasury Bond UCITS ETF | -0.40% | 6.28% | 0.84% | 3.77% | -12.31% | -2.40% | 7.67% | 7.06% | 2.37% |
Correlation
The correlation between ITEH.L and VDTY.L is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2018 | 0.49 |
The correlation between ITEH.L and VDTY.L shifts across timeframes, from 0.49 (all time) to 0.67 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ITEH.L vs. VDTY.L — Risk / Return Rank
ITEH.L
VDTY.L
ITEH.L vs. VDTY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) (ITEH.L) and Vanguard USD Treasury Bond UCITS ETF (VDTY.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.
| ITEH.L | VDTY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.17 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 1.14 | -0.35 |
| Martin ratioReturn relative to average drawdown | 2.42 | 3.11 | -0.69 |
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Drawdowns
ITEH.L vs. VDTY.L - Drawdown Comparison
The maximum ITEH.L drawdown since its inception was -19.30%, roughly equal to the maximum VDTY.L drawdown of -18.98%. Use the drawdown chart below to compare losses from any high point for ITEH.L and VDTY.L.
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Drawdown Indicators
| ITEH.L | VDTY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.30% | -18.98% | -0.32% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -2.97% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -3.93% | -5.21% | +1.28% |
Max Drawdown (5Y)Largest decline over 5 years | -19.30% | -16.59% | -2.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.98% | — |
Current DrawdownCurrent decline from peak | -1.56% | -7.13% | +5.57% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -6.66% | +1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.09% | +0.19% |
Volatility
ITEH.L vs. VDTY.L - Volatility Comparison
iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) (ITEH.L) has a higher volatility of 1.16% compared to Vanguard USD Treasury Bond UCITS ETF (VDTY.L) at 0.93%. This indicates that ITEH.L's price experiences larger fluctuations and is considered to be riskier than VDTY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITEH.L | VDTY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.93% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.10% | 2.58% | +1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.78% | 3.52% | +1.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.92% | 5.55% | +1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.24% | 4.86% | +2.38% |
ITEH.L vs. VDTY.L - Expense Ratio Comparison
ITEH.L has a 0.22% expense ratio, which is higher than VDTY.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
ITEH.L vs. VDTY.L - Dividend Comparison
ITEH.L has not paid dividends to shareholders, while VDTY.L's dividend yield for the trailing twelve months is around 4.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
ITEH.L iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VDTY.L Vanguard USD Treasury Bond UCITS ETF | 4.27% | 4.29% | 4.07% | 3.40% | 2.09% | 1.21% | 1.54% | 2.34% | 2.33% | 1.57% | 0.99% |
Frequently Asked Questions
ITEH.L and VDTY.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VDTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDTY.L is cheaper with a 0.05% expense ratio, compared with 0.22% for ITEH.L.
ITEH.L tracks iShares Italy Govt Bond UCITS ETF USD Hedged (Acc), while VDTY.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.22% for ITEH.L and 0.05% for VDTY.L.
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