ITEH.L vs. VUTA.L
ITEH.L (iShares Italy Govt Bond UCITS ETF USD Hedged (Acc)) and VUTA.L (Vanguard USD Treasury Bond UCITS ETF Accumulating) are both Government Bonds funds - ITEH.L tracks the iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) while VUTA.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 -0.60%/yr for VUTA.L. At a 0.39 correlation, their price movements are largely independent. ITEH.L charges 0.22%/yr vs 0.05%/yr for VUTA.L.
Performance
ITEH.L vs. VUTA.L - Performance Comparison
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Different Trading Currencies
ITEH.L is traded in USD, while VUTA.L is traded in GBP. To make them comparable, the VUTA.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ITEH.L achieves a 0.48% return, which is significantly higher than VUTA.L's 0.13% 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*
- —
VUTA.L
- 1D
- 0.54%
- 1M
- 0.31%
- 6M
- 0.06%
- YTD
- 0.13%
- 1Y
- 3.94%
- 3Y*
- 3.06%
- 5Y*
- -0.60%
- 10Y*
- —
ITEH.L vs. VUTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 13.13% |
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating | 0.13% | 6.34% | 0.80% | 3.27% | -12.37% | -1.98% | 7.15% | -18.22% |
Correlation
The correlation between ITEH.L and VUTA.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019 | 0.39 |
The correlation between ITEH.L and VUTA.L shifts across timeframes, from 0.38 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ITEH.L vs. VUTA.L — Risk / Return Rank
ITEH.L
VUTA.L
ITEH.L vs. VUTA.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 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.
| ITEH.L | VUTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.14 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 1.26 | -0.47 |
| Martin ratioReturn relative to average drawdown | 2.42 | 3.26 | -0.84 |
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Drawdowns
ITEH.L vs. VUTA.L - Drawdown Comparison
The maximum ITEH.L drawdown since its inception was -19.30%, smaller than the maximum VUTA.L drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for ITEH.L and VUTA.L.
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Drawdown Indicators
| ITEH.L | VUTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.30% | -27.44% | +8.14% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -3.10% | -0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -3.93% | -19.53% | +15.60% |
Max Drawdown (5Y)Largest decline over 5 years | -19.30% | -19.53% | +0.23% |
Current DrawdownCurrent decline from peak | -1.56% | -16.58% | +15.02% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -18.90% | +14.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.21% | +0.07% |
Volatility
ITEH.L vs. VUTA.L - Volatility Comparison
The current volatility for iShares Italy Govt Bond UCITS ETF USD Hedged (Acc) (ITEH.L) is 1.16%, while Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.L) has a volatility of 1.46%. This indicates that ITEH.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
| ITEH.L | VUTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.46% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 4.10% | 3.96% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.78% | 4.98% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.92% | 15.76% | -8.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.24% | 16.15% | -8.91% |
ITEH.L vs. VUTA.L - Expense Ratio Comparison
ITEH.L has a 0.22% 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
ITEH.L vs. VUTA.L - Dividend Comparison
Neither ITEH.L nor VUTA.L has paid dividends to shareholders.
Frequently Asked Questions
ITEH.L and VUTA.L have a correlation of 0.38, 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 0.22% for ITEH.L.
ITEH.L tracks iShares Italy Govt Bond UCITS ETF USD Hedged (Acc), 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: 0.22% for ITEH.L and 0.05% for VUTA.L.
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