SPX5.L vs. VAGS.L

Last updated Jun 14, 2026

SPX5.L (SPDR S&P 500 UCITS ETF) and VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) are both exchange-traded funds - SPX5.L is a S&P 500 fund tracking the S&P 500 Index, while VAGS.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, SPX5.L returned 14.39%/yr vs 1.46%/yr for VAGS.L. At a correlation of -0.04, they often move in opposite directions. SPX5.L charges 0.09%/yr vs 0.10%/yr for VAGS.L.

Performance

SPX5.L vs. VAGS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P 500 UCITS ETF (SPX5.L) and Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPX5.L achieves a 8.77% return, which is significantly higher than VAGS.L's 0.31% return.

SPX5.L

• 1D: 1.48%
• 1M: -0.34%
• YTD: 8.77%
• 6M: 9.15%
• 1Y: 26.66%
• 3Y*: 18.27%
• 5Y*: 14.39%
• 10Y*: 15.80%

VAGS.L

• 1D: 0.31%
• 1M: 0.47%
• YTD: 0.31%
• 6M: 1.01%
• 1Y: 3.27%
• 3Y*: 6.03%
• 5Y*: 1.46%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPX5.L vs. VAGS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPX5.L SPDR S&P 500 UCITS ETF	8.77%	9.34%	27.46%	19.76%	-9.00%	30.96%	13.52%	6.87%
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating	0.31%	6.58%	5.57%	8.56%	-12.52%	-1.30%	6.71%	1.98%

Correlation

The correlation between SPX5.L and VAGS.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019	-0.04

The correlation between SPX5.L and VAGS.L shifts across timeframes, from -0.04 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPX5.L vs. VAGS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPX5.L

SPX5.L Risk / Return Rank: 83
SPX5.L Sharpe Ratio Rank: 86
SPX5.L Sortino Ratio Rank: 84
SPX5.L Omega Ratio Rank: 85
SPX5.L Calmar Ratio Rank: 80
SPX5.L Martin Ratio Rank: 79

VAGS.L

VAGS.L Risk / Return Rank: 26
VAGS.L Sharpe Ratio Rank: 27
VAGS.L Sortino Ratio Rank: 25
VAGS.L Omega Ratio Rank: 24
VAGS.L Calmar Ratio Rank: 27
VAGS.L Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPX5.L vs. VAGS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 500 UCITS ETF (SPX5.L) and Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.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.

	SPX5.L	VAGS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.42	0.86	+1.55
Sortino ratio: Return per unit of downside risk	3.25	1.25	+2.01
Omega ratio: Gain probability vs. loss probability	1.45	1.15	+0.30
Calmar ratio: Return relative to maximum drawdown	3.67	1.14	+2.53
Martin ratio: Return relative to average drawdown	13.26	3.23	+10.03

SPX5.L vs. VAGS.L - Sharpe Ratio Comparison

The current SPX5.L Sharpe Ratio is 2.42, which is higher than the VAGS.L Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of SPX5.L and VAGS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPX5.L vs. VAGS.L - Drawdown Comparison

The maximum SPX5.L drawdown since its inception was -41.23%, which is greater than VAGS.L's maximum drawdown of -16.34%. Use the drawdown chart below to compare losses from any high point for SPX5.L and VAGS.L.

Drawdown Indicators

	SPX5.L	VAGS.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.23%	-16.34%	-24.89%
Max Drawdown (1Y) Largest decline over 1 year	-7.07%	-2.67%	-4.40%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	-3.39%	-17.51%
Max Drawdown (5Y) Largest decline over 5 years	-20.90%	-16.34%	-4.56%
Max Drawdown (10Y) Largest decline over 10 years	-25.45%	—	—
Current Drawdown Current decline from peak	-1.82%	-1.18%	-0.64%
Average Drawdown Average peak-to-trough decline	-7.47%	-4.11%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	0.94%	+1.02%

Volatility

SPX5.L vs. VAGS.L - Volatility Comparison

SPDR S&P 500 UCITS ETF (SPX5.L) has a higher volatility of 3.60% compared to Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) at 1.41%. This indicates that SPX5.L's price experiences larger fluctuations and is considered to be riskier than VAGS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPX5.L	VAGS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	1.41%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	7.54%	2.77%	+4.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	3.54%	+7.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.26%	4.91%	+9.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.53%	4.60%	+10.93%

SPX5.L vs. VAGS.L - Expense Ratio Comparison

SPX5.L has a 0.09% expense ratio, which is lower than VAGS.L's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPX5.L vs. VAGS.L - Dividend Comparison

SPX5.L's dividend yield for the trailing twelve months is around 0.90%, while VAGS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPX5.L SPDR S&P 500 UCITS ETF	0.90%	0.98%	1.03%	1.21%	1.39%	0.98%	1.40%	1.48%	1.71%	1.57%	1.49%	1.68%
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating	0.00%	1.43%	3.03%	2.33%	1.45%	0.87%	1.08%	0.10%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPX5.L and VAGS.L in my portfolio?

SPX5.L and VAGS.L have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPX5.L or VAGS.L?

On fees, SPX5.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPX5.L or VAGS.L?

SPX5.L is cheaper with a 0.09% expense ratio, compared with 0.10% for VAGS.L.

What is the main difference between SPX5.L and VAGS.L?

SPX5.L is categorized as S&P 500, while VAGS.L is Global Bonds. SPX5.L tracks S&P 500 Index, while VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.09% for SPX5.L and 0.10% for VAGS.L.