UKRE.L vs. VAGS.L
UKRE.L (iShares MSCI Target UK Real Estate UCITS ETF) and VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) are both exchange-traded funds - UKRE.L is a REIT fund tracking the MSCI UK IMI Liquid Real Estate 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, UKRE.L returned -2.05%/yr vs 1.46%/yr for VAGS.L. At a 0.24 correlation, their price movements are largely independent. UKRE.L charges 0.40%/yr vs 0.10%/yr for VAGS.L.
Performance
UKRE.L vs. VAGS.L - Performance Comparison
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Different Trading Currencies
UKRE.L is traded in GBp, while VAGS.L is traded in GBP. To make them comparable, the VAGS.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, UKRE.L achieves a 1.43% return, which is significantly higher than VAGS.L's 0.31% return.
UKRE.L
- 1D
- 1.37%
- 1M
- 2.91%
- YTD
- 1.43%
- 6M
- 3.88%
- 1Y
- 1.31%
- 3Y*
- 3.06%
- 5Y*
- -2.05%
- 10Y*
- 0.74%
VAGS.L
- 1D
- 0.31%
- 1M
- 0.47%
- YTD
- 0.31%
- 6M
- 1.01%
- 1Y
- 3.27%
- 3Y*
- 6.03%
- 5Y*
- 1.46%
- 10Y*
- —
UKRE.L vs. VAGS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
UKRE.L iShares MSCI Target UK Real Estate UCITS ETF | 1.43% | 6.21% | -7.39% | 7.02% | -24.23% | 21.16% | -10.46% | 12.80% |
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 UKRE.L and VAGS.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019 | 0.24 |
Over the past year, UKRE.L and VAGS.L have become more correlated (0.46) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
UKRE.L vs. VAGS.L — Risk / Return Rank
UKRE.L
VAGS.L
UKRE.L vs. VAGS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Target UK Real Estate UCITS ETF (UKRE.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.
| UKRE.L | VAGS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.15 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.01 | 1.14 | -1.14 |
| Martin ratioReturn relative to average drawdown | 0.02 | 3.23 | -3.22 |
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Drawdowns
UKRE.L vs. VAGS.L - Drawdown Comparison
The maximum UKRE.L drawdown since its inception was -31.82%, 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 UKRE.L and VAGS.L.
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Drawdown Indicators
| UKRE.L | VAGS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -16.34% | -15.48% |
Max Drawdown (1Y)Largest decline over 1 year | -11.51% | -2.67% | -8.84% |
Max Drawdown (3Y)Largest decline over 3 years | -15.60% | -3.39% | -12.21% |
Max Drawdown (5Y)Largest decline over 5 years | -31.82% | -16.34% | -15.48% |
Max Drawdown (10Y)Largest decline over 10 years | -31.82% | — | — |
Current DrawdownCurrent decline from peak | -19.10% | -1.18% | -17.92% |
Average DrawdownAverage peak-to-trough decline | -11.98% | -4.11% | -7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.79% | 0.94% | +3.85% |
Volatility
UKRE.L vs. VAGS.L - Volatility Comparison
iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L) has a higher volatility of 3.82% compared to Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) at 1.41%. This indicates that UKRE.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.
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Volatility by Period
| UKRE.L | VAGS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.82% | 1.41% | +2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 10.13% | 2.77% | +7.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.71% | 3.54% | +9.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.48% | 4.91% | +9.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 4.60% | +9.16% |
UKRE.L vs. VAGS.L - Expense Ratio Comparison
UKRE.L has a 0.40% expense ratio, which is higher than VAGS.L's 0.10% expense ratio.
Dividends
UKRE.L vs. VAGS.L - Dividend Comparison
UKRE.L's dividend yield for the trailing twelve months is around 6.71%, while VAGS.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UKRE.L iShares MSCI Target UK Real Estate UCITS ETF | 6.71% | 7.07% | 7.68% | 5.20% | 1.90% | 0.86% | 1.45% | 2.09% | 2.60% | 2.31% | 1.76% | 0.86% |
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
UKRE.L and VAGS.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGS.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGS.L is cheaper with a 0.10% expense ratio, compared with 0.40% for UKRE.L.
UKRE.L is categorized as REIT, while VAGS.L is Global Bonds. UKRE.L tracks MSCI UK IMI Liquid Real Estate Index, while VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.40% for UKRE.L and 0.10% for VAGS.L.
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