USDG.L vs. VUCP.L
USDG.L (L&G ESG USD Corporate Bond UCITS ETF) and VUCP.L (Vanguard USD Corporate Bond UCITS ETF Distributing) are both Corporate Bonds funds tracking the Bloomberg US Corp Bond TR USD, from Legal & General and Vanguard respectively. Both are passively managed. Over the past 5 years, USDG.L returned 2.06%/yr vs 1.01%/yr for VUCP.L. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.09% expense ratio.
Performance
USDG.L vs. VUCP.L - Performance Comparison
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Different Trading Currencies
USDG.L is traded in GBp, while VUCP.L is traded in GBP. To make them comparable, the VUCP.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, USDG.L achieves a 0.73% return, which is significantly higher than VUCP.L's 0.04% return.
USDG.L
- 1D
- 0.34%
- 1M
- 1.26%
- YTD
- 0.73%
- 6M
- 0.27%
- 1Y
- 6.86%
- 3Y*
- 2.83%
- 5Y*
- 2.06%
- 10Y*
- —
VUCP.L
- 1D
- 0.29%
- 1M
- 1.24%
- YTD
- 0.04%
- 6M
- -0.51%
- 1Y
- 5.67%
- 3Y*
- 1.87%
- 5Y*
- 1.01%
- 10Y*
- 2.70%
USDG.L vs. VUCP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USDG.L L&G ESG USD Corporate Bond UCITS ETF | 0.73% | 0.15% | 4.75% | 2.41% | -3.62% | 1.57% |
VUCP.L Vanguard USD Corporate Bond UCITS ETF Distributing | 0.04% | -0.91% | 4.32% | 1.29% | -5.38% | 1.28% |
Correlation
The correlation between USDG.L and VUCP.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | 0.95 |
The correlation between USDG.L and VUCP.L has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
USDG.L vs. VUCP.L — Risk / Return Rank
USDG.L
VUCP.L
USDG.L vs. VUCP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G ESG USD Corporate Bond UCITS ETF (USDG.L) and Vanguard USD Corporate Bond UCITS ETF Distributing (VUCP.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.
| USDG.L | VUCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.15 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 1.08 | +0.36 |
| Martin ratioReturn relative to average drawdown | 3.32 | 2.44 | +0.89 |
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
| USDG.L | VUCP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.90 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.12 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.27 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 0.27 | -0.15 |
Drawdowns
USDG.L vs. VUCP.L - Drawdown Comparison
The maximum USDG.L drawdown since its inception was -12.80%, smaller than the maximum VUCP.L drawdown of -16.84%. Use the drawdown chart below to compare losses from any high point for USDG.L and VUCP.L.
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Drawdown Indicators
| USDG.L | VUCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.80% | -16.84% | +4.04% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -5.00% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -8.61% | -9.00% | +0.39% |
Max Drawdown (5Y)Largest decline over 5 years | -12.80% | -13.14% | +0.34% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.84% | — |
Current DrawdownCurrent decline from peak | -2.29% | -7.67% | +5.38% |
Average DrawdownAverage peak-to-trough decline | -5.01% | -7.67% | +2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 2.21% | -0.24% |
Volatility
USDG.L vs. VUCP.L - Volatility Comparison
L&G ESG USD Corporate Bond UCITS ETF (USDG.L) has a higher volatility of 1.98% compared to Vanguard USD Corporate Bond UCITS ETF Distributing (VUCP.L) at 1.62%. This indicates that USDG.L's price experiences larger fluctuations and is considered to be riskier than VUCP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USDG.L | VUCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 1.62% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 6.75% | 4.46% | +2.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.88% | 5.99% | +1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.67% | 8.51% | +0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.64% | 9.92% | -1.28% |
USDG.L vs. VUCP.L - Expense Ratio Comparison
Both USDG.L and VUCP.L have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
USDG.L vs. VUCP.L - Dividend Comparison
USDG.L's dividend yield for the trailing twelve months is around 4.67%, more than VUCP.L's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
USDG.L L&G ESG USD Corporate Bond UCITS ETF | 4.67% | 4.70% | 3.99% | 3.27% | 2.25% | 0.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VUCP.L Vanguard USD Corporate Bond UCITS ETF Distributing | 3.85% | 4.02% | 4.73% | 3.57% | 2.79% | 1.85% | 2.36% | 2.64% | 2.58% | 2.57% | 1.73% |
Frequently Asked Questions
With a correlation of 0.91, USDG.L and VUCP.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
USDG.L and VUCP.L have the same expense ratio: 0.09% per year.
Both ETFs track Bloomberg US Corp Bond TR USD. They also come from different issuers: Legal & General and Vanguard.
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