USVN vs. GDGB.L

Last updated Jun 5, 2026

USVN (US Treasury 7 Year Note ETF) and GDGB.L (VanEck Gold Miners UCITS ETF) are both exchange-traded funds - USVN is a Government Bonds fund tracking the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while GDGB.L is a Gold fund tracking the MarketVector Global Gold Miners Index. Both are passively managed. Over the past 3 years, USVN returned 2.73%/yr vs 41.23%/yr for GDGB.L. At a 0.25 correlation, their price movements are largely independent. USVN charges 0.15%/yr vs 0.53%/yr for GDGB.L.

Performance

USVN vs. GDGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 7 Year Note ETF (USVN) and VanEck Gold Miners UCITS ETF (GDGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USVN is traded in USD, while GDGB.L is traded in GBP. To make them comparable, the GDGB.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, USVN achieves a -0.58% return, which is significantly lower than GDGB.L's 0.67% return.

USVN

• 1D: 0.12%
• 1M: -0.16%
• YTD: -0.58%
• 6M: -0.69%
• 1Y: 3.03%
• 3Y*: 2.73%
• 5Y*: —
• 10Y*: —

GDGB.L

• 1D: 0.73%
• 1M: 0.11%
• YTD: 0.67%
• 6M: 7.23%
• 1Y: 63.41%
• 3Y*: 41.23%
• 5Y*: 18.94%
• 10Y*: —

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

USVN vs. GDGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USVN US Treasury 7 Year Note ETF	-0.58%	7.66%	0.03%	0.67%
GDGB.L VanEck Gold Miners UCITS ETF	0.67%	156.24%	9.38%	-0.93%

Correlation

The correlation between USVN and GDGB.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.25

Return for Risk

USVN vs. GDGB.L — Risk / Return Rank

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

USVN

USVN Risk / Return Rank: 21
USVN Sharpe Ratio Rank: 22
USVN Sortino Ratio Rank: 21
USVN Omega Ratio Rank: 20
USVN Calmar Ratio Rank: 20
USVN Martin Ratio Rank: 21

GDGB.L

GDGB.L Risk / Return Rank: 42
GDGB.L Sharpe Ratio Rank: 45
GDGB.L Sortino Ratio Rank: 40
GDGB.L Omega Ratio Rank: 41
GDGB.L Calmar Ratio Rank: 46
GDGB.L Martin Ratio Rank: 37

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.

USVN vs. GDGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 7 Year Note ETF (USVN) and VanEck Gold Miners UCITS ETF (GDGB.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.

	USVN	GDGB.L	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.45	-0.73
Sortino ratio: Return per unit of downside risk	1.08	1.93	-0.85
Omega ratio: Gain probability vs. loss probability	1.12	1.24	-0.12
Calmar ratio: Return relative to maximum drawdown	0.83	2.12	-1.30
Martin ratio: Return relative to average drawdown	2.44	5.40	-2.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USVN vs. GDGB.L - Sharpe Ratio Comparison

The current USVN Sharpe Ratio is 0.72, which is lower than the GDGB.L Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of USVN and GDGB.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.

Sharpe Ratios by Period

	USVN	GDGB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	1.45	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.50	-0.08

Drawdowns

USVN vs. GDGB.L - Drawdown Comparison

The maximum USVN drawdown since its inception was -8.27%, smaller than the maximum GDGB.L drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for USVN and GDGB.L.

Drawdown Indicators

	USVN	GDGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-8.27%	-50.68%	+42.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-29.71%	+26.03%
Max Drawdown (3Y) Largest decline over 3 years	-5.87%	-29.71%	+23.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.27%	—
Current Drawdown Current decline from peak	-2.55%	-25.05%	+22.50%
Average Drawdown Average peak-to-trough decline	-2.34%	-17.79%	+15.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	11.71%	-10.46%

Volatility

USVN vs. GDGB.L - Volatility Comparison

The current volatility for US Treasury 7 Year Note ETF (USVN) is 1.37%, while VanEck Gold Miners UCITS ETF (GDGB.L) has a volatility of 15.01%. This indicates that USVN experiences smaller price fluctuations and is considered to be less risky than GDGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVN	GDGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	15.01%	-13.64%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	34.89%	-31.91%
Volatility (1Y) Calculated over the trailing 1-year period	4.26%	43.51%	-39.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	35.42%	-29.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	34.18%	-28.40%

USVN vs. GDGB.L - Expense Ratio Comparison

USVN has a 0.15% expense ratio, which is lower than GDGB.L's 0.53% expense ratio.

Dividends

USVN vs. GDGB.L - Dividend Comparison

USVN's dividend yield for the trailing twelve months is around 3.74%, while GDGB.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GDGB.L VanEck Gold Miners UCITS ETF	0.00%	0.00%	0.00%	0.00%
USVN US Treasury 7 Year Note ETF	3.74%	3.81%	4.07%	2.91%

Frequently Asked Questions

Can I hold both USVN and GDGB.L in my portfolio?

USVN and GDGB.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USVN or GDGB.L?

On fees, USVN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USVN or GDGB.L?

USVN is cheaper with a 0.15% expense ratio, compared with 0.53% for GDGB.L.

What is the main difference between USVN and GDGB.L?

USVN is categorized as Government Bonds, while GDGB.L is Gold. USVN tracks ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while GDGB.L tracks MarketVector Global Gold Miners Index. They also come from different issuers: US Benchmark Series and VanEck. Their fees differ too: 0.15% for USVN and 0.53% for GDGB.L.