V3GU.L vs. E127.L

Last updated Jun 5, 2026

V3GU.L (Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Accumulating) and E127.L (Amundi MSCI Emerging Markets II UCITS ETF Dist) are both exchange-traded funds - V3GU.L is a Global Corporate Bonds fund tracking the Bloomberg Gbl Agg Corp 0901 TR Hdg USD, while E127.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 3 years, V3GU.L returned 5.68%/yr vs 24.91%/yr for E127.L. At a 0.22 correlation, their price movements are largely independent. V3GU.L charges 0.15%/yr vs 0.14%/yr for E127.L.

Performance

V3GU.L vs. E127.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Accumulating (V3GU.L) and Amundi MSCI Emerging Markets II UCITS ETF Dist (E127.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

V3GU.L is traded in USD, while E127.L is traded in GBP. To make them comparable, the E127.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, V3GU.L achieves a 0.61% return, which is significantly lower than E127.L's 25.87% return.

V3GU.L

• 1D: 0.21%
• 1M: 0.76%
• YTD: 0.61%
• 6M: 0.82%
• 1Y: 4.54%
• 3Y*: 5.68%
• 5Y*: —
• 10Y*: —

E127.L

• 1D: -1.35%
• 1M: 5.44%
• YTD: 25.87%
• 6M: 29.68%
• 1Y: 53.28%
• 3Y*: 24.91%
• 5Y*: 8.07%
• 10Y*: —

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

V3GU.L vs. E127.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
V3GU.L Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Accumulating	0.61%	6.28%	3.97%	8.61%	-13.25%	-0.93%
E127.L Amundi MSCI Emerging Markets II UCITS ETF Dist	25.87%	35.30%	8.29%	8.93%	-19.31%	-2.72%

Correlation

The correlation between V3GU.L and E127.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Aug 16, 2021	0.22

The correlation between V3GU.L and E127.L shifts across timeframes, from 0.22 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

V3GU.L vs. E127.L — Risk / Return Rank

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

V3GU.L

V3GU.L Risk / Return Rank: 35
V3GU.L Sharpe Ratio Rank: 33
V3GU.L Sortino Ratio Rank: 34
V3GU.L Omega Ratio Rank: 33
V3GU.L Calmar Ratio Rank: 35
V3GU.L Martin Ratio Rank: 38

E127.L

E127.L Risk / Return Rank: 90
E127.L Sharpe Ratio Rank: 92
E127.L Sortino Ratio Rank: 90
E127.L Omega Ratio Rank: 92
E127.L Calmar Ratio Rank: 88
E127.L Martin Ratio Rank: 86

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.

V3GU.L vs. E127.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Accumulating (V3GU.L) and Amundi MSCI Emerging Markets II UCITS ETF Dist (E127.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.

	V3GU.L	E127.L	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.83	-1.63
Sortino ratio: Return per unit of downside risk	1.77	3.72	-1.95
Omega ratio: Gain probability vs. loss probability	1.21	1.51	-0.29
Calmar ratio: Return relative to maximum drawdown	1.68	4.13	-2.45
Martin ratio: Return relative to average drawdown	5.86	15.36	-9.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

V3GU.L vs. E127.L - Sharpe Ratio Comparison

The current V3GU.L Sharpe Ratio is 1.19, which is lower than the E127.L Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of V3GU.L and E127.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

	V3GU.L	E127.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	2.83	-1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.75	-0.60

Drawdowns

V3GU.L vs. E127.L - Drawdown Comparison

The maximum V3GU.L drawdown since its inception was -18.89%, smaller than the maximum E127.L drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for V3GU.L and E127.L.

Drawdown Indicators

	V3GU.L	E127.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.89%	-39.30%	+20.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.69%	-12.83%	+10.14%
Max Drawdown (3Y) Largest decline over 3 years	-3.67%	-16.10%	+12.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.28%	—
Current Drawdown Current decline from peak	-0.58%	-2.64%	+2.06%
Average Drawdown Average peak-to-trough decline	-6.79%	-15.12%	+8.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	3.46%	-2.69%

Volatility

V3GU.L vs. E127.L - Volatility Comparison

The current volatility for Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Accumulating (V3GU.L) is 1.45%, while Amundi MSCI Emerging Markets II UCITS ETF Dist (E127.L) has a volatility of 8.13%. This indicates that V3GU.L experiences smaller price fluctuations and is considered to be less risky than E127.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	V3GU.L	E127.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	8.13%	-6.68%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	16.08%	-13.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	18.78%	-14.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.13%	18.63%	-12.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.13%	18.69%	-12.56%

V3GU.L vs. E127.L - Expense Ratio Comparison

V3GU.L has a 0.15% expense ratio, which is higher than E127.L's 0.14% 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

V3GU.L vs. E127.L - Dividend Comparison

V3GU.L has not paid dividends to shareholders, while E127.L's dividend yield for the trailing twelve months is around 1.96%.

Position	TTM	2025	2024	2023	2022	2021
E127.L Amundi MSCI Emerging Markets II UCITS ETF Dist	1.96%	2.47%	4.04%	4.40%	2.79%	2.25%
V3GU.L Vanguard ESG Global Corporate Bond UCITS ETF USD Hedged Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both V3GU.L and E127.L in my portfolio?

V3GU.L and E127.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, V3GU.L or E127.L?

On fees, E127.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, V3GU.L or E127.L?

E127.L is cheaper with a 0.14% expense ratio, compared with 0.15% for V3GU.L.

What is the main difference between V3GU.L and E127.L?

V3GU.L is categorized as Global Corporate Bonds, while E127.L is Emerging Markets Equities. V3GU.L tracks Bloomberg Gbl Agg Corp 0901 TR Hdg USD, while E127.L tracks MSCI EM NR USD. They also come from different issuers: Vanguard and Amundi. Their fees differ too: 0.15% for V3GU.L and 0.14% for E127.L.