VAGP.L vs. VGCAX

Last updated Jun 5, 2026

VAGP.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing) and VGCAX (Vanguard Global Credit Bond Fund Admiral Shares) are both funds - VAGP.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP, while VGCAX is a Total Bond Market fund managed by Vanguard. Over the past 5 years, VAGP.L returned -0.24%/yr vs 2.51%/yr for VGCAX. At a 0.24 correlation, their price movements are largely independent. VAGP.L charges 0.10%/yr vs 0.25%/yr for VGCAX.

Performance

VAGP.L vs. VGCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.L) and Vanguard Global Credit Bond Fund Admiral Shares (VGCAX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, VAGP.L achieves a 0.19% return, which is significantly lower than VGCAX's 1.25% return.

VAGP.L

• 1D: 0.29%
• 1M: 0.35%
• YTD: 0.19%
• 6M: 0.36%
• 1Y: 3.24%
• 3Y*: 3.74%
• 5Y*: -0.24%
• 10Y*: —

VGCAX

• 1D: 0.15%
• 1M: 1.50%
• YTD: 1.25%
• 6M: 0.19%
• 1Y: 6.25%
• 3Y*: 3.55%
• 5Y*: 2.51%
• 10Y*: —

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

VAGP.L vs. VGCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VAGP.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing	0.19%	4.96%	2.51%	5.84%	-13.81%	-2.03%	5.31%	2.30%
VGCAX Vanguard Global Credit Bond Fund Admiral Shares	1.25%	-0.34%	5.80%	3.76%	-3.14%	0.30%	7.55%	-0.34%

Correlation

The correlation between VAGP.L and VGCAX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jun 21, 2019	0.24

The correlation between VAGP.L and VGCAX shifts across timeframes, from 0.05 (1 year) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VAGP.L vs. VGCAX — Risk / Return Rank

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

VAGP.L

VAGP.L Risk / Return Rank: 26
VAGP.L Sharpe Ratio Rank: 28
VAGP.L Sortino Ratio Rank: 26
VAGP.L Omega Ratio Rank: 26
VAGP.L Calmar Ratio Rank: 25
VAGP.L Martin Ratio Rank: 25

VGCAX

VGCAX Risk / Return Rank: 33
VGCAX Sharpe Ratio Rank: 36
VGCAX Sortino Ratio Rank: 38
VGCAX Omega Ratio Rank: 36
VGCAX Calmar Ratio Rank: 29
VGCAX Martin Ratio Rank: 29

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.

VAGP.L vs. VGCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.L) and Vanguard Global Credit Bond Fund Admiral Shares (VGCAX). 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.

	VAGP.L	VGCAX	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.07	-0.10
Sortino ratio: Return per unit of downside risk	1.38	1.60	-0.22
Omega ratio: Gain probability vs. loss probability	1.17	1.20	-0.03
Calmar ratio: Return relative to maximum drawdown	1.15	1.26	-0.11
Martin ratio: Return relative to average drawdown	3.41	3.24	+0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VAGP.L vs. VGCAX - Sharpe Ratio Comparison

The current VAGP.L Sharpe Ratio is 0.97, which is comparable to the VGCAX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of VAGP.L and VGCAX, 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

	VAGP.L	VGCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	1.07	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.30	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.38	-0.26

Drawdowns

VAGP.L vs. VGCAX - Drawdown Comparison

The maximum VAGP.L drawdown since its inception was -18.13%, which is greater than VGCAX's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for VAGP.L and VGCAX.

Drawdown Indicators

	VAGP.L	VGCAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.13%	-13.71%	-4.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-5.16%	+2.36%
Max Drawdown (3Y) Largest decline over 3 years	-4.04%	-8.57%	+4.53%
Max Drawdown (5Y) Largest decline over 5 years	-17.70%	-13.71%	-3.99%
Current Drawdown Current decline from peak	-3.76%	-1.81%	-1.95%
Average Drawdown Average peak-to-trough decline	-6.70%	-5.12%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	2.01%	-1.06%

Volatility

VAGP.L vs. VGCAX - Volatility Comparison

Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.L) and Vanguard Global Credit Bond Fund Admiral Shares (VGCAX) have volatilities of 1.43% and 1.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAGP.L	VGCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	1.40%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	4.72%	-1.93%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	6.13%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.78%	8.38%	-3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	8.62%	-4.12%

VAGP.L vs. VGCAX - Expense Ratio Comparison

VAGP.L has a 0.10% expense ratio, which is lower than VGCAX's 0.25% 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

VAGP.L vs. VGCAX - Dividend Comparison

VAGP.L's dividend yield for the trailing twelve months is around 3.55%, less than VGCAX's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
VAGP.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing	3.55%	3.50%	3.08%	2.37%	1.46%	0.86%	1.21%	0.59%	0.00%
VGCAX Vanguard Global Credit Bond Fund Admiral Shares	4.96%	4.91%	4.65%	4.48%	2.72%	3.16%	4.65%	6.88%	0.36%

Frequently Asked Questions

Can I hold both VAGP.L and VGCAX in my portfolio?

VAGP.L and VGCAX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.