VAGS.L vs. SPX5.L

Last updated Jun 14, 2026

VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) and SPX5.L (SPDR S&P 500 UCITS ETF) are both exchange-traded funds - VAGS.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP, while SPX5.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, VAGS.L returned 1.46%/yr vs 14.39%/yr for SPX5.L. At a correlation of -0.04, they often move in opposite directions. VAGS.L charges 0.10%/yr vs 0.09%/yr for SPX5.L.

Performance

VAGS.L vs. SPX5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) and SPDR S&P 500 UCITS ETF (SPX5.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VAGS.L achieves a 0.31% return, which is significantly lower than SPX5.L's 8.77% return.

VAGS.L

• 1D: 0.31%
• 1M: 0.47%
• YTD: 0.31%
• 6M: 1.01%
• 1Y: 3.27%
• 3Y*: 6.03%
• 5Y*: 1.46%
• 10Y*: —

SPX5.L

• 1D: 1.48%
• 1M: -0.34%
• YTD: 8.77%
• 6M: 9.15%
• 1Y: 26.66%
• 3Y*: 18.27%
• 5Y*: 14.39%
• 10Y*: 15.80%

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

VAGS.L vs. SPX5.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%
SPX5.L SPDR S&P 500 UCITS ETF	8.77%	9.34%	27.46%	19.76%	-9.00%	30.96%	13.52%	6.87%

Correlation

The correlation between VAGS.L and SPX5.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019	-0.04

The correlation between VAGS.L and SPX5.L shifts across timeframes, from -0.04 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VAGS.L vs. SPX5.L — Risk / Return Rank

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

VAGS.L

VAGS.L Risk / Return Rank: 26
VAGS.L Sharpe Ratio Rank: 27
VAGS.L Sortino Ratio Rank: 25
VAGS.L Omega Ratio Rank: 24
VAGS.L Calmar Ratio Rank: 27
VAGS.L Martin Ratio Rank: 27

SPX5.L

SPX5.L Risk / Return Rank: 83
SPX5.L Sharpe Ratio Rank: 86
SPX5.L Sortino Ratio Rank: 84
SPX5.L Omega Ratio Rank: 85
SPX5.L Calmar Ratio Rank: 80
SPX5.L Martin Ratio Rank: 79

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.

VAGS.L vs. SPX5.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) and SPDR S&P 500 UCITS ETF (SPX5.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.

	VAGS.L	SPX5.L	Difference
Sharpe ratio: Return per unit of total volatility	0.86	2.42	-1.55
Sortino ratio: Return per unit of downside risk	1.25	3.25	-2.01
Omega ratio: Gain probability vs. loss probability	1.15	1.45	-0.30
Calmar ratio: Return relative to maximum drawdown	1.14	3.67	-2.53
Martin ratio: Return relative to average drawdown	3.23	13.26	-10.03

VAGS.L vs. SPX5.L - Sharpe Ratio Comparison

The current VAGS.L Sharpe Ratio is 0.86, which is lower than the SPX5.L Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of VAGS.L and SPX5.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.

Drawdowns

VAGS.L vs. SPX5.L - Drawdown Comparison

The maximum VAGS.L drawdown since its inception was -16.34%, smaller than the maximum SPX5.L drawdown of -41.23%. Use the drawdown chart below to compare losses from any high point for VAGS.L and SPX5.L.

Drawdown Indicators

	VAGS.L	SPX5.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.34%	-41.23%	+24.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-7.07%	+4.40%
Max Drawdown (3Y) Largest decline over 3 years	-3.39%	-20.90%	+17.51%
Max Drawdown (5Y) Largest decline over 5 years	-16.34%	-20.90%	+4.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.45%	—
Current Drawdown Current decline from peak	-1.18%	-1.82%	+0.64%
Average Drawdown Average peak-to-trough decline	-4.11%	-7.47%	+3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	1.96%	-1.02%

Volatility

VAGS.L vs. SPX5.L - Volatility Comparison

The current volatility for Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) is 1.41%, while SPDR S&P 500 UCITS ETF (SPX5.L) has a volatility of 3.60%. This indicates that VAGS.L experiences smaller price fluctuations and is considered to be less risky than SPX5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAGS.L	SPX5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	3.60%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	7.54%	-4.77%
Volatility (1Y) Calculated over the trailing 1-year period	3.54%	10.78%	-7.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.91%	14.26%	-9.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.60%	15.53%	-10.93%

VAGS.L vs. SPX5.L - Expense Ratio Comparison

VAGS.L has a 0.10% expense ratio, which is higher than SPX5.L's 0.09% 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

VAGS.L vs. SPX5.L - Dividend Comparison

VAGS.L has not paid dividends to shareholders, while SPX5.L's dividend yield for the trailing twelve months is around 0.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPX5.L SPDR S&P 500 UCITS ETF	0.90%	0.98%	1.03%	1.21%	1.39%	0.98%	1.40%	1.48%	1.71%	1.57%	1.49%	1.68%
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

Can I hold both VAGS.L and SPX5.L in my portfolio?

VAGS.L and SPX5.L have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VAGS.L or SPX5.L?

On fees, SPX5.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VAGS.L or SPX5.L?

SPX5.L is cheaper with a 0.09% expense ratio, compared with 0.10% for VAGS.L.

What is the main difference between VAGS.L and SPX5.L?

VAGS.L is categorized as Global Bonds, while SPX5.L is S&P 500. VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP, while SPX5.L tracks S&P 500 Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.10% for VAGS.L and 0.09% for SPX5.L.