VAGS.L vs. UKRE.L
VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) and UKRE.L (iShares MSCI Target UK Real Estate UCITS ETF) are both exchange-traded funds - VAGS.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP, while UKRE.L is a REIT fund tracking the MSCI UK IMI Liquid Real Estate Index. Both are passively managed. Over the past 5 years, VAGS.L returned 1.46%/yr vs -2.05%/yr for UKRE.L. At a 0.24 correlation, their price movements are largely independent. VAGS.L charges 0.10%/yr vs 0.40%/yr for UKRE.L.
Performance
VAGS.L vs. UKRE.L - Performance Comparison
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Different Trading Currencies
VAGS.L is traded in GBP, while UKRE.L is traded in GBp. To make them comparable, the UKRE.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VAGS.L achieves a 0.31% return, which is significantly lower than UKRE.L's 1.43% 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*
- —
UKRE.L
- 1D
- 1.37%
- 1M
- 2.91%
- YTD
- 1.43%
- 6M
- 3.88%
- 1Y
- 1.31%
- 3Y*
- 3.06%
- 5Y*
- -2.05%
- 10Y*
- 0.74%
VAGS.L vs. UKRE.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% |
UKRE.L iShares MSCI Target UK Real Estate UCITS ETF | 1.43% | 6.21% | -7.39% | 7.02% | -24.23% | 21.16% | -10.46% | 12.80% |
Correlation
The correlation between VAGS.L and UKRE.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019 | 0.24 |
Over the past year, VAGS.L and UKRE.L have become more correlated (0.46) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
VAGS.L vs. UKRE.L — Risk / Return Rank
VAGS.L
UKRE.L
VAGS.L vs. UKRE.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 iShares MSCI Target UK Real Estate UCITS ETF (UKRE.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 | UKRE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.01 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 0.01 | +1.14 |
| Martin ratioReturn relative to average drawdown | 3.23 | 0.02 | +3.22 |
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Drawdowns
VAGS.L vs. UKRE.L - Drawdown Comparison
The maximum VAGS.L drawdown since its inception was -16.34%, smaller than the maximum UKRE.L drawdown of -31.82%. Use the drawdown chart below to compare losses from any high point for VAGS.L and UKRE.L.
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Drawdown Indicators
| VAGS.L | UKRE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.34% | -31.82% | +15.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -11.51% | +8.84% |
Max Drawdown (3Y)Largest decline over 3 years | -3.39% | -15.60% | +12.21% |
Max Drawdown (5Y)Largest decline over 5 years | -16.34% | -31.82% | +15.48% |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.82% | — |
Current DrawdownCurrent decline from peak | -1.18% | -19.10% | +17.92% |
Average DrawdownAverage peak-to-trough decline | -4.11% | -11.98% | +7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 4.79% | -3.85% |
Volatility
VAGS.L vs. UKRE.L - Volatility Comparison
The current volatility for Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) is 1.41%, while iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L) has a volatility of 3.82%. This indicates that VAGS.L experiences smaller price fluctuations and is considered to be less risky than UKRE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VAGS.L | UKRE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 3.82% | -2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 10.13% | -7.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.54% | 12.71% | -9.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.91% | 14.48% | -9.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.60% | 13.76% | -9.16% |
VAGS.L vs. UKRE.L - Expense Ratio Comparison
VAGS.L has a 0.10% expense ratio, which is lower than UKRE.L's 0.40% expense ratio.
Dividends
VAGS.L vs. UKRE.L - Dividend Comparison
VAGS.L has not paid dividends to shareholders, while UKRE.L's dividend yield for the trailing twelve months is around 6.71%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UKRE.L iShares MSCI Target UK Real Estate UCITS ETF | 6.71% | 7.07% | 7.68% | 5.20% | 1.90% | 0.86% | 1.45% | 2.09% | 2.60% | 2.31% | 1.76% | 0.86% |
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
VAGS.L and UKRE.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGS.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGS.L is cheaper with a 0.10% expense ratio, compared with 0.40% for UKRE.L.
VAGS.L is categorized as Global Bonds, while UKRE.L is REIT. VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP, while UKRE.L tracks MSCI UK IMI Liquid Real Estate Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.10% for VAGS.L and 0.40% for UKRE.L.
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