VAGU.L vs. GOVD.L
VAGU.L (Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating) and GOVD.L (Lyxor Core Global Government Bond (DR) UCITS ETF - Dist) are both Global Bonds funds - VAGU.L tracks the Bloomberg Global Aggregate TR Hdg USD while GOVD.L tracks the Bloomberg Global Aggregate TR USD. Both are passively managed. Over the past 5 years, VAGU.L returned 0.31%/yr vs -2.60%/yr for GOVD.L. A 0.61 correlation means they provide meaningful diversification when combined. VAGU.L charges 0.10%/yr vs 0.09%/yr for GOVD.L.
Performance
VAGU.L vs. GOVD.L - Performance Comparison
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Different Trading Currencies
VAGU.L is traded in USD, while GOVD.L is traded in GBP. To make them comparable, the GOVD.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VAGU.L achieves a 0.41% return, which is significantly higher than GOVD.L's -26.54% return.
VAGU.L
- 1D
- 0.20%
- 1M
- 0.00%
- YTD
- 0.41%
- 6M
- 0.76%
- 1Y
- 3.68%
- 3Y*
- 4.10%
- 5Y*
- 0.31%
- 10Y*
- —
GOVD.L
- 1D
- 0.14%
- 1M
- -26.37%
- YTD
- -26.54%
- 6M
- -1.48%
- 1Y
- -0.49%
- 3Y*
- 2.79%
- 5Y*
- -2.60%
- 10Y*
- —
VAGU.L vs. GOVD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VAGU.L Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating | 0.41% | 4.94% | 2.73% | 6.90% | -12.61% | -2.00% | 1.83% |
GOVD.L Lyxor Core Global Government Bond (DR) UCITS ETF - Dist | -26.54% | 43.36% | -0.39% | 4.63% | -18.12% | -6.46% | 5.39% |
Correlation
The correlation between VAGU.L and GOVD.L is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2020 | 0.61 |
The correlation between VAGU.L and GOVD.L has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.
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Return for Risk
VAGU.L vs. GOVD.L — Risk / Return Rank
VAGU.L
GOVD.L
VAGU.L vs. GOVD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating (VAGU.L) and Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.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.
| VAGU.L | GOVD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.33 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | -0.02 | +1.28 |
| Martin ratioReturn relative to average drawdown | 3.55 | -0.03 | +3.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VAGU.L | GOVD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | -0.00 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | -0.03 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | -0.03 | +0.25 |
Drawdowns
VAGU.L vs. GOVD.L - Drawdown Comparison
The maximum VAGU.L drawdown since its inception was -17.42%, smaller than the maximum GOVD.L drawdown of -29.28%. Use the drawdown chart below to compare losses from any high point for VAGU.L and GOVD.L.
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Drawdown Indicators
| VAGU.L | GOVD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.42% | -29.28% | +11.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -29.28% | +26.58% |
Max Drawdown (3Y)Largest decline over 3 years | -3.84% | -29.28% | +25.44% |
Max Drawdown (5Y)Largest decline over 5 years | -17.10% | -29.28% | +12.18% |
Current DrawdownCurrent decline from peak | -1.33% | -28.43% | +27.10% |
Average DrawdownAverage peak-to-trough decline | -5.53% | -15.94% | +10.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 15.06% | -14.10% |
Volatility
VAGU.L vs. GOVD.L - Volatility Comparison
The current volatility for Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating (VAGU.L) is 1.41%, while Lyxor Core Global Government Bond (DR) UCITS ETF - Dist (GOVD.L) has a volatility of 79.21%. This indicates that VAGU.L experiences smaller price fluctuations and is considered to be less risky than GOVD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VAGU.L | GOVD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 79.21% | -77.80% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 190.44% | -187.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 194.32% | -190.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.10% | 87.57% | -82.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.73% | 80.77% | -76.04% |
VAGU.L vs. GOVD.L - Expense Ratio Comparison
VAGU.L has a 0.10% expense ratio, which is higher than GOVD.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
VAGU.L vs. GOVD.L - Dividend Comparison
VAGU.L has not paid dividends to shareholders, while GOVD.L's dividend yield for the trailing twelve months is around 2.71%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GOVD.L Lyxor Core Global Government Bond (DR) UCITS ETF - Dist | 2.71% | 1.99% | 5.59% | 2.06% | 1.54% | 1.67% | 0.65% |
VAGU.L Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VAGU.L and GOVD.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GOVD.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GOVD.L is cheaper with a 0.09% expense ratio, compared with 0.10% for VAGU.L.
VAGU.L tracks Bloomberg Global Aggregate TR Hdg USD, while GOVD.L tracks Bloomberg Global Aggregate TR USD. They also come from different issuers: Vanguard and Amundi. Their fees differ too: 0.10% for VAGU.L and 0.09% for GOVD.L.
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