VAGU.L vs. VAGP.L
VAGU.L (Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating) and VAGP.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing) are both Global Bonds funds from Vanguard - VAGU.L tracks the Bloomberg Global Aggregate Float Adjusted and Scaled Index in USD while VAGP.L tracks the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, VAGU.L returned 0.04%/yr vs -0.95%/yr for VAGP.L. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.10% expense ratio.
Performance
VAGU.L vs. VAGP.L - Performance Comparison
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Different Trading Currencies
VAGU.L is traded in USD, while VAGP.L is traded in GBP. To make them comparable, the VAGP.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 0.37% return, which is significantly higher than VAGP.L's 0.09% return.
VAGU.L
- 1D
- 0.19%
- 1M
- -0.52%
- 6M
- 0.30%
- YTD
- 0.37%
- 1Y
- 3.17%
- 3Y*
- 3.94%
- 5Y*
- 0.04%
- 10Y*
- —
VAGP.L
- 1D
- -0.12%
- 1M
- 0.64%
- 6M
- 0.60%
- YTD
- 0.09%
- 1Y
- 3.22%
- 3Y*
- 4.69%
- 5Y*
- -0.95%
- 10Y*
- —
VAGU.L vs. VAGP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VAGU.L Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating | 0.37% | 4.95% | 2.72% | 6.90% | -12.61% | -2.00% | 5.90% | 3.01% |
VAGP.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing | 0.09% | 12.85% | 0.83% | 11.43% | -23.03% | -2.93% | 8.57% | 7.76% |
Correlation
The correlation between VAGU.L and VAGP.L is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019 | 0.47 |
The correlation between VAGU.L and VAGP.L has been stable across timeframes, ranging from 0.47 to 0.57 - a consistent structural relationship.
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Return for Risk
VAGU.L vs. VAGP.L — Risk / Return Rank
VAGU.L
VAGP.L
VAGU.L vs. VAGP.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 Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.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.
| VAGU.L | VAGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.07 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 0.58 | +0.59 |
| Martin ratioReturn relative to average drawdown | 2.98 | 1.28 | +1.70 |
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Drawdowns
VAGU.L vs. VAGP.L - Drawdown Comparison
The maximum VAGU.L drawdown since its inception was -17.42%, smaller than the maximum VAGP.L drawdown of -35.73%. Use the drawdown chart below to compare losses from any high point for VAGU.L and VAGP.L.
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Drawdown Indicators
| VAGU.L | VAGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.42% | -35.73% | +18.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -5.53% | +2.83% |
Max Drawdown (3Y)Largest decline over 3 years | -3.78% | -11.71% | +7.93% |
Max Drawdown (5Y)Largest decline over 5 years | -17.10% | -35.64% | +18.54% |
Current DrawdownCurrent decline from peak | -1.39% | -6.71% | +5.32% |
Average DrawdownAverage peak-to-trough decline | -5.44% | -11.50% | +6.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 2.50% | -1.44% |
Volatility
VAGU.L vs. VAGP.L - Volatility Comparison
The current volatility for Vanguard Global Aggregate Bond UCITS ETF USD Hedged Accumulating (VAGU.L) is 1.06%, while Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Distributing (VAGP.L) has a volatility of 1.97%. This indicates that VAGU.L experiences smaller price fluctuations and is considered to be less risky than VAGP.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 | VAGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.97% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 6.40% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.58% | 8.27% | -4.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.19% | 10.81% | -5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.77% | 10.76% | -5.99% |
VAGU.L vs. VAGP.L - Expense Ratio Comparison
Both VAGU.L and VAGP.L have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VAGU.L vs. VAGP.L - Dividend Comparison
VAGU.L has not paid dividends to shareholders, while VAGP.L's dividend yield for the trailing twelve months is around 3.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
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% | 0.00% |
Frequently Asked Questions
VAGU.L and VAGP.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.10% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
VAGU.L and VAGP.L have the same expense ratio: 0.10% per year.
VAGU.L tracks Bloomberg Global Aggregate Float Adjusted and Scaled Index in USD, while VAGP.L tracks Bloomberg Global Aggregate TR Hdg GBP.
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