VDCA.L vs. CU31.L
VDCA.L (Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD Accumulation) and CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) are both exchange-traded funds - VDCA.L is a Short-Term Bond fund tracking the Bloomberg Global Aggregate Corporate - United States Dollar Index 1-3 Year, while CU31.L is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 5 years, VDCA.L returned 2.55%/yr vs 1.84%/yr for CU31.L. At a 0.13 correlation, their price movements are largely independent. VDCA.L charges 0.09%/yr vs 0.07%/yr for CU31.L.
Performance
VDCA.L vs. CU31.L - Performance Comparison
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Different Trading Currencies
VDCA.L is traded in USD, while CU31.L is traded in GBp. To make them comparable, the CU31.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VDCA.L achieves a 0.68% return, which is significantly higher than CU31.L's 0.41% return.
VDCA.L
- 1D
- -0.09%
- 1M
- 0.05%
- YTD
- 0.68%
- 6M
- 1.01%
- 1Y
- 4.12%
- 3Y*
- 5.27%
- 5Y*
- 2.55%
- 10Y*
- —
CU31.L
- 1D
- 0.16%
- 1M
- 0.27%
- YTD
- 0.41%
- 6M
- 1.04%
- 1Y
- 3.42%
- 3Y*
- 4.11%
- 5Y*
- 1.84%
- 10Y*
- 1.74%
VDCA.L vs. CU31.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VDCA.L Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD Accumulation | 0.68% | 5.87% | 5.54% | 5.39% | -3.80% | -0.21% | 3.56% | 4.32% |
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) | 0.41% | 5.42% | 4.05% | 3.61% | -3.48% | -0.66% | 2.65% | 3.79% |
Correlation
The correlation between VDCA.L and CU31.L 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 | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019 | 0.13 |
The correlation between VDCA.L and CU31.L shifts across timeframes, from 0.05 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VDCA.L vs. CU31.L — Risk / Return Rank
VDCA.L
CU31.L
VDCA.L vs. CU31.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD Accumulation (VDCA.L) and iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.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.
| VDCA.L | CU31.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.78 | ||
| Sortino ratioReturn per unit of downside risk | +2.88 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.14 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 5.07 | 3.06 | +2.00 |
| Martin ratioReturn relative to average drawdown | 19.78 | 9.37 | +10.42 |
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
| VDCA.L | CU31.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.60 | 0.82 | +1.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.21 | 0.37 | +0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.29 | +0.54 |
Drawdowns
VDCA.L vs. CU31.L - Drawdown Comparison
The maximum VDCA.L drawdown since its inception was -9.85%, which is greater than CU31.L's maximum drawdown of -7.27%. Use the drawdown chart below to compare losses from any high point for VDCA.L and CU31.L.
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Drawdown Indicators
| VDCA.L | CU31.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.85% | -7.27% | -2.58% |
Max Drawdown (1Y)Largest decline over 1 year | -0.80% | -1.11% | +0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -1.14% | -1.50% | +0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -6.43% | -6.89% | +0.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -7.27% | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.36% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -1.06% | -1.29% | +0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 0.36% | -0.15% |
Volatility
VDCA.L vs. CU31.L - Volatility Comparison
The current volatility for Vanguard USD Corporate 1-3 Year Bond UCITS ETF USD Accumulation (VDCA.L) is 0.56%, while iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) has a volatility of 1.35%. This indicates that VDCA.L experiences smaller price fluctuations and is considered to be less risky than CU31.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VDCA.L | CU31.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.56% | 1.35% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 1.10% | 3.36% | -2.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.57% | 4.15% | -2.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.11% | 5.03% | -2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.46% | 5.03% | -1.57% |
VDCA.L vs. CU31.L - Expense Ratio Comparison
VDCA.L has a 0.09% expense ratio, which is higher than CU31.L's 0.07% 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
VDCA.L vs. CU31.L - Dividend Comparison
Neither VDCA.L nor CU31.L has paid dividends to shareholders.
Frequently Asked Questions
VDCA.L and CU31.L 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.
On fees, CU31.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CU31.L is cheaper with a 0.07% expense ratio, compared with 0.09% for VDCA.L.
VDCA.L is categorized as Short-Term Bond, while CU31.L is Government Bonds. VDCA.L tracks Bloomberg Global Aggregate Corporate - United States Dollar Index 1-3 Year, while CU31.L tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.09% for VDCA.L and 0.07% for CU31.L.
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