VECP.L vs. SPAXX

Last updated Jun 4, 2026

VECP.L (Vanguard EUR Corporate Bond UCITS ETF Distributing) and SPAXX (Fidelity Government Money Market Fund) are both funds - VECP.L is a European Corporate Bonds fund tracking the Bloomberg Euro Corp TR EUR, while SPAXX is a Money Market fund actively managed by Fidelity. VECP.L is passively managed, while SPAXX is actively managed. Over the past 5 years, VECP.L returned 0.68%/yr vs 2.40%/yr for SPAXX. At a 0.16 correlation, their price movements are largely independent. VECP.L charges 0.09%/yr vs 0.42%/yr for SPAXX.

Performance

VECP.L vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard EUR Corporate Bond UCITS ETF Distributing (VECP.L) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VECP.L is traded in GBP, while SPAXX is traded in USD. To make them comparable, the SPAXX values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VECP.L achieves a -0.74% return, which is significantly lower than SPAXX's 1.47% return.

VECP.L

• 1D: -0.22%
• 1M: 0.44%
• YTD: -0.74%
• 6M: -0.93%
• 1Y: 4.40%
• 3Y*: 4.88%
• 5Y*: 0.68%
• 10Y*: 2.45%

SPAXX

• 1D: -0.06%
• 1M: 0.82%
• YTD: 1.47%
• 6M: 0.86%
• 1Y: 4.11%
• 3Y*: -0.20%
• 5Y*: 2.40%
• 10Y*: —

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

VECP.L vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VECP.L Vanguard EUR Corporate Bond UCITS ETF Distributing	-0.74%	8.47%	0.17%	6.15%	-7.51%	-2.73%
SPAXX Fidelity Government Money Market Fund	1.47%	-3.44%	3.32%	-4.61%	11.89%	4.54%

Correlation

The correlation between VECP.L and SPAXX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.16

Return for Risk

VECP.L vs. SPAXX — Risk / Return Rank

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

VECP.L

VECP.L Risk / Return Rank: 24
VECP.L Sharpe Ratio Rank: 25
VECP.L Sortino Ratio Rank: 25
VECP.L Omega Ratio Rank: 23
VECP.L Calmar Ratio Rank: 24
VECP.L Martin Ratio Rank: 23

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.

VECP.L vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard EUR Corporate Bond UCITS ETF Distributing (VECP.L) and Fidelity Government Money Market Fund (SPAXX). 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.

	VECP.L	SPAXX	Difference
Sharpe ratio: Return per unit of total volatility	0.91	0.66	+0.25
Sortino ratio: Return per unit of downside risk	1.35	0.98	+0.38
Omega ratio: Gain probability vs. loss probability	1.16	1.11	+0.04
Calmar ratio: Return relative to maximum drawdown	1.14	0.82	+0.32
Martin ratio: Return relative to average drawdown	2.90	2.22	+0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VECP.L vs. SPAXX - Sharpe Ratio Comparison

The current VECP.L Sharpe Ratio is 0.91, which is higher than the SPAXX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of VECP.L and SPAXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VECP.L	SPAXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	0.66	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.28	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.29	+0.03

Drawdowns

VECP.L vs. SPAXX - Drawdown Comparison

The maximum VECP.L drawdown since its inception was -20.56%, roughly equal to the maximum SPAXX drawdown of -19.69%. Use the drawdown chart below to compare losses from any high point for VECP.L and SPAXX.

Drawdown Indicators

	VECP.L	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-20.56%	-19.69%	-0.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-5.42%	+1.56%
Max Drawdown (3Y) Largest decline over 3 years	-3.86%	-9.88%	+6.02%
Max Drawdown (5Y) Largest decline over 5 years	-16.13%	-19.69%	+3.56%
Max Drawdown (10Y) Largest decline over 10 years	-20.56%	—	—
Current Drawdown Current decline from peak	-3.69%	-14.71%	+11.02%
Average Drawdown Average peak-to-trough decline	-7.60%	-11.07%	+3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	1.97%	-0.46%

Volatility

VECP.L vs. SPAXX - Volatility Comparison

The current volatility for Vanguard EUR Corporate Bond UCITS ETF Distributing (VECP.L) is 1.47%, while Fidelity Government Money Market Fund (SPAXX) has a volatility of 1.76%. This indicates that VECP.L experiences smaller price fluctuations and is considered to be less risky than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VECP.L	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.76%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	3.64%	5.03%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	4.82%	6.76%	-1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.17%	8.63%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.58%	8.62%	-1.04%

VECP.L vs. SPAXX - Expense Ratio Comparison

VECP.L has a 0.09% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

VECP.L vs. SPAXX - Dividend Comparison

VECP.L's dividend yield for the trailing twelve months is around 3.43%, less than SPAXX's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VECP.L Vanguard EUR Corporate Bond UCITS ETF Distributing	3.43%	3.37%	4.05%	3.45%	2.12%	0.94%	0.99%	0.93%	1.10%	1.23%	1.04%

Frequently Asked Questions

Can I hold both VECP.L and SPAXX in my portfolio?

VECP.L and SPAXX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.