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VESG.AX vs. VGB.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VESG.AX vs. VGB.AX

Last updated Jul 16, 2026
Documentation

VESG.AX (Vanguard Ethically Conscious International Shares Index ETF) and VGB.AX (Vanguard Australian Government Bond Index ETF) are both exchange-traded funds - VESG.AX is a Global Equities fund tracking the Vanguard Ethically Conscious International Shares Index Index, while VGB.AX is a Government Bonds fund tracking the Vanguard Australian Government Bond Index Index. Both are passively managed. Over the past 5 years, VESG.AX returned 12.18%/yr vs -0.92%/yr for VGB.AX. At a 0.07 correlation, their price movements are largely independent.

Performance

VESG.AX vs. VGB.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard Ethically Conscious International Shares Index ETF (VESG.AX) and Vanguard Australian Government Bond Index ETF (VGB.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VESG.AX achieves a 6.51% return, which is significantly higher than VGB.AX's 0.93% return.

VESG.AX

1D
-0.32%
1M
1.11%
6M
5.63%
YTD
6.51%
1Y
15.76%
3Y*
18.48%
5Y*
12.18%
10Y*
—

VGB.AX

1D
0.00%
1M
0.08%
6M
1.26%
YTD
0.93%
1Y
0.51%
3Y*
2.44%
5Y*
-0.92%
10Y*
0.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VESG.AX vs. VGB.AX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
VESG.AX
Vanguard Ethically Conscious International Shares Index ETF		6.51%12.41%30.88%25.56%-17.69%29.71%9.79%30.11%-11.40%
VGB.AX
Vanguard Australian Government Bond Index ETF		0.93%2.39%1.19%4.44%-10.45%-3.26%4.30%7.50%1.92%

Correlation

The correlation between VESG.AX and VGB.AX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.17

Correlation (3Y)
Calculated over the trailing 3-year period

0.09

Correlation (5Y)
Calculated over the trailing 5-year period

0.14

Correlation (All Time)
Calculated using the full available price history since Sep 11, 2018

0.07

The correlation between VESG.AX and VGB.AX shifts across timeframes, from 0.07 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

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Vanguard Ethically Conscious International Shares Index ETF

Vanguard Australian Government Bond Index ETF

Return for Risk

VESG.AX vs. VGB.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VESG.AX
VESG.AX Risk / Return Rank: 4242
Overall Rank
VESG.AX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VESG.AX Sortino Ratio Rank: 4747
Sortino Ratio Rank
VESG.AX Omega Ratio Rank: 5353
Omega Ratio Rank
VESG.AX Calmar Ratio Rank: 2929
Calmar Ratio Rank
VESG.AX Martin Ratio Rank: 3232
Martin Ratio Rank
VGB.AX
VGB.AX Risk / Return Rank: 1111
Overall Rank
VGB.AX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
VGB.AX Sortino Ratio Rank: 1010
Sortino Ratio Rank
VGB.AX Omega Ratio Rank: 1010
Omega Ratio Rank
VGB.AX Calmar Ratio Rank: 1111
Calmar Ratio Rank
VGB.AX Martin Ratio Rank: 1111
Martin Ratio Rank
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.

VESG.AX vs. VGB.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Ethically Conscious International Shares Index ETF (VESG.AX) and Vanguard Australian Government Bond Index ETF (VGB.AX). 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.

VESG.AXVGB.AXDifference
Sharpe ratioReturn per unit of total volatility
1.41
0.15

+1.25

Sortino ratioReturn per unit of downside risk
1.98
0.24

+1.73

Omega ratioGain probability vs. loss probability

1.27

1.03

+0.24

Calmar ratioReturn relative to maximum drawdown

1.24

0.13

+1.12

Martin ratioReturn relative to average drawdown

3.71

0.24

+3.47

VESG.AX vs. VGB.AX - Sharpe Ratio Comparison

The current VESG.AX Sharpe Ratio is 1.41, which is higher than the VGB.AX Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of VESG.AX and VGB.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VESG.AX vs. VGB.AX - Drawdown Comparison

The maximum VESG.AX drawdown since its inception was -23.90%, which is greater than VGB.AX's maximum drawdown of -16.56%. Use the drawdown chart below to compare losses from any high point for VESG.AX and VGB.AX.

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Drawdown Indicators

VESG.AXVGB.AXDifference

Max Drawdown

Largest peak-to-trough decline

-23.90%

-16.56%

-7.34%

Max Drawdown (1Y)

Largest decline over 1 year

-12.59%

-4.83%

-7.76%

Max Drawdown (3Y)

Largest decline over 3 years

-14.93%

-4.83%

-10.10%

Max Drawdown (5Y)

Largest decline over 5 years

-23.90%

-15.82%

-8.08%

Max Drawdown (10Y)

Largest decline over 10 years

—

-16.56%

—

Current Drawdown

Current decline from peak

-0.75%

-6.49%

+5.74%

Average Drawdown

Average peak-to-trough decline

-5.02%

-4.48%

-0.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.30%

2.55%

+1.75%

Volatility

VESG.AX vs. VGB.AX - Volatility Comparison

Vanguard Ethically Conscious International Shares Index ETF (VESG.AX) has a higher volatility of 3.06% compared to Vanguard Australian Government Bond Index ETF (VGB.AX) at 0.69%. This indicates that VESG.AX's price experiences larger fluctuations and is considered to be riskier than VGB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VESG.AXVGB.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.06%

0.69%

+2.37%

Volatility (6M)

Calculated over the trailing 6-month period

9.02%

3.06%

+5.96%

Volatility (1Y)

Calculated over the trailing 1-year period

11.12%

3.93%

+7.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.36%

5.41%

+7.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.06%

4.66%

+9.40%

Dividends

VESG.AX vs. VGB.AX - Dividend Comparison

VESG.AX's dividend yield for the trailing twelve months is around 1.09%, less than VGB.AX's 2.32% yield.

PositionTTM20252024202320222021202020192018201720162015
VESG.AX
Vanguard Ethically Conscious International Shares Index ETF		1.09%1.47%0.73%1.45%1.83%0.99%1.47%1.37%0.00%0.00%0.00%0.00%
VGB.AX
Vanguard Australian Government Bond Index ETF		2.32%3.32%1.14%1.00%0.50%2.10%2.94%1.95%2.04%1.83%1.90%1.94%

Frequently Asked Questions

VESG.AX and VGB.AX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VESG.AX is categorized as Global Equities, while VGB.AX is Government Bonds. VESG.AX tracks Vanguard Ethically Conscious International Shares Index Index, while VGB.AX tracks Vanguard Australian Government Bond Index Index.

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