VETA.L vs. CSH.PA
VETA.L (Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating) and CSH.PA (Amundi EUR Overnight Return UCITS ETF Acc) are both exchange-traded funds - VETA.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR, while CSH.PA is a Money Market fund tracking the Solactive Euro Overnight Return Index. Both are passively managed. Over the past 5 years, VETA.L returned -2.10%/yr vs 2.03%/yr for CSH.PA. A 0.51 correlation means they provide meaningful diversification when combined. VETA.L charges 0.07%/yr vs 0.10%/yr for CSH.PA.
Performance
VETA.L vs. CSH.PA - Performance Comparison
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Different Trading Currencies
VETA.L is traded in GBP, while CSH.PA is traded in EUR. To make them comparable, the CSH.PA values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VETA.L achieves a -0.82% return, which is significantly lower than CSH.PA's 0.04% return.
VETA.L
- 1D
- 0.23%
- 1M
- 0.78%
- YTD
- -0.82%
- 6M
- -0.92%
- 1Y
- 2.67%
- 3Y*
- 2.47%
- 5Y*
- -2.10%
- 10Y*
- —
CSH.PA
- 1D
- 0.13%
- 1M
- 0.41%
- YTD
- 0.04%
- 6M
- 0.01%
- 1Y
- 4.75%
- 3Y*
- 3.11%
- 5Y*
- 2.03%
- 10Y*
- 1.90%
VETA.L vs. CSH.PA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VETA.L Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating | -0.82% | 5.79% | -2.93% | 4.76% | -13.59% | -9.77% | 10.65% | 3.88% |
CSH.PA Amundi EUR Overnight Return UCITS ETF Acc | 0.04% | 7.72% | -1.02% | 1.16% | 5.11% | -6.54% | 7.70% | -3.17% |
Correlation
The correlation between VETA.L and CSH.PA is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019 | 0.51 |
The correlation between VETA.L and CSH.PA shifts across timeframes, from 0.44 (5 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VETA.L vs. CSH.PA — Risk / Return Rank
VETA.L
CSH.PA
VETA.L vs. CSH.PA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VETA.L) and Amundi EUR Overnight Return UCITS ETF Acc (CSH.PA). 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.
| VETA.L | CSH.PA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.21 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 2.39 | -1.82 |
| Martin ratioReturn relative to average drawdown | 1.29 | 5.24 | -3.95 |
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
| VETA.L | CSH.PA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.49 | 1.17 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | 0.37 | -0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | 0.20 | -0.27 |
Drawdowns
VETA.L vs. CSH.PA - Drawdown Comparison
The maximum VETA.L drawdown since its inception was -26.60%, roughly equal to the maximum CSH.PA drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for VETA.L and CSH.PA.
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Drawdown Indicators
| VETA.L | CSH.PA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.60% | -27.56% | +0.96% |
Max Drawdown (1Y)Largest decline over 1 year | -4.66% | -1.96% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -6.23% | -3.28% | -2.95% |
Max Drawdown (5Y)Largest decline over 5 years | -20.71% | -4.89% | -15.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.66% | — |
Current DrawdownCurrent decline from peak | -18.72% | -1.25% | -17.47% |
Average DrawdownAverage peak-to-trough decline | -15.05% | -10.49% | -4.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 0.90% | +1.17% |
Volatility
VETA.L vs. CSH.PA - Volatility Comparison
Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VETA.L) has a higher volatility of 1.85% compared to Amundi EUR Overnight Return UCITS ETF Acc (CSH.PA) at 1.04%. This indicates that VETA.L's price experiences larger fluctuations and is considered to be riskier than CSH.PA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VETA.L | CSH.PA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 1.04% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 4.18% | 2.65% | +1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 4.01% | +1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.49% | 5.37% | +2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.96% | 7.11% | +0.85% |
VETA.L vs. CSH.PA - Expense Ratio Comparison
VETA.L has a 0.07% expense ratio, which is lower than CSH.PA's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VETA.L vs. CSH.PA - Dividend Comparison
Neither VETA.L nor CSH.PA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CSH.PA Amundi EUR Overnight Return UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.05% | 0.05% | 2.60% |
VETA.L Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VETA.L and CSH.PA have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VETA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VETA.L is cheaper with a 0.07% expense ratio, compared with 0.10% for CSH.PA.
VETA.L is categorized as European Government Bonds, while CSH.PA is Money Market. VETA.L tracks Bloomberg Euro Agg Govt TR EUR, while CSH.PA tracks Solactive Euro Overnight Return Index. They also come from different issuers: Vanguard and Amundi. Their fees differ too: 0.07% for VETA.L and 0.10% for CSH.PA.
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