VETY.L vs. GLTP.L

Last updated Jun 26, 2026

VETY.L (Vanguard EUR Eurozone Government Bond UCITS ETF Distributing) and GLTP.L (Invesco UK Gilts UCITS ETF Dist) are both European Government Bonds funds - VETY.L tracks the Bloomberg Euro Agg Govt TR EUR while GLTP.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 5 years, VETY.L returned -1.89%/yr vs -4.53%/yr for GLTP.L. A 0.57 correlation means they provide meaningful diversification when combined. VETY.L charges 0.07%/yr vs 0.06%/yr for GLTP.L.

Performance

VETY.L vs. GLTP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VETY.L) and Invesco UK Gilts UCITS ETF Dist (GLTP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VETY.L is traded in GBP, while GLTP.L is traded in GBp. To make them comparable, the GLTP.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VETY.L achieves a -0.07% return, which is significantly lower than GLTP.L's 0.42% return.

VETY.L

• 1D: -0.05%
• 1M: 0.54%
• YTD: -0.07%
• 6M: 0.09%
• 1Y: 2.22%
• 3Y*: 2.64%
• 5Y*: -1.89%
• 10Y*: 0.03%

GLTP.L

• 1D: -0.11%
• 1M: 1.68%
• YTD: 0.42%
• 6M: 0.76%
• 1Y: 2.70%
• 3Y*: 2.73%
• 5Y*: -4.53%
• 10Y*: —

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

VETY.L vs. GLTP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VETY.L Vanguard EUR Eurozone Government Bond UCITS ETF Distributing	-0.07%	5.77%	-2.94%	4.81%	-13.61%	-9.79%	10.62%	5.04%
GLTP.L Invesco UK Gilts UCITS ETF Dist	0.42%	5.35%	-4.39%	3.50%	-24.95%	-5.40%	8.70%	5.42%

Correlation

The correlation between VETY.L and GLTP.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 18, 2019	0.57

The correlation between VETY.L and GLTP.L shifts across timeframes, from 0.49 (1 year) to 0.64 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VETY.L vs. GLTP.L — Risk / Return Rank

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

VETY.L

VETY.L Risk / Return Rank: 14
VETY.L Sharpe Ratio Rank: 15
VETY.L Sortino Ratio Rank: 13
VETY.L Omega Ratio Rank: 13
VETY.L Calmar Ratio Rank: 14
VETY.L Martin Ratio Rank: 14

GLTP.L

GLTP.L Risk / Return Rank: 14
GLTP.L Sharpe Ratio Rank: 15
GLTP.L Sortino Ratio Rank: 13
GLTP.L Omega Ratio Rank: 13
GLTP.L Calmar Ratio Rank: 14
GLTP.L Martin Ratio Rank: 14

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.

VETY.L vs. GLTP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VETY.L) and Invesco UK Gilts UCITS ETF Dist (GLTP.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.

	VETY.L	GLTP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.41	0.41	-0.01
Sortino ratio: Return per unit of downside risk	0.62	0.61	+0.01
Omega ratio: Gain probability vs. loss probability	1.07	1.08	0.00
Calmar ratio: Return relative to maximum drawdown	0.47	0.47	0.00
Martin ratio: Return relative to average drawdown	1.01	1.19	-0.19

VETY.L vs. GLTP.L - Sharpe Ratio Comparison

The current VETY.L Sharpe Ratio is 0.41, which is comparable to the GLTP.L Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of VETY.L and GLTP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VETY.L vs. GLTP.L - Drawdown Comparison

The maximum VETY.L drawdown since its inception was -26.62%, smaller than the maximum GLTP.L drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for VETY.L and GLTP.L.

Drawdown Indicators

	VETY.L	GLTP.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.62%	-37.02%	+10.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.67%	-5.69%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	-6.32%	-7.66%	+1.34%
Max Drawdown (5Y) Largest decline over 5 years	-20.73%	-34.89%	+14.16%
Max Drawdown (10Y) Largest decline over 10 years	-26.62%	—	—
Current Drawdown Current decline from peak	-18.13%	-27.10%	+8.97%
Average Drawdown Average peak-to-trough decline	-12.09%	-18.59%	+6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	2.26%	-0.06%

Volatility

VETY.L vs. GLTP.L - Volatility Comparison

The current volatility for Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VETY.L) is 1.46%, while Invesco UK Gilts UCITS ETF Dist (GLTP.L) has a volatility of 1.70%. This indicates that VETY.L experiences smaller price fluctuations and is considered to be less risky than GLTP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VETY.L	GLTP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.70%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	4.27%	5.29%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	5.41%	6.49%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.52%	10.57%	-3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.23%	10.19%	-1.96%

VETY.L vs. GLTP.L - Expense Ratio Comparison

VETY.L has a 0.07% expense ratio, which is higher than GLTP.L's 0.06% 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

VETY.L vs. GLTP.L - Dividend Comparison

VETY.L's dividend yield for the trailing twelve months is around 2.90%, less than GLTP.L's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GLTP.L Invesco UK Gilts UCITS ETF Dist	4.47%	4.39%	4.33%	3.24%	1.62%	0.81%	0.81%	0.72%	0.00%	0.00%	0.00%
VETY.L Vanguard EUR Eurozone Government Bond UCITS ETF Distributing	2.90%	2.82%	2.61%	1.82%	0.47%	0.08%	0.15%	0.53%	0.55%	0.48%	0.31%

Frequently Asked Questions

Can I hold both VETY.L and GLTP.L in my portfolio?

VETY.L and GLTP.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VETY.L or GLTP.L?

On fees, GLTP.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VETY.L or GLTP.L?

GLTP.L is cheaper with a 0.06% expense ratio, compared with 0.07% for VETY.L.

What is the main difference between VETY.L and GLTP.L?

VETY.L tracks Bloomberg Euro Agg Govt TR EUR, while GLTP.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for VETY.L and 0.06% for GLTP.L.