VEUA.L vs. VAGS.L

Last updated Jun 14, 2026

VEUA.L (Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating) and VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) are both exchange-traded funds - VEUA.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while VAGS.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, VEUA.L returned 10.11%/yr vs 1.46%/yr for VAGS.L. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.10% expense ratio.

Performance

VEUA.L vs. VAGS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) and Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEUA.L achieves a 7.77% return, which is significantly higher than VAGS.L's 0.31% return.

VEUA.L

• 1D: 1.65%
• 1M: 2.57%
• YTD: 7.77%
• 6M: 9.55%
• 1Y: 21.05%
• 3Y*: 14.57%
• 5Y*: 10.11%
• 10Y*: —

VAGS.L

• 1D: 0.31%
• 1M: 0.47%
• YTD: 0.31%
• 6M: 1.01%
• 1Y: 3.27%
• 3Y*: 6.03%
• 5Y*: 1.46%
• 10Y*: —

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

VEUA.L vs. VAGS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEUA.L Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	7.77%	26.07%	4.49%	13.46%	-4.21%	16.83%	3.08%	-9.21%
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating	0.31%	6.58%	5.57%	8.56%	-12.52%	-1.30%	6.71%	1.09%

Correlation

The correlation between VEUA.L and VAGS.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jul 23, 2019	0.05

Over the past year, VEUA.L and VAGS.L have become more correlated (0.42) than their long-term average of 0.05, meaning their price movements have been converging.

Return for Risk

VEUA.L vs. VAGS.L — Risk / Return Rank

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

VEUA.L

VEUA.L Risk / Return Rank: 50
VEUA.L Sharpe Ratio Rank: 54
VEUA.L Sortino Ratio Rank: 53
VEUA.L Omega Ratio Rank: 56
VEUA.L Calmar Ratio Rank: 42
VEUA.L Martin Ratio Rank: 45

VAGS.L

VAGS.L Risk / Return Rank: 26
VAGS.L Sharpe Ratio Rank: 27
VAGS.L Sortino Ratio Rank: 25
VAGS.L Omega Ratio Rank: 24
VAGS.L Calmar Ratio Rank: 27
VAGS.L Martin Ratio Rank: 27

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.

VEUA.L vs. VAGS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) and Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.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.

	VEUA.L	VAGS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.60	0.86	+0.74
Sortino ratio: Return per unit of downside risk	2.27	1.25	+1.03
Omega ratio: Gain probability vs. loss probability	1.30	1.15	+0.16
Calmar ratio: Return relative to maximum drawdown	1.86	1.14	+0.72
Martin ratio: Return relative to average drawdown	6.63	3.23	+3.39

VEUA.L vs. VAGS.L - Sharpe Ratio Comparison

The current VEUA.L Sharpe Ratio is 1.60, which is higher than the VAGS.L Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of VEUA.L and VAGS.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

VEUA.L vs. VAGS.L - Drawdown Comparison

The maximum VEUA.L drawdown since its inception was -33.39%, which is greater than VAGS.L's maximum drawdown of -16.34%. Use the drawdown chart below to compare losses from any high point for VEUA.L and VAGS.L.

Drawdown Indicators

	VEUA.L	VAGS.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.39%	-16.34%	-17.05%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-2.67%	-7.91%
Max Drawdown (3Y) Largest decline over 3 years	-12.63%	-3.39%	-9.24%
Max Drawdown (5Y) Largest decline over 5 years	-16.36%	-16.34%	-0.02%
Current Drawdown Current decline from peak	-0.30%	-1.18%	+0.88%
Average Drawdown Average peak-to-trough decline	-6.10%	-4.11%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	0.94%	+2.03%

Volatility

VEUA.L vs. VAGS.L - Volatility Comparison

Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) has a higher volatility of 3.55% compared to Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) at 1.41%. This indicates that VEUA.L's price experiences larger fluctuations and is considered to be riskier than VAGS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEUA.L	VAGS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	1.41%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	2.77%	+7.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	3.54%	+8.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	4.91%	+10.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	4.60%	+13.07%

VEUA.L vs. VAGS.L - Expense Ratio Comparison

Both VEUA.L and VAGS.L have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VEUA.L vs. VAGS.L - Dividend Comparison

Neither VEUA.L nor VAGS.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating	0.00%	1.43%	3.03%	2.33%	1.45%	0.87%	1.08%	0.10%
VEUA.L Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VEUA.L and VAGS.L in my portfolio?

VEUA.L and VAGS.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VEUA.L or VAGS.L?

Both ETFs have the same 0.10% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VEUA.L or VAGS.L?

VEUA.L and VAGS.L have the same expense ratio: 0.10% per year.

What is the main difference between VEUA.L and VAGS.L?

VEUA.L is categorized as Europe Equities, while VAGS.L is Global Bonds. VEUA.L tracks MSCI Europe NR EUR, while VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP.