VGEA.DE vs. VGOV.DE

Last updated Jun 5, 2026

VGEA.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating) and VGOV.DE (Vanguard UK Gilt UCITS ETF Distributing) are both European Government Bonds funds from Vanguard - VGEA.DE tracks the Bloomberg Euro Aggregate Treasury while VGOV.DE tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 5 years, VGEA.DE returned -2.24%/yr vs -5.47%/yr for VGOV.DE. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.

Performance

VGEA.DE vs. VGOV.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.DE) and Vanguard UK Gilt UCITS ETF Distributing (VGOV.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGEA.DE achieves a 0.11% return, which is significantly higher than VGOV.DE's -0.51% return.

VGEA.DE

• 1D: 0.06%
• 1M: -0.02%
• YTD: 0.11%
• 6M: 0.18%
• 1Y: 0.33%
• 3Y*: 2.38%
• 5Y*: -2.24%
• 10Y*: —

VGOV.DE

• 1D: 0.07%
• 1M: 0.49%
• YTD: -0.51%
• 6M: -0.16%
• 1Y: -0.62%
• 3Y*: 2.00%
• 5Y*: -5.47%
• 10Y*: —

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

VGEA.DE vs. VGOV.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VGEA.DE Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating	0.11%	0.67%	1.54%	6.93%	-18.30%	-3.32%	4.81%	5.94%
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing	-0.51%	0.18%	-0.21%	5.44%	-30.78%	1.88%	2.84%	7.84%

Correlation

The correlation between VGEA.DE and VGOV.DE is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019	0.63

The correlation between VGEA.DE and VGOV.DE has been stable across timeframes, ranging from 0.63 to 0.73 - a consistent structural relationship.

Return for Risk

VGEA.DE vs. VGOV.DE — Risk / Return Rank

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

VGEA.DE

VGEA.DE Risk / Return Rank: 9
VGEA.DE Sharpe Ratio Rank: 9
VGEA.DE Sortino Ratio Rank: 8
VGEA.DE Omega Ratio Rank: 8
VGEA.DE Calmar Ratio Rank: 9
VGEA.DE Martin Ratio Rank: 9

VGOV.DE

VGOV.DE Risk / Return Rank: 8
VGOV.DE Sharpe Ratio Rank: 8
VGOV.DE Sortino Ratio Rank: 8
VGOV.DE Omega Ratio Rank: 8
VGOV.DE Calmar Ratio Rank: 8
VGOV.DE Martin Ratio Rank: 8

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.

VGEA.DE vs. VGOV.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.DE) and Vanguard UK Gilt UCITS ETF Distributing (VGOV.DE). 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.

	VGEA.DE	VGOV.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	-0.08	+0.07
Sortino ratio: Return per unit of downside risk	0.01	-0.06	+0.07
Omega ratio: Gain probability vs. loss probability	1.00	0.99	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.01	-0.13	+0.11
Martin ratio: Return relative to average drawdown	-0.04	-0.29	+0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGEA.DE vs. VGOV.DE - Sharpe Ratio Comparison

The current VGEA.DE Sharpe Ratio is -0.01, which is higher than the VGOV.DE Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of VGEA.DE and VGOV.DE, 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

	VGEA.DE	VGOV.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	-0.08	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.35	-0.42	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	-0.13	+0.03

Drawdowns

VGEA.DE vs. VGOV.DE - Drawdown Comparison

The maximum VGEA.DE drawdown since its inception was -22.34%, smaller than the maximum VGOV.DE drawdown of -40.95%. Use the drawdown chart below to compare losses from any high point for VGEA.DE and VGOV.DE.

Drawdown Indicators

	VGEA.DE	VGOV.DE	Difference
Max Drawdown Largest peak-to-trough decline	-22.34%	-40.95%	+18.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	-5.37%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-4.00%	-9.01%	+5.01%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-40.45%	+18.98%
Current Drawdown Current decline from peak	-13.91%	-30.35%	+16.44%
Average Drawdown Average peak-to-trough decline	-10.30%	-16.60%	+6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	2.35%	-1.02%

Volatility

VGEA.DE vs. VGOV.DE - Volatility Comparison

The current volatility for Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.DE) is 1.67%, while Vanguard UK Gilt UCITS ETF Distributing (VGOV.DE) has a volatility of 3.34%. This indicates that VGEA.DE experiences smaller price fluctuations and is considered to be less risky than VGOV.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGEA.DE	VGOV.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	3.34%	-1.67%
Volatility (6M) Calculated over the trailing 6-month period	3.62%	6.15%	-2.53%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	7.99%	-3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	12.87%	-6.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.86%	11.86%	-6.00%

VGEA.DE vs. VGOV.DE - Expense Ratio Comparison

Both VGEA.DE and VGOV.DE have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VGEA.DE vs. VGOV.DE - Dividend Comparison

VGEA.DE has not paid dividends to shareholders, while VGOV.DE's dividend yield for the trailing twelve months is around 4.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGEA.DE Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing	4.59%	4.59%	4.08%	3.17%	1.94%	1.07%	1.18%	1.34%	1.60%	0.27%

Frequently Asked Questions

Can I hold both VGEA.DE and VGOV.DE in my portfolio?

VGEA.DE and VGOV.DE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGEA.DE or VGOV.DE?

Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGEA.DE or VGOV.DE?

VGEA.DE and VGOV.DE have the same expense ratio: 0.07% per year.

What is the main difference between VGEA.DE and VGOV.DE?

VGEA.DE tracks Bloomberg Euro Aggregate Treasury, while VGOV.DE tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP.