VGEA.DE vs. X03G.DE
VGEA.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating) and X03G.DE (Xtrackers II Germany Government Bond UCITS ETF) are both European Government Bonds funds - VGEA.DE tracks the Bloomberg Euro Aggregate Treasury while X03G.DE tracks the iBoxx® EUR Germany. Both are passively managed. Over the past 5 years, VGEA.DE returned -2.24%/yr vs -3.03%/yr for X03G.DE. Their correlation of 0.88 suggests significant overlap in exposure. VGEA.DE charges 0.07%/yr vs 0.15%/yr for X03G.DE.
Performance
VGEA.DE vs. X03G.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VGEA.DE achieves a 0.11% return, which is significantly higher than X03G.DE's -0.04% 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*
- —
X03G.DE
- 1D
- 0.11%
- 1M
- -0.00%
- YTD
- -0.04%
- 6M
- -0.24%
- 1Y
- -0.95%
- 3Y*
- 0.86%
- 5Y*
- -3.03%
- 10Y*
- -1.28%
VGEA.DE vs. X03G.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% |
X03G.DE Xtrackers II Germany Government Bond UCITS ETF | -0.04% | -1.48% | 0.14% | 5.23% | -17.79% | -2.57% | 2.71% | 1.92% |
Correlation
The correlation between VGEA.DE and X03G.DE is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019 | 0.88 |
The correlation between VGEA.DE and X03G.DE has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.
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Return for Risk
VGEA.DE vs. X03G.DE — Risk / Return Rank
VGEA.DE
X03G.DE
VGEA.DE vs. X03G.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 Xtrackers II Germany Government Bond UCITS ETF (X03G.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 | X03G.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.94 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | -0.47 | +0.46 |
| Martin ratioReturn relative to average drawdown | -0.04 | -0.99 | +0.95 |
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
| VGEA.DE | X03G.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.01 | -0.37 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | -0.49 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.25 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.04 | -0.14 |
Drawdowns
VGEA.DE vs. X03G.DE - Drawdown Comparison
The maximum VGEA.DE drawdown since its inception was -22.34%, smaller than the maximum X03G.DE drawdown of -23.87%. Use the drawdown chart below to compare losses from any high point for VGEA.DE and X03G.DE.
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Drawdown Indicators
| VGEA.DE | X03G.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.34% | -23.87% | +1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.44% | -2.89% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -4.00% | -5.00% | +1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -21.47% | -21.19% | -0.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.87% | — |
Current DrawdownCurrent decline from peak | -13.91% | -19.28% | +5.37% |
Average DrawdownAverage peak-to-trough decline | -10.30% | -7.77% | -2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 1.38% | -0.05% |
Volatility
VGEA.DE vs. X03G.DE - Volatility Comparison
Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.DE) has a higher volatility of 1.67% compared to Xtrackers II Germany Government Bond UCITS ETF (X03G.DE) at 1.43%. This indicates that VGEA.DE's price experiences larger fluctuations and is considered to be riskier than X03G.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGEA.DE | X03G.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.43% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 3.62% | 2.89% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 3.68% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.39% | 6.16% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.86% | 5.15% | +0.71% |
VGEA.DE vs. X03G.DE - Expense Ratio Comparison
VGEA.DE has a 0.07% expense ratio, which is lower than X03G.DE's 0.15% 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
VGEA.DE vs. X03G.DE - Dividend Comparison
Neither VGEA.DE nor X03G.DE has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
X03G.DE Xtrackers II Germany Government Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.33% |
Frequently Asked Questions
With a correlation of 0.95, VGEA.DE and X03G.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, VGEA.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEA.DE is cheaper with a 0.07% expense ratio, compared with 0.15% for X03G.DE.
VGEA.DE tracks Bloomberg Euro Aggregate Treasury, while X03G.DE tracks iBoxx® EUR Germany. They also come from different issuers: Vanguard and Xtrackers. Their fees differ too: 0.07% for VGEA.DE and 0.15% for X03G.DE.
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