VGEB.DE vs. VWCE.DE

Last updated Jun 5, 2026

VGEB.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Distributing) and VWCE.DE (Vanguard FTSE All-World UCITS ETF) are both exchange-traded funds - VGEB.DE is a European Government Bonds fund tracking the Bloomberg Euro Aggregate Treasury, while VWCE.DE is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 5 years, VGEB.DE returned -2.17%/yr vs 12.28%/yr for VWCE.DE. At a 0.05 correlation, their price movements are largely independent. VGEB.DE charges 0.07%/yr vs 0.19%/yr for VWCE.DE.

Performance

VGEB.DE vs. VWCE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VGEB.DE) and Vanguard FTSE All-World UCITS ETF (VWCE.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGEB.DE achieves a 0.13% return, which is significantly lower than VWCE.DE's 12.64% return.

VGEB.DE

• 1D: 0.03%
• 1M: 0.00%
• YTD: 0.13%
• 6M: 0.18%
• 1Y: 0.31%
• 3Y*: 2.38%
• 5Y*: -2.17%
• 10Y*: —

VWCE.DE

• 1D: -0.21%
• 1M: 3.63%
• YTD: 12.64%
• 6M: 12.84%
• 1Y: 26.31%
• 3Y*: 17.85%
• 5Y*: 12.28%
• 10Y*: —

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

VGEB.DE vs. VWCE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing	0.13%	0.69%	1.55%	6.99%	-18.10%	-3.26%	4.75%	-0.30%
VWCE.DE Vanguard FTSE All-World UCITS ETF	12.64%	9.16%	24.41%	18.18%	-13.47%	28.62%	5.36%	8.01%

Correlation

The correlation between VGEB.DE and VWCE.DE is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jul 26, 2019	0.05

Over the past year, VGEB.DE and VWCE.DE have become more correlated (0.35) than their long-term average of 0.05, meaning their price movements have been converging.

Return for Risk

VGEB.DE vs. VWCE.DE — Risk / Return Rank

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

VGEB.DE

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

VWCE.DE

VWCE.DE Risk / Return Rank: 76
VWCE.DE Sharpe Ratio Rank: 72
VWCE.DE Sortino Ratio Rank: 73
VWCE.DE Omega Ratio Rank: 74
VWCE.DE Calmar Ratio Rank: 79
VWCE.DE Martin Ratio Rank: 83

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.

VGEB.DE vs. VWCE.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VGEB.DE) and Vanguard FTSE All-World UCITS ETF (VWCE.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.

	VGEB.DE	VWCE.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	2.31	-2.33
Sortino ratio: Return per unit of downside risk	-0.00	3.24	-3.24
Omega ratio: Gain probability vs. loss probability	1.00	1.43	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.03	4.01	-4.04
Martin ratio: Return relative to average drawdown	-0.06	16.55	-16.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGEB.DE vs. VWCE.DE - Sharpe Ratio Comparison

The current VGEB.DE Sharpe Ratio is -0.02, which is lower than the VWCE.DE Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of VGEB.DE and VWCE.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

	VGEB.DE	VWCE.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	2.31	-2.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	0.88	-1.22
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.79	-0.82

Drawdowns

VGEB.DE vs. VWCE.DE - Drawdown Comparison

The maximum VGEB.DE drawdown since its inception was -22.15%, smaller than the maximum VWCE.DE drawdown of -33.43%. Use the drawdown chart below to compare losses from any high point for VGEB.DE and VWCE.DE.

Drawdown Indicators

	VGEB.DE	VWCE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-22.15%	-33.43%	+11.28%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-6.55%	+3.12%
Max Drawdown (3Y) Largest decline over 3 years	-4.05%	-21.07%	+17.02%
Max Drawdown (5Y) Largest decline over 5 years	-21.25%	-21.07%	-0.18%
Current Drawdown Current decline from peak	-13.65%	-0.66%	-12.99%
Average Drawdown Average peak-to-trough decline	-8.83%	-4.69%	-4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	1.59%	-0.24%

Volatility

VGEB.DE vs. VWCE.DE - Volatility Comparison

The current volatility for Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VGEB.DE) is 1.63%, while Vanguard FTSE All-World UCITS ETF (VWCE.DE) has a volatility of 3.06%. This indicates that VGEB.DE experiences smaller price fluctuations and is considered to be less risky than VWCE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGEB.DE	VWCE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	3.06%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	3.47%	8.18%	-4.71%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	11.37%	-7.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	13.75%	-7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.52%	16.16%	-10.64%

VGEB.DE vs. VWCE.DE - Expense Ratio Comparison

VGEB.DE has a 0.07% expense ratio, which is lower than VWCE.DE's 0.19% 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

VGEB.DE vs. VWCE.DE - Dividend Comparison

VGEB.DE's dividend yield for the trailing twelve months is around 2.89%, while VWCE.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing	2.89%	2.88%	2.56%	1.96%	0.66%	0.08%	0.19%	0.74%	0.80%	0.09%
VWCE.DE Vanguard FTSE All-World UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGEB.DE and VWCE.DE in my portfolio?

VGEB.DE and VWCE.DE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGEB.DE or VWCE.DE?

On fees, VGEB.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGEB.DE or VWCE.DE?

VGEB.DE is cheaper with a 0.07% expense ratio, compared with 0.19% for VWCE.DE.

What is the main difference between VGEB.DE and VWCE.DE?

VGEB.DE is categorized as European Government Bonds, while VWCE.DE is Global Equities. VGEB.DE tracks Bloomberg Euro Aggregate Treasury, while VWCE.DE tracks FTSE All-World Index. Their fees differ too: 0.07% for VGEB.DE and 0.19% for VWCE.DE.