VGEB.DE vs. XGEZ.DE
VGEB.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Distributing) and XGEZ.DE (Xtrackers II Eurozone Government Green Bond UCITS ETF) are both European Government Bonds funds - VGEB.DE tracks the Bloomberg Euro Aggregate Treasury while XGEZ.DE tracks the iBoxx® EUR Eurozone Sovereigns Green Bonds Capped. Both are passively managed. Over the past 3 years, VGEB.DE returned 2.49%/yr vs 1.15%/yr for XGEZ.DE. With a 0.98 correlation, they move nearly in lockstep. VGEB.DE charges 0.07%/yr vs 0.18%/yr for XGEZ.DE.
Performance
VGEB.DE vs. XGEZ.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VGEB.DE achieves a 1.31% return, which is significantly lower than XGEZ.DE's 1.60% return.
VGEB.DE
- 1D
- 0.09%
- 1M
- 0.95%
- YTD
- 1.31%
- 6M
- 1.40%
- 1Y
- 1.22%
- 3Y*
- 2.49%
- 5Y*
- -1.95%
- 10Y*
- —
XGEZ.DE
- 1D
- 0.00%
- 1M
- 1.09%
- YTD
- 1.60%
- 6M
- 1.74%
- 1Y
- 0.26%
- 3Y*
- 1.15%
- 5Y*
- —
- 10Y*
- —
VGEB.DE vs. XGEZ.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | 1.31% | 0.67% | 1.53% | 6.85% | -0.47% |
XGEZ.DE Xtrackers II Eurozone Government Green Bond UCITS ETF | 1.60% | -2.16% | -0.51% | 8.88% | -0.36% |
Correlation
The correlation between VGEB.DE and XGEZ.DE is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2022 | 0.98 |
The correlation between VGEB.DE and XGEZ.DE has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.
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Return for Risk
VGEB.DE vs. XGEZ.DE — Risk / Return Rank
VGEB.DE
XGEZ.DE
VGEB.DE vs. XGEZ.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 Xtrackers II Eurozone Government Green Bond UCITS ETF (XGEZ.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.
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.
| VGEB.DE | XGEZ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.01 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 0.06 | +0.30 |
| Martin ratioReturn relative to average drawdown | 0.89 | 0.12 | +0.77 |
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Drawdowns
VGEB.DE vs. XGEZ.DE - Drawdown Comparison
The maximum VGEB.DE drawdown since its inception was -22.41%, which is greater than XGEZ.DE's maximum drawdown of -13.63%. Use the drawdown chart below to compare losses from any high point for VGEB.DE and XGEZ.DE.
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Drawdown Indicators
| VGEB.DE | XGEZ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.41% | -13.63% | -8.78% |
Max Drawdown (1Y)Largest decline over 1 year | -3.44% | -4.70% | +1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -4.06% | -7.88% | +3.82% |
Max Drawdown (5Y)Largest decline over 5 years | -21.50% | — | — |
Current DrawdownCurrent decline from peak | -12.92% | -3.99% | -8.93% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -5.39% | -3.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 2.11% | -0.74% |
Volatility
VGEB.DE vs. XGEZ.DE - Volatility Comparison
The current volatility for Vanguard EUR Eurozone Government Bond UCITS ETF Distributing (VGEB.DE) is 1.13%, while Xtrackers II Eurozone Government Green Bond UCITS ETF (XGEZ.DE) has a volatility of 1.75%. This indicates that VGEB.DE experiences smaller price fluctuations and is considered to be less risky than XGEZ.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGEB.DE | XGEZ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.75% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.55% | 5.23% | -1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.24% | 6.42% | -2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.36% | 9.92% | -3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 9.92% | -4.39% |
VGEB.DE vs. XGEZ.DE - Expense Ratio Comparison
VGEB.DE has a 0.07% expense ratio, which is lower than XGEZ.DE's 0.18% 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. XGEZ.DE - Dividend Comparison
VGEB.DE's dividend yield for the trailing twelve months is around 2.88%, more than XGEZ.DE's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
VGEB.DE Vanguard EUR Eurozone Government Bond UCITS ETF Distributing | 2.88% | 2.88% | 2.56% | 1.83% | 0.48% | 0.08% | 0.15% | 0.51% | 0.56% | 0.09% |
XGEZ.DE Xtrackers II Eurozone Government Green Bond UCITS ETF | 2.06% | 1.99% | 2.07% | 1.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, VGEB.DE and XGEZ.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, VGEB.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEB.DE is cheaper with a 0.07% expense ratio, compared with 0.18% for XGEZ.DE.
VGEB.DE tracks Bloomberg Euro Aggregate Treasury, while XGEZ.DE tracks iBoxx® EUR Eurozone Sovereigns Green Bonds Capped. They also come from different issuers: Vanguard and Xtrackers. Their fees differ too: 0.07% for VGEB.DE and 0.18% for XGEZ.DE.
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