VGOV.DE vs. VCSH
VGOV.DE (Vanguard UK Gilt UCITS ETF Distributing) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both exchange-traded funds - VGOV.DE is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, while VCSH is a Corporate Bonds fund tracking the Bloomberg U.S. 1-5 Year Corporate Bond Index. Both are passively managed. Over the past 5 years, VGOV.DE returned -5.47%/yr vs 3.39%/yr for VCSH. At a 0.20 correlation, their price movements are largely independent. VGOV.DE charges 0.07%/yr vs 0.04%/yr for VCSH.
Performance
VGOV.DE vs. VCSH - Performance Comparison
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Different Trading Currencies
VGOV.DE is traded in EUR, while VCSH is traded in USD. To make them comparable, the VCSH values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, VGOV.DE achieves a -0.51% return, which is significantly lower than VCSH's 2.38% return.
VGOV.DE
- 1D
- 0.07%
- 1M
- 0.49%
- YTD
- -0.51%
- 6M
- -0.16%
- 1Y
- -0.62%
- 3Y*
- 2.00%
- 5Y*
- -5.47%
- 10Y*
- —
VCSH
- 1D
- 0.51%
- 1M
- 1.71%
- YTD
- 2.38%
- 6M
- 1.89%
- 1Y
- 3.60%
- 3Y*
- 2.88%
- 5Y*
- 3.39%
- 10Y*
- 2.53%
VGOV.DE vs. VCSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing | -0.51% | 0.18% | -0.21% | 5.44% | -30.78% | 1.88% | 2.84% | 13.71% | -1.09% | 2.53% |
VCSH Vanguard Short-Term Corporate Bond ETF | 2.38% | -5.90% | 11.84% | 3.01% | 0.23% | 6.80% | -3.53% | 9.44% | 5.66% | -3.07% |
Correlation
The correlation between VGOV.DE and VCSH is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.20 |
The correlation between VGOV.DE and VCSH shifts across timeframes, from -0.02 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VGOV.DE vs. VCSH — Risk / Return Rank
VGOV.DE
VCSH
VGOV.DE vs. VCSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard UK Gilt UCITS ETF Distributing (VGOV.DE) and Vanguard Short-Term Corporate Bond ETF (VCSH). 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.
| VGOV.DE | VCSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.12 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 0.99 | -1.12 |
| Martin ratioReturn relative to average drawdown | -0.29 | 2.74 | -3.03 |
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
| VGOV.DE | VCSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.08 | 0.64 | -0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | 0.48 | -0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.13 | 0.54 | -0.67 |
Drawdowns
VGOV.DE vs. VCSH - Drawdown Comparison
The maximum VGOV.DE drawdown since its inception was -40.95%, which is greater than VCSH's maximum drawdown of -15.75%. Use the drawdown chart below to compare losses from any high point for VGOV.DE and VCSH.
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Drawdown Indicators
| VGOV.DE | VCSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.95% | -15.75% | -25.20% |
Max Drawdown (1Y)Largest decline over 1 year | -5.37% | -3.65% | -1.72% |
Max Drawdown (3Y)Largest decline over 3 years | -9.01% | -10.22% | +1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -40.45% | -10.75% | -29.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.58% | — |
Current DrawdownCurrent decline from peak | -30.35% | -4.85% | -25.50% |
Average DrawdownAverage peak-to-trough decline | -16.60% | -5.07% | -11.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 1.32% | +1.03% |
Volatility
VGOV.DE vs. VCSH - Volatility Comparison
Vanguard UK Gilt UCITS ETF Distributing (VGOV.DE) has a higher volatility of 3.34% compared to Vanguard Short-Term Corporate Bond ETF (VCSH) at 0.92%. This indicates that VGOV.DE's price experiences larger fluctuations and is considered to be riskier than VCSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGOV.DE | VCSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.34% | 0.92% | +2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 6.15% | 3.94% | +2.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.99% | 5.63% | +2.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 7.11% | +5.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.86% | 7.26% | +4.60% |
VGOV.DE vs. VCSH - Expense Ratio Comparison
VGOV.DE has a 0.07% expense ratio, which is higher than VCSH's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGOV.DE vs. VCSH - Dividend Comparison
VGOV.DE's dividend yield for the trailing twelve months is around 4.59%, more than VCSH's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCSH Vanguard Short-Term Corporate Bond ETF | 4.46% | 4.35% | 3.96% | 3.09% | 2.01% | 1.81% | 2.27% | 2.87% | 2.65% | 2.26% | 2.10% | 2.08% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
VGOV.DE and VCSH have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VCSH is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VCSH is cheaper with a 0.04% expense ratio, compared with 0.07% for VGOV.DE.
VGOV.DE is categorized as European Government Bonds, while VCSH is Corporate Bonds. VGOV.DE tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while VCSH tracks Bloomberg U.S. 1-5 Year Corporate Bond Index. Their fees differ too: 0.07% for VGOV.DE and 0.04% for VCSH.
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