VGOV.DE vs. VGWL.DE

Last updated Jun 5, 2026

VGOV.DE (Vanguard UK Gilt UCITS ETF Distributing) and VGWL.DE (Vanguard FTSE All-World UCITS ETF Distributing) 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 VGWL.DE is a Global Equities fund tracking the FTSE All-World. Both are passively managed. Over the past 5 years, VGOV.DE returned -5.47%/yr vs 12.28%/yr for VGWL.DE. At a 0.13 correlation, their price movements are largely independent. VGOV.DE charges 0.07%/yr vs 0.22%/yr for VGWL.DE.

Performance

VGOV.DE vs. VGWL.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard UK Gilt UCITS ETF Distributing (VGOV.DE) and Vanguard FTSE All-World UCITS ETF Distributing (VGWL.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGOV.DE achieves a -0.51% return, which is significantly lower than VGWL.DE's 12.63% 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*: —

VGWL.DE

• 1D: -0.24%
• 1M: 3.64%
• YTD: 12.63%
• 6M: 12.78%
• 1Y: 26.26%
• 3Y*: 17.85%
• 5Y*: 12.28%
• 10Y*: —

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

VGOV.DE vs. VGWL.DE - 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%
VGWL.DE Vanguard FTSE All-World UCITS ETF Distributing	12.63%	9.18%	24.40%	18.17%	-13.48%	28.60%	5.38%	30.12%	-6.03%	2.20%

Correlation

The correlation between VGOV.DE and VGWL.DE is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.13

Over the past year, VGOV.DE and VGWL.DE have become more correlated (0.45) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

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

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

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

VGWL.DE

VGWL.DE Risk / Return Rank: 76
VGWL.DE Sharpe Ratio Rank: 72
VGWL.DE Sortino Ratio Rank: 73
VGWL.DE Omega Ratio Rank: 75
VGWL.DE Calmar Ratio Rank: 79
VGWL.DE Martin Ratio Rank: 82

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.

VGOV.DE vs. VGWL.DE - 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 FTSE All-World UCITS ETF Distributing (VGWL.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.

	VGOV.DE	VGWL.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	2.32	-2.41
Sortino ratio: Return per unit of downside risk	-0.06	3.25	-3.31
Omega ratio: Gain probability vs. loss probability	0.99	1.44	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.13	3.99	-4.12
Martin ratio: Return relative to average drawdown	-0.29	16.38	-16.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VGOV.DE Sharpe Ratio is -0.08, which is lower than the VGWL.DE Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VGOV.DE and VGWL.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

	VGOV.DE	VGWL.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.08	2.32	-2.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.42	0.88	-1.30
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	0.77	-0.90

Drawdowns

VGOV.DE vs. VGWL.DE - Drawdown Comparison

The maximum VGOV.DE drawdown since its inception was -40.95%, which is greater than VGWL.DE's maximum drawdown of -33.40%. Use the drawdown chart below to compare losses from any high point for VGOV.DE and VGWL.DE.

Drawdown Indicators

	VGOV.DE	VGWL.DE	Difference
Max Drawdown Largest peak-to-trough decline	-40.95%	-33.40%	-7.55%
Max Drawdown (1Y) Largest decline over 1 year	-5.37%	-6.57%	+1.20%
Max Drawdown (3Y) Largest decline over 3 years	-9.01%	-21.04%	+12.03%
Max Drawdown (5Y) Largest decline over 5 years	-40.45%	-21.04%	-19.41%
Current Drawdown Current decline from peak	-30.35%	-0.64%	-29.71%
Average Drawdown Average peak-to-trough decline	-16.60%	-4.34%	-12.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	1.61%	+0.74%

Volatility

VGOV.DE vs. VGWL.DE - Volatility Comparison

Vanguard UK Gilt UCITS ETF Distributing (VGOV.DE) has a higher volatility of 3.34% compared to Vanguard FTSE All-World UCITS ETF Distributing (VGWL.DE) at 3.02%. This indicates that VGOV.DE's price experiences larger fluctuations and is considered to be riskier than VGWL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGOV.DE	VGWL.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	3.02%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	8.13%	-1.98%
Volatility (1Y) Calculated over the trailing 1-year period	7.99%	11.29%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	13.76%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.86%	15.51%	-3.65%

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

VGOV.DE has a 0.07% expense ratio, which is lower than VGWL.DE's 0.22% 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

VGOV.DE vs. VGWL.DE - Dividend Comparison

VGOV.DE's dividend yield for the trailing twelve months is around 4.59%, more than VGWL.DE's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VGWL.DE Vanguard FTSE All-World UCITS ETF Distributing	1.24%	1.42%	1.48%	1.73%	2.09%	1.43%	1.56%	1.87%	2.26%	0.37%

Frequently Asked Questions

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

VGOV.DE and VGWL.DE have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, VGOV.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, VGOV.DE or VGWL.DE?

VGOV.DE is cheaper with a 0.07% expense ratio, compared with 0.22% for VGWL.DE.

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

VGOV.DE is categorized as European Government Bonds, while VGWL.DE is Global Equities. VGOV.DE tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while VGWL.DE tracks FTSE All-World. Their fees differ too: 0.07% for VGOV.DE and 0.22% for VGWL.DE.