VGOV.L vs. CSH2.L
VGOV.L (Vanguard UK Gilt UCITS ETF Distributing) and CSH2.L (Lyxor Smart Overnight Return UCITS ETF C-GBP) are both exchange-traded funds - VGOV.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, while CSH2.L is a Money Market fund actively managed by Amundi. VGOV.L is passively managed, while CSH2.L is actively managed. Over the past 10 years, VGOV.L returned -1.29%/yr vs 2.07%/yr for CSH2.L. At a 0.02 correlation, their price movements are largely independent. Both charge a 0.07% expense ratio.
Performance
VGOV.L vs. CSH2.L - Performance Comparison
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Different Trading Currencies
VGOV.L is traded in GBP, while CSH2.L is traded in GBp. To make them comparable, the CSH2.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VGOV.L achieves a -1.28% return, which is significantly lower than CSH2.L's 1.74% return. Over the past 10 years, VGOV.L has underperformed CSH2.L with an annualized return of -1.29%, while CSH2.L has yielded a comparatively higher 2.07% annualized return.
VGOV.L
- 1D
- 0.28%
- 1M
- 1.61%
- YTD
- -1.28%
- 6M
- -1.26%
- 1Y
- 2.08%
- 3Y*
- 2.10%
- 5Y*
- -5.33%
- 10Y*
- -1.29%
CSH2.L
- 1D
- 0.03%
- 1M
- 0.36%
- YTD
- 1.74%
- 6M
- 2.08%
- 1Y
- 4.38%
- 3Y*
- 5.01%
- 5Y*
- 3.66%
- 10Y*
- 2.07%
VGOV.L vs. CSH2.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | -1.28% | 4.78% | -4.30% | 3.32% | -27.01% | -5.37% | 9.32% | 7.65% | 0.35% | 1.90% |
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP | 1.74% | 4.67% | 5.61% | 4.72% | 1.54% | 0.13% | 0.30% | 0.82% | 0.70% | 0.42% |
Correlation
The correlation between VGOV.L and CSH2.L is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2015 | 0.02 |
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Return for Risk
VGOV.L vs. CSH2.L — Risk / Return Rank
VGOV.L
CSH2.L
VGOV.L vs. CSH2.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) and Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L). 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.L | CSH2.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.73 | ||
| Sortino ratioReturn per unit of downside risk | -14.58 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 4.37 | -3.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 27.66 | -27.30 |
| Martin ratioReturn relative to average drawdown | 0.96 | 159.04 | -158.08 |
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.L | CSH2.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 8.05 | -7.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | 6.49 | -6.96 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.13 | 4.68 | -4.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 4.62 | -4.59 |
Drawdowns
VGOV.L vs. CSH2.L - Drawdown Comparison
The maximum VGOV.L drawdown since its inception was -39.28%, which is greater than CSH2.L's maximum drawdown of -0.37%. Use the drawdown chart below to compare losses from any high point for VGOV.L and CSH2.L.
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Drawdown Indicators
| VGOV.L | CSH2.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -0.37% | -38.91% |
Max Drawdown (1Y)Largest decline over 1 year | -5.74% | -0.16% | -5.58% |
Max Drawdown (3Y)Largest decline over 3 years | -7.98% | -0.29% | -7.69% |
Max Drawdown (5Y)Largest decline over 5 years | -37.38% | -0.29% | -37.09% |
Max Drawdown (10Y)Largest decline over 10 years | -39.28% | -0.37% | -38.91% |
Current DrawdownCurrent decline from peak | -30.74% | 0.00% | -30.74% |
Average DrawdownAverage peak-to-trough decline | -12.39% | -0.00% | -12.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 0.03% | +2.13% |
Volatility
VGOV.L vs. CSH2.L - Volatility Comparison
Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) has a higher volatility of 2.69% compared to Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L) at 0.08%. This indicates that VGOV.L's price experiences larger fluctuations and is considered to be riskier than CSH2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGOV.L | CSH2.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.69% | 0.08% | +2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 5.24% | 0.25% | +4.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 0.54% | +5.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.44% | 0.56% | +10.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.15% | 0.44% | +9.71% |
VGOV.L vs. CSH2.L - Expense Ratio Comparison
Both VGOV.L and CSH2.L have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VGOV.L vs. CSH2.L - Dividend Comparison
VGOV.L's dividend yield for the trailing twelve months is around 4.61%, while CSH2.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | 4.61% | 4.51% | 4.14% | 3.16% | 1.87% | 1.09% | 1.16% | 1.38% | 1.57% | 1.62% | 1.62% | 1.92% |
Frequently Asked Questions
VGOV.L and CSH2.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
VGOV.L and CSH2.L have the same expense ratio: 0.07% per year.
VGOV.L is categorized as European Government Bonds, while CSH2.L is Money Market. They also come from different issuers: Vanguard and Amundi.
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