VGOV.L vs. GBPG.L
VGOV.L (Vanguard UK Gilt UCITS ETF Distributing) and GBPG.L (Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist)) are both European Government Bonds funds tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, from Vanguard and Goldman Sachs respectively. Both are passively managed. Over the past 3 years, VGOV.L returned 2.10%/yr vs 3.68%/yr for GBPG.L. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.
Performance
VGOV.L vs. GBPG.L - Performance Comparison
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Returns By Period
In the year-to-date period, VGOV.L achieves a -1.28% return, which is significantly lower than GBPG.L's 3.08% 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%
GBPG.L
- 1D
- 0.21%
- 1M
- 1.16%
- YTD
- 3.08%
- 6M
- 0.07%
- 1Y
- 2.85%
- 3Y*
- 3.68%
- 5Y*
- —
- 10Y*
- —
VGOV.L vs. GBPG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | -1.28% | 4.78% | -4.30% | 3.32% | -27.01% | -1.40% |
GBPG.L Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) | 3.08% | 2.23% | 0.17% | 4.28% | 90.38% | -1.08% |
Correlation
The correlation between VGOV.L and GBPG.L is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2021 | 0.87 |
The correlation between VGOV.L and GBPG.L has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.
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Return for Risk
VGOV.L vs. GBPG.L — Risk / Return Rank
VGOV.L
GBPG.L
VGOV.L vs. GBPG.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 Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.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 | GBPG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.12 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 0.90 | -0.54 |
| Martin ratioReturn relative to average drawdown | 0.96 | 2.44 | -1.48 |
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 | GBPG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 0.49 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.13 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.47 | -0.44 |
Drawdowns
VGOV.L vs. GBPG.L - Drawdown Comparison
The maximum VGOV.L drawdown since its inception was -39.28%, which is greater than GBPG.L's maximum drawdown of -7.18%. Use the drawdown chart below to compare losses from any high point for VGOV.L and GBPG.L.
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Drawdown Indicators
| VGOV.L | GBPG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -7.18% | -32.10% |
Max Drawdown (1Y)Largest decline over 1 year | -5.74% | -3.16% | -2.58% |
Max Drawdown (3Y)Largest decline over 3 years | -7.98% | -3.30% | -4.68% |
Max Drawdown (5Y)Largest decline over 5 years | -37.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.28% | — | — |
Current DrawdownCurrent decline from peak | -30.74% | -1.70% | -29.04% |
Average DrawdownAverage peak-to-trough decline | -12.39% | -1.69% | -10.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 1.17% | +0.99% |
Volatility
VGOV.L vs. GBPG.L - Volatility Comparison
Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) has a higher volatility of 2.69% compared to Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) (GBPG.L) at 1.51%. This indicates that VGOV.L's price experiences larger fluctuations and is considered to be riskier than GBPG.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 | GBPG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.69% | 1.51% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 5.24% | 5.31% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 5.83% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.44% | 35.50% | -24.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.15% | 35.50% | -25.35% |
VGOV.L vs. GBPG.L - Expense Ratio Comparison
Both VGOV.L and GBPG.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. GBPG.L - Dividend Comparison
VGOV.L's dividend yield for the trailing twelve months is around 4.61%, more than GBPG.L's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBPG.L Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Class GBP (Dist) | 4.09% | 4.13% | 4.10% | 3.35% | 62.57% | 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 GBPG.L have a correlation of 0.86, 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 GBPG.L have the same expense ratio: 0.07% per year.
Both ETFs track FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Vanguard and Goldman Sachs.
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