VGOV.L vs. GIL5.L

Last updated Jun 5, 2026

VGOV.L (Vanguard UK Gilt UCITS ETF Distributing) and GIL5.L (Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist) are both European Government Bonds funds tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, from Vanguard and Amundi respectively. Both are passively managed. Over the past 5 years, VGOV.L returned -5.33%/yr vs 1.25%/yr for GIL5.L. A 0.78 correlation means they provide meaningful diversification when combined. VGOV.L charges 0.07%/yr vs 0.05%/yr for GIL5.L.

Performance

VGOV.L vs. GIL5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) and Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist (GIL5.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGOV.L achieves a -1.28% return, which is significantly lower than GIL5.L's 0.44% 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%

GIL5.L

• 1D: 0.13%
• 1M: 0.67%
• YTD: 0.44%
• 6M: 0.54%
• 1Y: 3.07%
• 3Y*: 4.17%
• 5Y*: 1.25%
• 10Y*: —

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

VGOV.L vs. GIL5.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%
GIL5.L Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist	0.44%	5.12%	2.49%	4.05%	-4.53%	-1.87%	1.64%	1.03%	0.23%	-0.33%

Correlation

The correlation between VGOV.L and GIL5.L is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Aug 8, 2016	0.78

The correlation between VGOV.L and GIL5.L has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

Return for Risk

VGOV.L vs. GIL5.L — Risk / Return Rank

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

VGOV.L

VGOV.L Risk / Return Rank: 13
VGOV.L Sharpe Ratio Rank: 14
VGOV.L Sortino Ratio Rank: 13
VGOV.L Omega Ratio Rank: 13
VGOV.L Calmar Ratio Rank: 14
VGOV.L Martin Ratio Rank: 14

GIL5.L

GIL5.L Risk / Return Rank: 40
GIL5.L Sharpe Ratio Rank: 43
GIL5.L Sortino Ratio Rank: 44
GIL5.L Omega Ratio Rank: 46
GIL5.L Calmar Ratio Rank: 33
GIL5.L Martin Ratio Rank: 35

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.L vs. GIL5.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 UK Government Bond 0-5Y (DR) UCITS ETF - Dist (GIL5.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	GIL5.L	Difference
Sharpe ratio: Return per unit of total volatility	0.32	1.51	-1.19
Sortino ratio: Return per unit of downside risk	0.48	2.19	-1.70
Omega ratio: Gain probability vs. loss probability	1.06	1.29	-0.23
Calmar ratio: Return relative to maximum drawdown	0.36	1.60	-1.24
Martin ratio: Return relative to average drawdown	0.96	5.31	-4.35
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.L vs. GIL5.L - Sharpe Ratio Comparison

The current VGOV.L Sharpe Ratio is 0.32, which is lower than the GIL5.L Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of VGOV.L and GIL5.L, 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.L	GIL5.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	1.51	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	0.48	-0.95
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	0.37	-0.33

Drawdowns

VGOV.L vs. GIL5.L - Drawdown Comparison

The maximum VGOV.L drawdown since its inception was -39.28%, which is greater than GIL5.L's maximum drawdown of -9.42%. Use the drawdown chart below to compare losses from any high point for VGOV.L and GIL5.L.

Drawdown Indicators

	VGOV.L	GIL5.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-9.42%	-29.86%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-1.91%	-3.83%
Max Drawdown (3Y) Largest decline over 3 years	-7.98%	-1.91%	-6.07%
Max Drawdown (5Y) Largest decline over 5 years	-37.38%	-8.75%	-28.63%
Max Drawdown (10Y) Largest decline over 10 years	-39.28%	—	—
Current Drawdown Current decline from peak	-30.74%	-0.65%	-30.09%
Average Drawdown Average peak-to-trough decline	-12.39%	-1.61%	-10.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	0.58%	+1.58%

Volatility

VGOV.L vs. GIL5.L - Volatility Comparison

Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) has a higher volatility of 2.69% compared to Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist (GIL5.L) at 0.56%. This indicates that VGOV.L's price experiences larger fluctuations and is considered to be riskier than GIL5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGOV.L	GIL5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	0.56%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	5.24%	1.72%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	6.47%	2.03%	+4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.44%	2.61%	+8.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.15%	2.13%	+8.02%

VGOV.L vs. GIL5.L - Expense Ratio Comparison

VGOV.L has a 0.07% expense ratio, which is higher than GIL5.L's 0.05% 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.L vs. GIL5.L - Dividend Comparison

VGOV.L's dividend yield for the trailing twelve months is around 4.61%, more than GIL5.L's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIL5.L Lyxor UK Government Bond 0-5Y (DR) UCITS ETF - Dist	2.33%	2.34%	1.94%	1.36%	1.39%	1.60%	2.26%	2.70%	2.92%	3.17%	1.56%	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

Can I hold both VGOV.L and GIL5.L in my portfolio?

VGOV.L and GIL5.L have a correlation of 0.72, 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.L or GIL5.L?

On fees, GIL5.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGOV.L or GIL5.L?

GIL5.L is cheaper with a 0.05% expense ratio, compared with 0.07% for VGOV.L.

What is the main difference between VGOV.L and GIL5.L?

Both ETFs track FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Vanguard and Amundi. Their fees differ too: 0.07% for VGOV.L and 0.05% for GIL5.L.