VGOV.L vs. GLTA.L
VGOV.L (Vanguard UK Gilt UCITS ETF Distributing) and GLTA.L (Invesco UK Gilts UCITS ETF Acc) are both European Government Bonds funds tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, from Vanguard and Invesco respectively. Both are passively managed. Over the past 5 years, VGOV.L returned -5.33%/yr vs -4.77%/yr for GLTA.L. With a 0.98 correlation, they move nearly in lockstep. VGOV.L charges 0.07%/yr vs 0.06%/yr for GLTA.L.
Performance
VGOV.L vs. GLTA.L - Performance Comparison
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Different Trading Currencies
VGOV.L is traded in GBP, while GLTA.L is traded in GBp. To make them comparable, the GLTA.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 GLTA.L's -1.16% 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%
GLTA.L
- 1D
- 0.22%
- 1M
- 1.66%
- YTD
- -1.16%
- 6M
- -1.33%
- 1Y
- 1.96%
- 3Y*
- 2.19%
- 5Y*
- -4.77%
- 10Y*
- —
VGOV.L vs. GLTA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | -1.28% | 4.78% | -4.30% | 3.32% | -27.01% | -5.37% | 9.32% | 1.56% |
GLTA.L Invesco UK Gilts UCITS ETF Acc | -1.16% | 4.99% | -4.18% | 3.52% | -25.15% | -5.17% | 8.71% | 1.44% |
Correlation
The correlation between VGOV.L and GLTA.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2019 | 0.98 |
The correlation between VGOV.L and GLTA.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
VGOV.L vs. GLTA.L — Risk / Return Rank
VGOV.L
GLTA.L
VGOV.L vs. GLTA.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 Invesco UK Gilts UCITS ETF Acc (GLTA.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 | GLTA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.06 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 0.34 | +0.02 |
| Martin ratioReturn relative to average drawdown | 0.96 | 0.90 | +0.06 |
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 | GLTA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 0.30 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | -0.45 | -0.01 |
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 | -0.29 | +0.33 |
Drawdowns
VGOV.L vs. GLTA.L - Drawdown Comparison
The maximum VGOV.L drawdown since its inception was -39.28%, which is greater than GLTA.L's maximum drawdown of -36.99%. Use the drawdown chart below to compare losses from any high point for VGOV.L and GLTA.L.
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Drawdown Indicators
| VGOV.L | GLTA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -36.99% | -2.29% |
Max Drawdown (1Y)Largest decline over 1 year | -5.74% | -5.70% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -7.98% | -7.70% | -0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -37.38% | -34.87% | -2.51% |
Max Drawdown (10Y)Largest decline over 10 years | -39.28% | — | — |
Current DrawdownCurrent decline from peak | -30.74% | -28.33% | -2.41% |
Average DrawdownAverage peak-to-trough decline | -12.39% | -19.08% | +6.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 2.17% | -0.01% |
Volatility
VGOV.L vs. GLTA.L - Volatility Comparison
Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) and Invesco UK Gilts UCITS ETF Acc (GLTA.L) have volatilities of 2.69% and 2.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGOV.L | GLTA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.69% | 2.77% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 5.24% | 5.12% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 6.47% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.44% | 10.56% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.15% | 10.31% | -0.16% |
VGOV.L vs. GLTA.L - Expense Ratio Comparison
VGOV.L has a 0.07% expense ratio, which is higher than GLTA.L's 0.06% 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. GLTA.L - Dividend Comparison
VGOV.L's dividend yield for the trailing twelve months is around 4.61%, while GLTA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLTA.L Invesco UK Gilts UCITS ETF Acc | 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
With a correlation of 0.96, VGOV.L and GLTA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, GLTA.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLTA.L is cheaper with a 0.06% expense ratio, compared with 0.07% for VGOV.L.
Both ETFs track FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for VGOV.L and 0.06% for GLTA.L.
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