VGOV.L vs. IBCX.L
VGOV.L (Vanguard UK Gilt UCITS ETF Distributing) and IBCX.L (iShares Euro Corporate Bond Large Cap UCITS ETF) 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 IBCX.L is a European Corporate Bonds fund tracking the Bloomberg Euro Corp TR EUR. Both are passively managed. Over the past 10 years, VGOV.L returned -1.29%/yr vs 1.71%/yr for IBCX.L. At a 0.36 correlation, their price movements are largely independent. VGOV.L charges 0.07%/yr vs 0.20%/yr for IBCX.L.
Performance
VGOV.L vs. IBCX.L - Performance Comparison
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Different Trading Currencies
VGOV.L is traded in GBP, while IBCX.L is traded in EUR. To make them comparable, the IBCX.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 IBCX.L's -0.25% return. Over the past 10 years, VGOV.L has underperformed IBCX.L with an annualized return of -1.29%, while IBCX.L has yielded a comparatively higher 1.71% 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%
IBCX.L
- 1D
- 0.19%
- 1M
- 0.99%
- YTD
- -0.25%
- 6M
- -0.53%
- 1Y
- 4.58%
- 3Y*
- 4.43%
- 5Y*
- -0.11%
- 10Y*
- 1.71%
VGOV.L vs. IBCX.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% |
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | -0.25% | 8.66% | -1.22% | 5.19% | -9.50% | -7.33% | 8.64% | 0.03% | -0.30% | 5.94% |
Correlation
The correlation between VGOV.L and IBCX.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since May 24, 2012 | 0.36 |
The correlation between VGOV.L and IBCX.L shifts across timeframes, from 0.36 (all time) to 0.48 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VGOV.L vs. IBCX.L — Risk / Return Rank
VGOV.L
IBCX.L
VGOV.L vs. IBCX.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 iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.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 | IBCX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.16 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 1.21 | -0.85 |
| Martin ratioReturn relative to average drawdown | 0.96 | 3.16 | -2.20 |
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 | IBCX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 0.93 | -0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | -0.02 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.13 | 0.22 | -0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.41 | -0.38 |
Drawdowns
VGOV.L vs. IBCX.L - Drawdown Comparison
The maximum VGOV.L drawdown since its inception was -39.28%, which is greater than IBCX.L's maximum drawdown of -22.27%. Use the drawdown chart below to compare losses from any high point for VGOV.L and IBCX.L.
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Drawdown Indicators
| VGOV.L | IBCX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -22.27% | -17.01% |
Max Drawdown (1Y)Largest decline over 1 year | -5.74% | -3.77% | -1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -7.98% | -4.03% | -3.95% |
Max Drawdown (5Y)Largest decline over 5 years | -37.38% | -17.46% | -19.92% |
Max Drawdown (10Y)Largest decline over 10 years | -39.28% | -22.27% | -17.01% |
Current DrawdownCurrent decline from peak | -30.74% | -7.87% | -22.87% |
Average DrawdownAverage peak-to-trough decline | -12.39% | -6.89% | -5.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 1.45% | +0.71% |
Volatility
VGOV.L vs. IBCX.L - Volatility Comparison
Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) has a higher volatility of 2.69% compared to iShares Euro Corporate Bond Large Cap UCITS ETF (IBCX.L) at 1.52%. This indicates that VGOV.L's price experiences larger fluctuations and is considered to be riskier than IBCX.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 | IBCX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.69% | 1.52% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 5.24% | 3.74% | +1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 4.92% | +1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.44% | 6.47% | +4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.15% | 7.83% | +2.32% |
VGOV.L vs. IBCX.L - Expense Ratio Comparison
VGOV.L has a 0.07% expense ratio, which is lower than IBCX.L's 0.20% 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.L vs. IBCX.L - Dividend Comparison
VGOV.L's dividend yield for the trailing twelve months is around 4.61%, more than IBCX.L's 3.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBCX.L iShares Euro Corporate Bond Large Cap UCITS ETF | 3.07% | 3.02% | 2.74% | 2.31% | 1.05% | 0.73% | 0.84% | 0.99% | 1.10% | 1.09% | 1.27% | 1.57% |
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 IBCX.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGOV.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGOV.L is cheaper with a 0.07% expense ratio, compared with 0.20% for IBCX.L.
VGOV.L is categorized as European Government Bonds, while IBCX.L is European Corporate Bonds. VGOV.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while IBCX.L tracks Bloomberg Euro Corp TR EUR. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for VGOV.L and 0.20% for IBCX.L.
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