VGOV.L vs. IGLT.L
VGOV.L (Vanguard UK Gilt UCITS ETF Distributing) and IGLT.L (iShares Core UK Gilts 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 IGLT.L is a Government Bonds fund tracking the FTSE Actuaries UK Conventional Gilts All Stocks Index. Both are passively managed. Over the past 10 years, VGOV.L returned -1.29%/yr vs -0.90%/yr for IGLT.L. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.
Performance
VGOV.L vs. IGLT.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 IGLT.L's -0.84% return. Over the past 10 years, VGOV.L has underperformed IGLT.L with an annualized return of -1.29%, while IGLT.L has yielded a comparatively higher -0.90% 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%
IGLT.L
- 1D
- 0.21%
- 1M
- 1.42%
- YTD
- -0.84%
- 6M
- -1.14%
- 1Y
- 2.10%
- 3Y*
- 2.44%
- 5Y*
- -4.26%
- 10Y*
- -0.90%
VGOV.L vs. IGLT.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% |
IGLT.L iShares Core UK Gilts UCITS ETF | -0.84% | 4.69% | -3.33% | 3.56% | -23.71% | -5.03% | 8.08% | 6.70% | 0.53% | 1.39% |
Correlation
The correlation between VGOV.L and IGLT.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 | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 24, 2012 | 0.93 |
The correlation between VGOV.L and IGLT.L has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
VGOV.L vs. IGLT.L — Risk / Return Rank
VGOV.L
IGLT.L
VGOV.L vs. IGLT.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 Core UK Gilts UCITS ETF (IGLT.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 | IGLT.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.06 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 0.40 | -0.04 |
| Martin ratioReturn relative to average drawdown | 0.96 | 1.07 | -0.10 |
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 | IGLT.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 0.35 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | -0.42 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.13 | -0.10 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.28 | -0.24 |
Drawdowns
VGOV.L vs. IGLT.L - Drawdown Comparison
The maximum VGOV.L drawdown since its inception was -39.28%, which is greater than IGLT.L's maximum drawdown of -35.52%. Use the drawdown chart below to compare losses from any high point for VGOV.L and IGLT.L.
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Drawdown Indicators
| VGOV.L | IGLT.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -35.52% | -3.76% |
Max Drawdown (1Y)Largest decline over 1 year | -5.74% | -5.24% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -7.98% | -6.97% | -1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -37.38% | -33.49% | -3.89% |
Max Drawdown (10Y)Largest decline over 10 years | -39.28% | -35.52% | -3.76% |
Current DrawdownCurrent decline from peak | -30.74% | -25.96% | -4.78% |
Average DrawdownAverage peak-to-trough decline | -12.39% | -8.26% | -4.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 1.97% | +0.19% |
Volatility
VGOV.L vs. IGLT.L - Volatility Comparison
Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) has a higher volatility of 2.69% compared to iShares Core UK Gilts UCITS ETF (IGLT.L) at 2.31%. This indicates that VGOV.L's price experiences larger fluctuations and is considered to be riskier than IGLT.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 | IGLT.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.69% | 2.31% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 5.24% | 4.73% | +0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 6.00% | +0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.44% | 10.02% | +1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.15% | 9.02% | +1.13% |
VGOV.L vs. IGLT.L - Expense Ratio Comparison
Both VGOV.L and IGLT.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. IGLT.L - Dividend Comparison
VGOV.L's dividend yield for the trailing twelve months is around 4.61%, more than IGLT.L's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGLT.L iShares Core UK Gilts UCITS ETF | 4.50% | 4.26% | 3.69% | 2.40% | 1.32% | 0.79% | 0.95% | 1.25% | 1.31% | 1.30% | 1.88% | 2.05% |
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 IGLT.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.
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 IGLT.L have the same expense ratio: 0.07% per year.
VGOV.L is categorized as European Government Bonds, while IGLT.L is Government Bonds. VGOV.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while IGLT.L tracks FTSE Actuaries UK Conventional Gilts All Stocks Index. They also come from different issuers: Vanguard and iShares.
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