VGOV.L vs. VHYL.AS
VGOV.L (Vanguard UK Gilt UCITS ETF Distributing) and VHYL.AS (Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing) 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 VHYL.AS is a Global Equities fund tracking the FTSE All-World High Dividend Yield Index. Both are passively managed. Over the past 10 years, VGOV.L returned -1.38%/yr vs 10.75%/yr for VHYL.AS. At a correlation of -0.06, they often move in opposite directions. VGOV.L charges 0.07%/yr vs 0.29%/yr for VHYL.AS.
Performance
VGOV.L vs. VHYL.AS - Performance Comparison
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Different Trading Currencies
VGOV.L is traded in GBP, while VHYL.AS is traded in EUR. To make them comparable, the VHYL.AS 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 -1.13% return, which is significantly lower than VHYL.AS's 11.20% return. Over the past 10 years, VGOV.L has underperformed VHYL.AS with an annualized return of -1.38%, while VHYL.AS has yielded a comparatively higher 10.75% annualized return.
VGOV.L
- 1D
- 0.26%
- 1M
- 1.88%
- YTD
- -1.13%
- 6M
- -0.86%
- 1Y
- 1.75%
- 3Y*
- 2.46%
- 5Y*
- -5.49%
- 10Y*
- -1.38%
VHYL.AS
- 1D
- 0.46%
- 1M
- 2.48%
- YTD
- 11.20%
- 6M
- 11.78%
- 1Y
- 26.43%
- 3Y*
- 15.60%
- 5Y*
- 11.52%
- 10Y*
- 10.75%
VGOV.L vs. VHYL.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | -1.13% | 4.79% | -4.32% | 3.33% | -27.01% | -5.36% | 9.33% | 7.66% | 0.31% | 1.90% |
VHYL.AS Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing | 11.20% | 18.41% | 11.47% | 4.89% | 5.34% | 20.27% | -3.63% | 15.94% | -6.08% | 9.29% |
Correlation
The correlation between VGOV.L and VHYL.AS is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 21, 2013 | -0.06 |
The correlation between VGOV.L and VHYL.AS shifts across timeframes, from -0.06 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VGOV.L vs. VHYL.AS — Risk / Return Rank
VGOV.L
VHYL.AS
VGOV.L vs. VHYL.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) and Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing (VHYL.AS). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VGOV.L | VHYL.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.68 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.56 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 3.81 | -3.50 |
| Martin ratioReturn relative to average drawdown | 0.79 | 14.13 | -13.35 |
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Drawdowns
VGOV.L vs. VHYL.AS - Drawdown Comparison
The maximum VGOV.L drawdown since its inception was -39.28%, which is greater than VHYL.AS's maximum drawdown of -30.89%. Use the drawdown chart below to compare losses from any high point for VGOV.L and VHYL.AS.
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Drawdown Indicators
| VGOV.L | VHYL.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -30.89% | -8.39% |
Max Drawdown (1Y)Largest decline over 1 year | -5.76% | -6.85% | +1.09% |
Max Drawdown (3Y)Largest decline over 3 years | -8.00% | -13.94% | +5.94% |
Max Drawdown (5Y)Largest decline over 5 years | -37.38% | -13.94% | -23.44% |
Max Drawdown (10Y)Largest decline over 10 years | -39.28% | -27.87% | -11.41% |
Current DrawdownCurrent decline from peak | -30.64% | -0.48% | -30.16% |
Average DrawdownAverage peak-to-trough decline | -12.07% | -7.28% | -4.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 1.86% | +0.37% |
Volatility
VGOV.L vs. VHYL.AS - Volatility Comparison
Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) and Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing (VHYL.AS) have volatilities of 2.37% and 2.27%, 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 | VHYL.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.37% | 2.27% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 5.27% | 6.97% | -1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.47% | 8.78% | -2.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.43% | 11.23% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.14% | 13.42% | -3.28% |
VGOV.L vs. VHYL.AS - Expense Ratio Comparison
VGOV.L has a 0.07% expense ratio, which is lower than VHYL.AS's 0.29% expense ratio.
Dividends
VGOV.L vs. VHYL.AS - Dividend Comparison
VGOV.L's dividend yield for the trailing twelve months is around 4.60%, more than VHYL.AS's 2.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | 4.60% | 4.51% | 4.14% | 3.16% | 1.87% | 1.09% | 1.16% | 1.38% | 1.57% | 1.62% | 1.62% | 1.92% |
VHYL.AS Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing | 2.50% | 2.85% | 3.04% | 3.41% | 3.78% | 3.03% | 3.08% | 3.24% | 3.68% | 3.13% | 3.02% | 3.25% |
Frequently Asked Questions
VGOV.L and VHYL.AS have a correlation of 0.30, 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 0.29% for VHYL.AS.
VGOV.L is categorized as European Government Bonds, while VHYL.AS is Global Equities. VGOV.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while VHYL.AS tracks FTSE All-World High Dividend Yield Index. Their fees differ too: 0.07% for VGOV.L and 0.29% for VHYL.AS.
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