VGVA.L vs. FCBFX

Last updated Jun 5, 2026

VGVA.L (Vanguard UK Gilt UCITS ETF Accumulating) and FCBFX (Fidelity Corporate Bond Fund) are both funds - VGVA.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, while FCBFX is a Corporate Bonds fund managed by Fidelity. Over the past 5 years, VGVA.L returned -5.33%/yr vs 1.45%/yr for FCBFX. At a 0.37 correlation, their price movements are largely independent. VGVA.L charges 0.07%/yr vs 0.44%/yr for FCBFX.

Performance

VGVA.L vs. FCBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard UK Gilt UCITS ETF Accumulating (VGVA.L) and Fidelity Corporate Bond Fund (FCBFX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VGVA.L is traded in GBP, while FCBFX is traded in USD. To make them comparable, the FCBFX values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VGVA.L achieves a -1.19% return, which is significantly lower than FCBFX's 0.77% return.

VGVA.L

• 1D: 0.28%
• 1M: 1.61%
• YTD: -1.19%
• 6M: -1.36%
• 1Y: 2.14%
• 3Y*: 2.10%
• 5Y*: -5.33%
• 10Y*: —

FCBFX

• 1D: 0.07%
• 1M: 1.29%
• YTD: 0.77%
• 6M: -0.23%
• 1Y: 6.31%
• 3Y*: 2.99%
• 5Y*: 1.45%
• 10Y*: 3.55%

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

VGVA.L vs. FCBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VGVA.L Vanguard UK Gilt UCITS ETF Accumulating	-1.19%	4.03%	-3.61%	3.26%	-27.03%	-5.38%	9.36%	5.93%
FCBFX Fidelity Corporate Bond Fund	0.77%	0.17%	4.62%	3.38%	-7.25%	-0.66%	7.34%	9.77%

Correlation

The correlation between VGVA.L and FCBFX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019	0.37

Over the past year, the correlation between VGVA.L and FCBFX has dropped to 0.13 - well below their long-term average of 0.37, suggesting their price drivers have been diverging.

Return for Risk

VGVA.L vs. FCBFX — Risk / Return Rank

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

VGVA.L

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

FCBFX

FCBFX Risk / Return Rank: 24
FCBFX Sharpe Ratio Rank: 23
FCBFX Sortino Ratio Rank: 24
FCBFX Omega Ratio Rank: 22
FCBFX Calmar Ratio Rank: 24
FCBFX Martin Ratio Rank: 24

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.

VGVA.L vs. FCBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard UK Gilt UCITS ETF Accumulating (VGVA.L) and Fidelity Corporate Bond Fund (FCBFX). 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.

	VGVA.L	FCBFX	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.06	-0.73
Sortino ratio: Return per unit of downside risk	0.49	1.61	-1.11
Omega ratio: Gain probability vs. loss probability	1.06	1.20	-0.14
Calmar ratio: Return relative to maximum drawdown	0.37	1.22	-0.85
Martin ratio: Return relative to average drawdown	1.00	3.13	-2.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGVA.L vs. FCBFX - Sharpe Ratio Comparison

The current VGVA.L Sharpe Ratio is 0.33, which is lower than the FCBFX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of VGVA.L and FCBFX, 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

	VGVA.L	FCBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	1.06	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	0.16	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	0.48	-0.73

Drawdowns

VGVA.L vs. FCBFX - Drawdown Comparison

The maximum VGVA.L drawdown since its inception was -39.28%, which is greater than FCBFX's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for VGVA.L and FCBFX.

Drawdown Indicators

	VGVA.L	FCBFX	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-17.00%	-22.28%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-5.56%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-7.88%	-8.96%	+1.08%
Max Drawdown (5Y) Largest decline over 5 years	-37.05%	-13.86%	-23.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.00%	—
Current Drawdown Current decline from peak	-31.00%	-5.19%	-25.81%
Average Drawdown Average peak-to-trough decline	-19.93%	-5.96%	-13.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.17%	-0.04%

Volatility

VGVA.L vs. FCBFX - Volatility Comparison

Vanguard UK Gilt UCITS ETF Accumulating (VGVA.L) has a higher volatility of 2.79% compared to Fidelity Corporate Bond Fund (FCBFX) at 1.53%. This indicates that VGVA.L's price experiences larger fluctuations and is considered to be riskier than FCBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGVA.L	FCBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	1.53%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	5.27%	4.98%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	6.53%	6.44%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.28%	8.99%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.86%	9.90%	+0.96%

VGVA.L vs. FCBFX - Expense Ratio Comparison

VGVA.L has a 0.07% expense ratio, which is lower than FCBFX's 0.44% expense ratio.

Dividends

VGVA.L vs. FCBFX - Dividend Comparison

VGVA.L has not paid dividends to shareholders, while FCBFX's dividend yield for the trailing twelve months is around 4.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCBFX Fidelity Corporate Bond Fund	4.24%	4.11%	3.95%	3.74%	2.53%	2.82%	3.19%	3.28%	3.65%	3.16%	3.55%	3.01%
VGVA.L Vanguard UK Gilt UCITS ETF Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGVA.L and FCBFX in my portfolio?

VGVA.L and FCBFX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.