VGVA.L vs. GILS.L
VGVA.L (Vanguard UK Gilt UCITS ETF Accumulating) and GILS.L (Lyxor Core UK Government Bond (DR) UCITS ETF - Dist) are both European Government Bonds funds - VGVA.L tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP while GILS.L tracks the FTSE Actuaries UK Conventional Gilts All Stocks. Both are passively managed. Over the past 5 years, VGVA.L returned -5.33%/yr vs -6.53%/yr for GILS.L. With a 0.98 correlation, they move nearly in lockstep. VGVA.L charges 0.07%/yr vs 0.05%/yr for GILS.L.
Performance
VGVA.L vs. GILS.L - Performance Comparison
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Different Trading Currencies
VGVA.L is traded in GBP, while GILS.L is traded in GBp. To make them comparable, the GILS.L 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 GILS.L's -1.13% 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*
- —
GILS.L
- 1D
- 0.22%
- 1M
- 1.40%
- YTD
- -1.13%
- 6M
- -4.27%
- 1Y
- -0.95%
- 3Y*
- -0.26%
- 5Y*
- -6.53%
- 10Y*
- -3.33%
VGVA.L vs. GILS.L - 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% |
GILS.L Lyxor Core UK Government Bond (DR) UCITS ETF - Dist | -1.13% | 1.70% | -5.79% | 1.51% | -25.53% | -6.84% | 5.96% | 2.85% |
Correlation
The correlation between VGVA.L and GILS.L is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2019 | 0.98 |
The correlation between VGVA.L and GILS.L has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
VGVA.L vs. GILS.L — Risk / Return Rank
VGVA.L
GILS.L
VGVA.L vs. GILS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard UK Gilt UCITS ETF Accumulating (VGVA.L) and Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.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.
| VGVA.L | GILS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.98 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | -0.15 | +0.52 |
| Martin ratioReturn relative to average drawdown | 1.00 | -0.34 | +1.34 |
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
| VGVA.L | GILS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | -0.14 | +0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | -0.65 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.25 | 0.01 | -0.26 |
Drawdowns
VGVA.L vs. GILS.L - Drawdown Comparison
The maximum VGVA.L drawdown since its inception was -39.28%, roughly equal to the maximum GILS.L drawdown of -38.75%. Use the drawdown chart below to compare losses from any high point for VGVA.L and GILS.L.
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Drawdown Indicators
| VGVA.L | GILS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.28% | -38.75% | -0.53% |
Max Drawdown (1Y)Largest decline over 1 year | -5.75% | -6.23% | +0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -7.88% | -9.33% | +1.45% |
Max Drawdown (5Y)Largest decline over 5 years | -37.05% | -34.64% | -2.41% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.75% | — |
Current DrawdownCurrent decline from peak | -31.00% | -35.86% | +4.86% |
Average DrawdownAverage peak-to-trough decline | -19.93% | -12.02% | -7.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 2.78% | -0.65% |
Volatility
VGVA.L vs. GILS.L - Volatility Comparison
Vanguard UK Gilt UCITS ETF Accumulating (VGVA.L) has a higher volatility of 2.79% compared to Lyxor Core UK Government Bond (DR) UCITS ETF - Dist (GILS.L) at 2.44%. This indicates that VGVA.L's price experiences larger fluctuations and is considered to be riskier than GILS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGVA.L | GILS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.79% | 2.44% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 5.27% | 5.64% | -0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.53% | 6.67% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.28% | 10.11% | +1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.86% | 9.06% | +1.80% |
VGVA.L vs. GILS.L - Expense Ratio Comparison
VGVA.L has a 0.07% expense ratio, which is higher than GILS.L's 0.05% 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
VGVA.L vs. GILS.L - Dividend Comparison
Neither VGVA.L nor GILS.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GILS.L Lyxor Core UK Government Bond (DR) UCITS ETF - Dist | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.02% | 0.02% | 0.03% | 0.03% | 0.03% | 0.03% |
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% |
Frequently Asked Questions
With a correlation of 0.95, VGVA.L and GILS.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, GILS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GILS.L is cheaper with a 0.05% expense ratio, compared with 0.07% for VGVA.L.
VGVA.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while GILS.L tracks FTSE Actuaries UK Conventional Gilts All Stocks. They also come from different issuers: Vanguard and Lyxor. Their fees differ too: 0.07% for VGVA.L and 0.05% for GILS.L.
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