VGVA.L vs. GLTP.L

Last updated Jun 5, 2026

VGVA.L (Vanguard UK Gilt UCITS ETF Accumulating) and GLTP.L (Invesco UK Gilts UCITS ETF Dist) are both European Government Bonds funds tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, from Vanguard and Invesco respectively. Both are passively managed. Over the past 5 years, VGVA.L returned -5.33%/yr vs -4.79%/yr for GLTP.L. With a 0.98 correlation, they move nearly in lockstep. VGVA.L charges 0.07%/yr vs 0.06%/yr for GLTP.L.

Performance

VGVA.L vs. GLTP.L - Performance Comparison

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

Different Trading Currencies

VGVA.L is traded in GBP, while GLTP.L is traded in GBp. To make them comparable, the GLTP.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 higher than GLTP.L's -1.34% 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*: —

GLTP.L

• 1D: 0.25%
• 1M: 1.64%
• YTD: -1.34%
• 6M: -1.41%
• 1Y: 2.02%
• 3Y*: 2.16%
• 5Y*: -4.79%
• 10Y*: —

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

VGVA.L vs. GLTP.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%	3.71%
GLTP.L Invesco UK Gilts UCITS ETF Dist	-1.34%	5.35%	-4.39%	3.50%	-24.95%	-5.40%	8.70%	3.59%

Correlation

The correlation between VGVA.L and GLTP.L is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019	0.98

The correlation between VGVA.L and GLTP.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

VGVA.L vs. GLTP.L — 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

GLTP.L

GLTP.L Risk / Return Rank: 13
GLTP.L Sharpe Ratio Rank: 14
GLTP.L Sortino Ratio Rank: 12
GLTP.L Omega Ratio Rank: 13
GLTP.L Calmar Ratio Rank: 13
GLTP.L Martin Ratio Rank: 14

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. GLTP.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 Invesco UK Gilts UCITS ETF Dist (GLTP.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	GLTP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.33	0.31	+0.02
Sortino ratio: Return per unit of downside risk	0.49	0.47	+0.02
Omega ratio: Gain probability vs. loss probability	1.06	1.06	0.00
Calmar ratio: Return relative to maximum drawdown	0.37	0.35	+0.02
Martin ratio: Return relative to average drawdown	1.00	0.94	+0.06
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. GLTP.L - Sharpe Ratio Comparison

The current VGVA.L Sharpe Ratio is 0.33, which is comparable to the GLTP.L Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of VGVA.L and GLTP.L, 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	GLTP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	0.31	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	-0.45	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	-0.26	+0.01

Drawdowns

VGVA.L vs. GLTP.L - Drawdown Comparison

The maximum VGVA.L drawdown since its inception was -39.28%, which is greater than GLTP.L's maximum drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for VGVA.L and GLTP.L.

Drawdown Indicators

	VGVA.L	GLTP.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.28%	-37.02%	-2.26%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-5.69%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-7.88%	-7.66%	-0.22%
Max Drawdown (5Y) Largest decline over 5 years	-37.05%	-34.89%	-2.16%
Current Drawdown Current decline from peak	-31.00%	-28.38%	-2.62%
Average Drawdown Average peak-to-trough decline	-19.93%	-18.68%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.15%	-0.02%

Volatility

VGVA.L vs. GLTP.L - Volatility Comparison

Vanguard UK Gilt UCITS ETF Accumulating (VGVA.L) and Invesco UK Gilts UCITS ETF Dist (GLTP.L) have volatilities of 2.79% and 2.85%, 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.

Volatility by Period

	VGVA.L	GLTP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	2.85%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	5.27%	5.22%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	6.53%	6.51%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.28%	10.58%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.86%	10.25%	+0.61%

VGVA.L vs. GLTP.L - Expense Ratio Comparison

VGVA.L has a 0.07% expense ratio, which is higher than GLTP.L's 0.06% 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. GLTP.L - Dividend Comparison

VGVA.L has not paid dividends to shareholders, while GLTP.L's dividend yield for the trailing twelve months is around 4.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GLTP.L Invesco UK Gilts UCITS ETF Dist	4.50%	4.39%	4.33%	3.24%	1.62%	0.81%	0.81%	0.72%
VGVA.L Vanguard UK Gilt UCITS ETF Accumulating	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 GLTP.L in my portfolio?

With a correlation of 0.97, VGVA.L and GLTP.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.

Which ETF is better, VGVA.L or GLTP.L?

On fees, GLTP.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGVA.L or GLTP.L?

GLTP.L is cheaper with a 0.06% expense ratio, compared with 0.07% for VGVA.L.

What is the main difference between VGVA.L and GLTP.L?

Both ETFs track FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for VGVA.L and 0.06% for GLTP.L.