VHVG.L vs. VPAC.L

Last updated Jul 16, 2026

VHVG.L (Vanguard FTSE Developed World UCITS ETF Acc) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds - VHVG.L tracks the FTSE Developed Index while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 5 years, VHVG.L returned 12.29%/yr vs 4.29%/yr for VPAC.L. At a 0.36 correlation, their price movements are largely independent. VHVG.L charges 0.12%/yr vs 0.50%/yr for VPAC.L.

Performance

VHVG.L vs. VPAC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Developed World UCITS ETF Acc (VHVG.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, VHVG.L achieves a 11.13% return, which is significantly higher than VPAC.L's 3.01% return.

VHVG.L

• 1D: -0.66%
• 1M: -0.92%
• 6M: 9.80%
• YTD: 11.13%
• 1Y: 22.93%
• 3Y*: 18.32%
• 5Y*: 12.29%
• 10Y*: —

VPAC.L

• 1D: 0.27%
• 1M: 0.51%
• 6M: 2.59%
• YTD: 3.01%
• 1Y: 5.62%
• 3Y*: 7.72%
• 5Y*: 4.29%
• 10Y*: —

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

VHVG.L vs. VPAC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VHVG.L Vanguard FTSE Developed World UCITS ETF Acc	11.13%	13.84%	20.00%	17.53%	-8.16%	22.64%	12.56%	-17.91%
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD	3.01%	-1.24%	12.77%	3.80%	1.04%	4.62%	1.73%	-3.72%

Correlation

The correlation between VHVG.L and VPAC.L is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Sep 24, 2019	0.36

Return for Risk

VHVG.L vs. VPAC.L — Risk / Return Rank

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

VHVG.L

VHVG.L Risk / Return Rank: 82
VHVG.L Sharpe Ratio Rank: 83
VHVG.L Sortino Ratio Rank: 82
VHVG.L Omega Ratio Rank: 83
VHVG.L Calmar Ratio Rank: 79
VHVG.L Martin Ratio Rank: 83

VPAC.L

VPAC.L Risk / Return Rank: 65
VPAC.L Sharpe Ratio Rank: 60
VPAC.L Sortino Ratio Rank: 64
VPAC.L Omega Ratio Rank: 67
VPAC.L Calmar Ratio Rank: 63
VPAC.L Martin Ratio Rank: 69

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.

VHVG.L vs. VPAC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed World UCITS ETF Acc (VHVG.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.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.

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.

	VHVG.L	VPAC.L	Difference
Sharpe ratio: Return per unit of total volatility	2.10	0.93	+1.16
Sortino ratio: Return per unit of downside risk	2.93	1.38	+1.55
Omega ratio: Gain probability vs. loss probability	1.39	1.17	+0.22
Calmar ratio: Return relative to maximum drawdown	3.29	1.27	+2.02
Martin ratio: Return relative to average drawdown	12.95	3.30	+9.65

VHVG.L vs. VPAC.L - Sharpe Ratio Comparison

The current VHVG.L Sharpe Ratio is 2.10, which is higher than the VPAC.L Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of VHVG.L and VPAC.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.

Drawdowns

VHVG.L vs. VPAC.L - Drawdown Comparison

The maximum VHVG.L drawdown since its inception was -35.32%, which is greater than VPAC.L's maximum drawdown of -26.87%. Use the drawdown chart below to compare losses from any high point for VHVG.L and VPAC.L.

Drawdown Indicators

	VHVG.L	VPAC.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.32%	-26.87%	-8.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.94%	-4.94%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-19.95%	-9.34%	-10.61%
Max Drawdown (5Y) Largest decline over 5 years	-19.95%	-15.98%	-3.97%
Current Drawdown Current decline from peak	-1.90%	-1.48%	-0.42%
Average Drawdown Average peak-to-trough decline	-7.08%	-4.54%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	1.90%	-0.13%

Volatility

VHVG.L vs. VPAC.L - Volatility Comparison

Vanguard FTSE Developed World UCITS ETF Acc (VHVG.L) has a higher volatility of 3.23% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 1.91%. This indicates that VHVG.L's price experiences larger fluctuations and is considered to be riskier than VPAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHVG.L	VPAC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	1.91%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	5.14%	+3.23%
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	6.72%	+4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	8.70%	+10.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	12.35%	+8.12%

VHVG.L vs. VPAC.L - Expense Ratio Comparison

VHVG.L has a 0.12% expense ratio, which is lower than VPAC.L's 0.50% expense ratio.

Dividends

VHVG.L vs. VPAC.L - Dividend Comparison

Neither VHVG.L nor VPAC.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VHVG.L and VPAC.L in my portfolio?

VHVG.L and VPAC.L have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VHVG.L or VPAC.L?

On fees, VHVG.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VHVG.L or VPAC.L?

VHVG.L is cheaper with a 0.12% expense ratio, compared with 0.50% for VPAC.L.

What is the main difference between VHVG.L and VPAC.L?

VHVG.L tracks FTSE Developed Index, while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.12% for VHVG.L and 0.50% for VPAC.L.