VHYG.L vs. USD=X

Last updated Jun 12, 2026

VHYG.L (Vanguard FTSE All-World High Dividend Yield UCITS ETF) is Global Equities fund tracking the MSCI World High Dividend Yield NR USD, while USD=X (USD Cash) is a currency. Over the past 5 years, VHYG.L returned 11.55%/yr vs 1.04%/yr for USD=X. At a 0.12 correlation, their price movements are largely independent.

Performance

VHYG.L vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE All-World High Dividend Yield UCITS ETF (VHYG.L) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, VHYG.L achieves a 11.13% return, which is significantly higher than USD=X's 0.54% return.

VHYG.L

• 1D: 0.51%
• 1M: 2.60%
• YTD: 11.13%
• 6M: 12.36%
• 1Y: 26.50%
• 3Y*: 15.70%
• 5Y*: 11.55%
• 10Y*: —

USD=X

• 1D: 0.00%
• 1M: 1.03%
• YTD: 0.54%
• 6M: -0.11%
• 1Y: 1.12%
• 3Y*: -2.01%
• 5Y*: 1.04%
• 10Y*: 0.52%

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

VHYG.L vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VHYG.L Vanguard FTSE All-World High Dividend Yield UCITS ETF	11.13%	18.36%	10.98%	5.02%	6.20%	19.28%	-3.61%	-18.20%
USD=X USD Cash	0.54%	-7.12%	1.75%	-5.00%	11.89%	0.95%	-2.94%	-6.24%

Correlation

The correlation between VHYG.L and USD=X is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Sep 24, 2019	0.12

Return for Risk

VHYG.L vs. USD=X — Risk / Return Rank

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

VHYG.L

VHYG.L Risk / Return Rank: 89
VHYG.L Sharpe Ratio Rank: 93
VHYG.L Sortino Ratio Rank: 92
VHYG.L Omega Ratio Rank: 92
VHYG.L Calmar Ratio Rank: 84
VHYG.L Martin Ratio Rank: 82

USD=X

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

VHYG.L vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World High Dividend Yield UCITS ETF (VHYG.L) and USD Cash (USD=X). 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.

	VHYG.L	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	2.88	0.23	+2.64
Sortino ratio: Return per unit of downside risk	3.87	0.37	+3.49
Omega ratio: Gain probability vs. loss probability	1.53	1.04	+0.49
Calmar ratio: Return relative to maximum drawdown	3.81	0.27	+3.54
Martin ratio: Return relative to average drawdown	13.66	0.61	+13.05

VHYG.L vs. USD=X - Sharpe Ratio Comparison

The current VHYG.L Sharpe Ratio is 2.88, which is higher than the USD=X Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of VHYG.L and USD=X, 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

VHYG.L vs. USD=X - Drawdown Comparison

The maximum VHYG.L drawdown since its inception was -39.80%, which is greater than USD=X's maximum drawdown of -22.85%. Use the drawdown chart below to compare losses from any high point for VHYG.L and USD=X.

Drawdown Indicators

	VHYG.L	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-39.80%	-22.85%	-16.95%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-5.98%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-19.90%	-12.79%	-7.11%
Max Drawdown (5Y) Largest decline over 5 years	-19.90%	-22.85%	+2.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.85%	—
Current Drawdown Current decline from peak	-0.43%	-20.27%	+19.84%
Average Drawdown Average peak-to-trough decline	-9.84%	-11.08%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.95%	-1.02%

Volatility

VHYG.L vs. USD=X - Volatility Comparison

Vanguard FTSE All-World High Dividend Yield UCITS ETF (VHYG.L) has a higher volatility of 2.00% compared to USD Cash (USD=X) at 1.76%. This indicates that VHYG.L's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHYG.L	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	1.76%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	5.20%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.17%	5.75%	+3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	7.12%	+10.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.75%	7.91%	+11.84%

Frequently Asked Questions

Can I hold both VHYG.L and USD=X in my portfolio?

VHYG.L and USD=X have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.