VHYG.L vs. USRD

Last updated Jun 12, 2026

VHYG.L (Vanguard FTSE All-World High Dividend Yield UCITS ETF) and USRD (Themes US R&D Champions ETF) are both exchange-traded funds - VHYG.L is a Global Equities fund tracking the MSCI World High Dividend Yield NR USD, while USRD is a Large Cap Blend Equities fund tracking the Solactive US R&D Champions Index. Both are passively managed. Over the past year, VHYG.L returned 26.50% vs 22.69% for USRD. At a 0.31 correlation, their price movements are largely independent. Both charge a 0.29% expense ratio.

Performance

VHYG.L vs. USRD - 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 Themes US R&D Champions ETF (USRD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VHYG.L is traded in GBP, while USRD is traded in USD. To make them comparable, the USRD 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 lower than USRD's 12.92% 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*: —

USRD

• 1D: 1.56%
• 1M: 5.25%
• YTD: 12.92%
• 6M: 9.87%
• 1Y: 22.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VHYG.L vs. USRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VHYG.L Vanguard FTSE All-World High Dividend Yield UCITS ETF	11.13%	18.36%	10.98%	2.50%
USRD Themes US R&D Champions ETF	12.92%	4.43%	17.54%	4.37%

Correlation

The correlation between VHYG.L and USRD is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.31

VHYG.L vs. USRD - Sectors Allocation Comparison

Sectors	VHYG.L	USRD
Financial Services	28.6%	-
Industrials	12.3%	9.3%
Healthcare	11.2%	14.4%
Energy	9.4%	-
Consumer Defensive	8.7%	1.9%
Technology	7.7%	58.5%
Consumer Cyclical	7.0%	5.4%
Utilities	5.7%	-
Basic Materials	5.1%	2.1%
Communication Services	3.5%	7.2%
Real Estate	0.9%	1.1%

Return for Risk

VHYG.L vs. USRD — 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

USRD

USRD Risk / Return Rank: 37
USRD Sharpe Ratio Rank: 39
USRD Sortino Ratio Rank: 37
USRD Omega Ratio Rank: 37
USRD Calmar Ratio Rank: 37
USRD Martin Ratio Rank: 36

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. USRD - 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 Themes US R&D Champions ETF (USRD). 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	USRD	Difference
Sharpe ratio: Return per unit of total volatility	2.88	1.37	+1.51
Sortino ratio: Return per unit of downside risk	3.87	1.88	+1.98
Omega ratio: Gain probability vs. loss probability	1.53	1.25	+0.28
Calmar ratio: Return relative to maximum drawdown	3.81	1.79	+2.02
Martin ratio: Return relative to average drawdown	13.66	4.49	+9.17

VHYG.L vs. USRD - Sharpe Ratio Comparison

The current VHYG.L Sharpe Ratio is 2.88, which is higher than the USRD Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of VHYG.L and USRD, 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. USRD - Drawdown Comparison

The maximum VHYG.L drawdown since its inception was -39.80%, which is greater than USRD's maximum drawdown of -25.46%. Use the drawdown chart below to compare losses from any high point for VHYG.L and USRD.

Drawdown Indicators

	VHYG.L	USRD	Difference
Max Drawdown Largest peak-to-trough decline	-39.80%	-25.46%	-14.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-12.71%	+5.78%
Max Drawdown (3Y) Largest decline over 3 years	-19.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.90%	—	—
Current Drawdown Current decline from peak	-0.43%	-7.00%	+6.57%
Average Drawdown Average peak-to-trough decline	-9.84%	-4.82%	-5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	5.06%	-3.13%

Volatility

VHYG.L vs. USRD - Volatility Comparison

The current volatility for Vanguard FTSE All-World High Dividend Yield UCITS ETF (VHYG.L) is 2.00%, while Themes US R&D Champions ETF (USRD) has a volatility of 7.64%. This indicates that VHYG.L experiences smaller price fluctuations and is considered to be less risky than USRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHYG.L	USRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	7.64%	-5.64%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	13.24%	-6.21%
Volatility (1Y) Calculated over the trailing 1-year period	9.17%	16.64%	-7.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.57%	19.00%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.75%	19.00%	+0.75%

VHYG.L vs. USRD - Expense Ratio Comparison

Both VHYG.L and USRD have an expense ratio of 0.29%.

Dividends

VHYG.L vs. USRD - Dividend Comparison

VHYG.L has not paid dividends to shareholders, while USRD's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025	2024
USRD Themes US R&D Champions ETF	0.38%	0.42%	2.44%
VHYG.L Vanguard FTSE All-World High Dividend Yield UCITS ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VHYG.L and USRD in my portfolio?

VHYG.L and USRD have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VHYG.L or USRD?

Both ETFs have the same 0.29% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VHYG.L or USRD?

VHYG.L and USRD have the same expense ratio: 0.29% per year.

What is the main difference between VHYG.L and USRD?

VHYG.L is categorized as Global Equities, while USRD is Large Cap Blend Equities. VHYG.L tracks MSCI World High Dividend Yield NR USD, while USRD tracks Solactive US R&D Champions Index. They also come from different issuers: Vanguard and Themes.