VHYL.AS vs. VGOV.L
VHYL.AS (Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing) and VGOV.L (Vanguard UK Gilt UCITS ETF Distributing) are both exchange-traded funds - VHYL.AS is a Global Equities fund tracking the FTSE All-World High Dividend Yield Index, while VGOV.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 10 years, VHYL.AS returned 9.84%/yr vs -2.23%/yr for VGOV.L. At a 0.10 correlation, their price movements are largely independent. VHYL.AS charges 0.29%/yr vs 0.07%/yr for VGOV.L.
Performance
VHYL.AS vs. VGOV.L - Performance Comparison
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Different Trading Currencies
VHYL.AS is traded in EUR, while VGOV.L is traded in GBP. To make them comparable, the VGOV.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, VHYL.AS achieves a 12.28% return, which is significantly higher than VGOV.L's 0.07% return. Over the past 10 years, VHYL.AS has outperformed VGOV.L with an annualized return of 9.84%, while VGOV.L has yielded a comparatively lower -2.23% annualized return.
VHYL.AS
- 1D
- 0.37%
- 1M
- 2.93%
- YTD
- 12.28%
- 6M
- 13.54%
- 1Y
- 24.15%
- 3Y*
- 15.43%
- 5Y*
- 11.38%
- 10Y*
- 9.84%
VGOV.L
- 1D
- 0.29%
- 1M
- 2.39%
- YTD
- 0.07%
- 6M
- 0.81%
- 1Y
- 0.10%
- 3Y*
- 2.37%
- 5Y*
- -5.59%
- 10Y*
- -2.23%
VHYL.AS vs. VGOV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VHYL.AS Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing | 12.28% | 12.40% | 16.77% | 7.03% | 0.17% | 27.85% | -8.79% | 22.91% | -7.00% | 4.82% |
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | 0.07% | -0.68% | 0.29% | 5.52% | -30.77% | 0.79% | 3.39% | 14.51% | -0.92% | -2.11% |
Correlation
The correlation between VHYL.AS and VGOV.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since May 21, 2013 | 0.10 |
Over the past year, VHYL.AS and VGOV.L have become more correlated (0.43) than their long-term average of 0.10, meaning their price movements have been converging.
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Return for Risk
VHYL.AS vs. VGOV.L — Risk / Return Rank
VHYL.AS
VGOV.L
VHYL.AS vs. VGOV.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing (VHYL.AS) and Vanguard UK Gilt UCITS ETF Distributing (VGOV.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.
| VHYL.AS | VGOV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.61 | ||
| Sortino ratioReturn per unit of downside risk | +3.61 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.01 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 4.02 | 0.02 | +4.00 |
| Martin ratioReturn relative to average drawdown | 15.70 | 0.04 | +15.66 |
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Drawdowns
VHYL.AS vs. VGOV.L - Drawdown Comparison
The maximum VHYL.AS drawdown since its inception was -34.08%, smaller than the maximum VGOV.L drawdown of -40.76%. Use the drawdown chart below to compare losses from any high point for VHYL.AS and VGOV.L.
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Drawdown Indicators
| VHYL.AS | VGOV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.08% | -40.76% | +6.68% |
Max Drawdown (1Y)Largest decline over 1 year | -5.93% | -5.32% | -0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -16.76% | -9.06% | -7.70% |
Max Drawdown (5Y)Largest decline over 5 years | -16.76% | -40.41% | +23.65% |
Max Drawdown (10Y)Largest decline over 10 years | -34.08% | -40.76% | +6.68% |
Current DrawdownCurrent decline from peak | -0.56% | -29.85% | +29.29% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -13.84% | +7.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 2.30% | -0.78% |
Volatility
VHYL.AS vs. VGOV.L - Volatility Comparison
The current volatility for Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing (VHYL.AS) is 2.19%, while Vanguard UK Gilt UCITS ETF Distributing (VGOV.L) has a volatility of 2.68%. This indicates that VHYL.AS experiences smaller price fluctuations and is considered to be less risky than VGOV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VHYL.AS | VGOV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 2.68% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 6.96% | 5.99% | +0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.11% | 7.87% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.57% | 12.98% | -1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.59% | 12.02% | +1.57% |
VHYL.AS vs. VGOV.L - Expense Ratio Comparison
VHYL.AS has a 0.29% expense ratio, which is higher than VGOV.L's 0.07% expense ratio.
Dividends
VHYL.AS vs. VGOV.L - Dividend Comparison
VHYL.AS's dividend yield for the trailing twelve months is around 2.50%, less than VGOV.L's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGOV.L Vanguard UK Gilt UCITS ETF Distributing | 4.60% | 4.51% | 4.14% | 3.16% | 1.87% | 1.09% | 1.16% | 1.38% | 1.57% | 1.62% | 1.62% | 1.92% |
VHYL.AS Vanguard FTSE All-World High Dividend Yield UCITS ETF - (USD) Distributing | 2.50% | 2.85% | 3.04% | 3.41% | 3.78% | 3.03% | 3.08% | 3.24% | 3.68% | 3.13% | 3.02% | 3.25% |
Frequently Asked Questions
VHYL.AS and VGOV.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGOV.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGOV.L is cheaper with a 0.07% expense ratio, compared with 0.29% for VHYL.AS.
VHYL.AS is categorized as Global Equities, while VGOV.L is European Government Bonds. VHYL.AS tracks FTSE All-World High Dividend Yield Index, while VGOV.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. Their fees differ too: 0.29% for VHYL.AS and 0.07% for VGOV.L.
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