VUAA.L vs. VGEA.DE

Last updated Jun 13, 2026

VUAA.L (Vanguard S&P 500 UCITS ETF USD Accumulation) and VGEA.DE (Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating) are both exchange-traded funds - VUAA.L is a S&P 500 fund tracking the S&P 500 Net Total Return, while VGEA.DE is a European Government Bonds fund tracking the Bloomberg Euro Aggregate Treasury. Both are passively managed. Over the past 5 years, VUAA.L returned 13.22%/yr vs -3.18%/yr for VGEA.DE. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.07% expense ratio.

Performance

VUAA.L vs. VGEA.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L) and Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VUAA.L is traded in USD, while VGEA.DE is traded in EUR. To make them comparable, the VGEA.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VUAA.L achieves a 8.41% return, which is significantly higher than VGEA.DE's -1.21% return.

VUAA.L

• 1D: 2.02%
• 1M: 0.41%
• YTD: 8.41%
• 6M: 9.69%
• 1Y: 24.57%
• 3Y*: 20.75%
• 5Y*: 13.22%
• 10Y*: —

VGEA.DE

• 1D: 0.23%
• 1M: -0.34%
• YTD: -1.21%
• 6M: -0.86%
• 1Y: -0.20%
• 3Y*: 4.87%
• 5Y*: -3.18%
• 10Y*: —

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

VUAA.L vs. VGEA.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation	8.41%	17.37%	25.27%	26.68%	-18.63%	29.34%	20.33%	14.82%
VGEA.DE Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating	-1.21%	13.65%	-4.27%	10.31%	-22.79%	-10.94%	15.03%	3.87%

Correlation

The correlation between VUAA.L and VGEA.DE is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since May 14, 2019	0.17

The correlation between VUAA.L and VGEA.DE shifts across timeframes, from 0.17 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VUAA.L vs. VGEA.DE — Risk / Return Rank

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

VUAA.L

VUAA.L Risk / Return Rank: 74
VUAA.L Sharpe Ratio Rank: 73
VUAA.L Sortino Ratio Rank: 78
VUAA.L Omega Ratio Rank: 72
VUAA.L Calmar Ratio Rank: 68
VUAA.L Martin Ratio Rank: 76

VGEA.DE

VGEA.DE Risk / Return Rank: 9
VGEA.DE Sharpe Ratio Rank: 9
VGEA.DE Sortino Ratio Rank: 8
VGEA.DE Omega Ratio Rank: 8
VGEA.DE Calmar Ratio Rank: 9
VGEA.DE Martin Ratio Rank: 9

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.

VUAA.L vs. VGEA.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L) and Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.DE). 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.

	VUAA.L	VGEA.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.04	-0.02	+2.06
Sortino ratio: Return per unit of downside risk	3.01	0.03	+2.98
Omega ratio: Gain probability vs. loss probability	1.37	1.00	+0.36
Calmar ratio: Return relative to maximum drawdown	2.99	-0.03	+3.02
Martin ratio: Return relative to average drawdown	12.46	-0.08	+12.53

VUAA.L vs. VGEA.DE - Sharpe Ratio Comparison

The current VUAA.L Sharpe Ratio is 2.04, which is higher than the VGEA.DE Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of VUAA.L and VGEA.DE, 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

VUAA.L vs. VGEA.DE - Drawdown Comparison

The maximum VUAA.L drawdown since its inception was -34.05%, smaller than the maximum VGEA.DE drawdown of -37.78%. Use the drawdown chart below to compare losses from any high point for VUAA.L and VGEA.DE.

Drawdown Indicators

	VUAA.L	VGEA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-34.05%	-37.78%	+3.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-6.30%	-1.88%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-10.35%	-8.04%
Max Drawdown (5Y) Largest decline over 5 years	-24.36%	-34.97%	+10.61%
Current Drawdown Current decline from peak	-2.26%	-18.54%	+16.28%
Average Drawdown Average peak-to-trough decline	-4.99%	-16.43%	+11.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.55%	-0.58%

Volatility

VUAA.L vs. VGEA.DE - Volatility Comparison

Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L) has a higher volatility of 3.99% compared to Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating (VGEA.DE) at 2.56%. This indicates that VUAA.L's price experiences larger fluctuations and is considered to be riskier than VGEA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUAA.L	VGEA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	2.56%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	6.41%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	12.03%	8.47%	+3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	10.23%	+5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	9.51%	+8.30%

VUAA.L vs. VGEA.DE - Expense Ratio Comparison

Both VUAA.L and VGEA.DE have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VUAA.L vs. VGEA.DE - Dividend Comparison

Neither VUAA.L nor VGEA.DE has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
VGEA.DE Vanguard EUR Eurozone Government Bond UCITS ETF Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.63%

Frequently Asked Questions

Can I hold both VUAA.L and VGEA.DE in my portfolio?

VUAA.L and VGEA.DE have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VUAA.L or VGEA.DE?

Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VUAA.L or VGEA.DE?

VUAA.L and VGEA.DE have the same expense ratio: 0.07% per year.

What is the main difference between VUAA.L and VGEA.DE?

VUAA.L is categorized as S&P 500, while VGEA.DE is European Government Bonds. VUAA.L tracks S&P 500 Net Total Return, while VGEA.DE tracks Bloomberg Euro Aggregate Treasury.