VUCP.L vs. USDG.L
VUCP.L (Vanguard USD Corporate Bond UCITS ETF Distributing) and USDG.L (L&G ESG USD Corporate Bond UCITS ETF) are both Corporate Bonds funds tracking the Bloomberg US Corp Bond TR USD, from Vanguard and Legal & General respectively. Both are passively managed. Over the past 5 years, VUCP.L returned 1.67%/yr vs 2.09%/yr for USDG.L. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.09% expense ratio.
Performance
VUCP.L vs. USDG.L - Performance Comparison
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Different Trading Currencies
VUCP.L is traded in GBP, while USDG.L is traded in GBp. To make them comparable, the USDG.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, VUCP.L achieves a 2.71% return, which is significantly lower than USDG.L's 3.23% return.
VUCP.L
- 1D
- -0.39%
- 1M
- 2.64%
- YTD
- 2.71%
- 6M
- 3.64%
- 1Y
- 8.51%
- 3Y*
- 4.10%
- 5Y*
- 1.67%
- 10Y*
- 2.63%
USDG.L
- 1D
- 0.64%
- 1M
- 3.00%
- YTD
- 3.23%
- 6M
- 4.07%
- 1Y
- 8.92%
- 3Y*
- 4.38%
- 5Y*
- 2.09%
- 10Y*
- —
VUCP.L vs. USDG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VUCP.L Vanguard USD Corporate Bond UCITS ETF Distributing | 2.71% | 0.35% | 4.48% | 2.22% | -4.79% | 1.27% |
USDG.L L&G ESG USD Corporate Bond UCITS ETF | 3.23% | 0.15% | 4.74% | 2.41% | -3.62% | -26.09% |
Correlation
The correlation between VUCP.L and USDG.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.95 |
The correlation between VUCP.L and USDG.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
VUCP.L vs. USDG.L — Risk / Return Rank
VUCP.L
USDG.L
VUCP.L vs. USDG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard USD Corporate Bond UCITS ETF Distributing (VUCP.L) and L&G ESG USD Corporate Bond UCITS ETF (USDG.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.
| VUCP.L | USDG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 1.93 | -0.13 |
| Martin ratioReturn relative to average drawdown | 4.33 | 4.38 | -0.06 |
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Drawdowns
VUCP.L vs. USDG.L - Drawdown Comparison
The maximum VUCP.L drawdown since its inception was -15.05%, smaller than the maximum USDG.L drawdown of -32.44%. Use the drawdown chart below to compare losses from any high point for VUCP.L and USDG.L.
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Drawdown Indicators
| VUCP.L | USDG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.05% | -32.44% | +17.39% |
Max Drawdown (1Y)Largest decline over 1 year | -4.71% | -4.53% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -8.61% | -8.61% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -12.60% | -12.81% | +0.21% |
Max Drawdown (10Y)Largest decline over 10 years | -15.05% | — | — |
Current DrawdownCurrent decline from peak | -1.37% | -21.14% | +19.77% |
Average DrawdownAverage peak-to-trough decline | -6.36% | -26.95% | +20.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 2.00% | -0.04% |
Volatility
VUCP.L vs. USDG.L - Volatility Comparison
Vanguard USD Corporate Bond UCITS ETF Distributing (VUCP.L) and L&G ESG USD Corporate Bond UCITS ETF (USDG.L) have volatilities of 1.84% and 1.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VUCP.L | USDG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 1.84% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 4.58% | 6.85% | -2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.11% | 7.99% | -1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.49% | 8.65% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.43% | 14.56% | -5.13% |
VUCP.L vs. USDG.L - Expense Ratio Comparison
Both VUCP.L and USDG.L have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VUCP.L vs. USDG.L - Dividend Comparison
VUCP.L's dividend yield for the trailing twelve months is around 5.07%, more than USDG.L's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
USDG.L L&G ESG USD Corporate Bond UCITS ETF | 4.56% | 4.70% | 3.99% | 3.26% | 2.24% | 0.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VUCP.L Vanguard USD Corporate Bond UCITS ETF Distributing | 5.07% | 5.29% | 4.89% | 4.45% | 3.42% | 2.54% | 3.02% | 3.37% | 3.43% | 3.32% | 2.30% |
Frequently Asked Questions
With a correlation of 0.92, VUCP.L and USDG.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
VUCP.L and USDG.L have the same expense ratio: 0.09% per year.
Both ETFs track Bloomberg US Corp Bond TR USD. They also come from different issuers: Vanguard and Legal & General.
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