VUSA.L vs. VUTY.L

Last updated Jun 12, 2026

VUSA.L (Vanguard S&P 500 UCITS ETF) and VUTY.L (Vanguard USD Treasury Bond UCITS ETF Distributing) are both exchange-traded funds - VUSA.L is a S&P 500 fund tracking the S&P 500 Index, while VUTY.L is a Government Bonds fund tracking the Bloomberg Global Aggregate US Treasury Float Adjusted Index. Both are passively managed. Over the past 10 years, VUSA.L returned 15.64%/yr vs 1.52%/yr for VUTY.L. At a 0.18 correlation, their price movements are largely independent. VUSA.L charges 0.07%/yr vs 0.05%/yr for VUTY.L.

Performance

VUSA.L vs. VUTY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard S&P 500 UCITS ETF (VUSA.L) and Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VUSA.L achieves a 7.22% return, which is significantly higher than VUTY.L's 0.51% return. Over the past 10 years, VUSA.L has outperformed VUTY.L with an annualized return of 15.64%, while VUTY.L has yielded a comparatively lower 1.52% annualized return.

VUSA.L

• 1D: -0.01%
• 1M: 0.69%
• YTD: 7.22%
• 6M: 7.36%
• 1Y: 23.59%
• 3Y*: 17.89%
• 5Y*: 14.06%
• 10Y*: 15.64%

VUTY.L

• 1D: 0.44%
• 1M: 1.34%
• YTD: 0.51%
• 6M: 0.38%
• 1Y: 5.22%
• 3Y*: 0.68%
• 5Y*: 0.56%
• 10Y*: 1.52%

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

VUSA.L vs. VUTY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VUSA.L Vanguard S&P 500 UCITS ETF	7.22%	9.39%	27.33%	19.82%	-9.02%	30.97%	13.65%	26.53%	-0.10%	10.72%
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing	0.51%	-1.14%	2.53%	-1.95%	-1.84%	-1.13%	4.01%	3.66%	6.64%	-6.80%

Correlation

The correlation between VUSA.L and VUTY.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Feb 24, 2016	0.18

The correlation between VUSA.L and VUTY.L shifts across timeframes, from 0.05 (5 years) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VUSA.L vs. VUTY.L — Risk / Return Rank

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

VUSA.L

VUSA.L Risk / Return Rank: 79
VUSA.L Sharpe Ratio Rank: 82
VUSA.L Sortino Ratio Rank: 80
VUSA.L Omega Ratio Rank: 82
VUSA.L Calmar Ratio Rank: 77
VUSA.L Martin Ratio Rank: 76

VUTY.L

VUTY.L Risk / Return Rank: 26
VUTY.L Sharpe Ratio Rank: 29
VUTY.L Sortino Ratio Rank: 28
VUTY.L Omega Ratio Rank: 27
VUTY.L Calmar Ratio Rank: 25
VUTY.L Martin Ratio Rank: 22

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.

VUSA.L vs. VUTY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 UCITS ETF (VUSA.L) and Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.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.

	VUSA.L	VUTY.L	Difference
Sharpe ratio: Return per unit of total volatility	2.18	0.88	+1.30
Sortino ratio: Return per unit of downside risk	2.95	1.33	+1.62
Omega ratio: Gain probability vs. loss probability	1.40	1.15	+0.25
Calmar ratio: Return relative to maximum drawdown	3.31	0.99	+2.31
Martin ratio: Return relative to average drawdown	11.99	2.35	+9.65

VUSA.L vs. VUTY.L - Sharpe Ratio Comparison

The current VUSA.L Sharpe Ratio is 2.18, which is higher than the VUTY.L Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of VUSA.L and VUTY.L, 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

VUSA.L vs. VUTY.L - Drawdown Comparison

The maximum VUSA.L drawdown since its inception was -25.48%, which is greater than VUTY.L's maximum drawdown of -22.66%. Use the drawdown chart below to compare losses from any high point for VUSA.L and VUTY.L.

Drawdown Indicators

	VUSA.L	VUTY.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.48%	-22.66%	-2.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-5.24%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-20.93%	-8.28%	-12.65%
Max Drawdown (5Y) Largest decline over 5 years	-20.93%	-16.17%	-4.76%
Max Drawdown (10Y) Largest decline over 10 years	-25.48%	-22.66%	-2.82%
Current Drawdown Current decline from peak	-3.20%	-17.32%	+14.12%
Average Drawdown Average peak-to-trough decline	-3.16%	-12.63%	+9.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	2.22%	-0.26%

Volatility

VUSA.L vs. VUTY.L - Volatility Comparison

Vanguard S&P 500 UCITS ETF (VUSA.L) has a higher volatility of 3.36% compared to Vanguard USD Treasury Bond UCITS ETF Distributing (VUTY.L) at 1.32%. This indicates that VUSA.L's price experiences larger fluctuations and is considered to be riskier than VUTY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUSA.L	VUTY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	1.32%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	7.37%	4.23%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	5.91%	+4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.32%	8.69%	+5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	9.98%	+5.68%

VUSA.L vs. VUTY.L - Expense Ratio Comparison

VUSA.L has a 0.07% expense ratio, which is higher than VUTY.L's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VUSA.L vs. VUTY.L - Dividend Comparison

VUSA.L's dividend yield for the trailing twelve months is around 0.89%, less than VUTY.L's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VUSA.L Vanguard S&P 500 UCITS ETF	0.89%	0.95%	1.00%	1.24%	1.41%	1.04%	1.44%	1.50%	1.72%	1.61%	1.58%	1.74%
VUTY.L Vanguard USD Treasury Bond UCITS ETF Distributing	4.24%	4.40%	4.00%	3.47%	2.06%	1.19%	1.64%	2.42%	2.24%	1.64%	0.92%	0.00%

Frequently Asked Questions

Can I hold both VUSA.L and VUTY.L in my portfolio?

VUSA.L and VUTY.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VUSA.L or VUTY.L?

On fees, VUTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VUSA.L or VUTY.L?

VUTY.L is cheaper with a 0.05% expense ratio, compared with 0.07% for VUSA.L.

What is the main difference between VUSA.L and VUTY.L?

VUSA.L is categorized as S&P 500, while VUTY.L is Government Bonds. VUSA.L tracks S&P 500 Index, while VUTY.L tracks Bloomberg Global Aggregate US Treasury Float Adjusted Index. Their fees differ too: 0.07% for VUSA.L and 0.05% for VUTY.L.