VUTA.L vs. VUAA.L

Last updated Jun 5, 2026

VUTA.L (Vanguard USD Treasury Bond UCITS ETF Accumulating) and VUAA.L (Vanguard S&P 500 UCITS ETF USD Accumulation) are both exchange-traded funds - VUTA.L is a Government Bonds fund tracking the Bloomberg Global Aggregate US Treasury Float Adjusted Index, while VUAA.L is a S&P 500 fund tracking the S&P 500 Net Total Return. Both are passively managed. Over the past 5 years, VUTA.L returned 0.65%/yr vs 14.93%/yr for VUAA.L. At a correlation of -0.03, they often move in opposite directions. VUTA.L charges 0.05%/yr vs 0.07%/yr for VUAA.L.

Performance

VUTA.L vs. VUAA.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, VUTA.L achieves a 0.03% return, which is significantly lower than VUAA.L's 10.72% return.

VUTA.L

• 1D: 0.21%
• 1M: 1.16%
• YTD: 0.03%
• 6M: -0.52%
• 1Y: 4.50%
• 3Y*: 0.21%
• 5Y*: 0.65%
• 10Y*: —

VUAA.L

• 1D: 0.00%
• 1M: 5.41%
• YTD: 10.72%
• 6M: 10.33%
• 1Y: 29.00%
• 3Y*: 19.08%
• 5Y*: 14.93%
• 10Y*: —

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

VUTA.L vs. VUAA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VUTA.L Vanguard USD Treasury Bond UCITS ETF Accumulating	0.03%	-1.12%	2.50%	-1.89%	-1.88%	-1.09%	3.97%	1.14%
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation	10.76%	9.01%	27.46%	20.35%	-8.96%	30.57%	14.21%	8.78%

Correlation

The correlation between VUTA.L and VUAA.L is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since May 17, 2019	-0.03

The correlation between VUTA.L and VUAA.L shifts across timeframes, from -0.03 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VUTA.L vs. VUAA.L — Risk / Return Rank

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

VUTA.L

VUTA.L Risk / Return Rank: 21
VUTA.L Sharpe Ratio Rank: 22
VUTA.L Sortino Ratio Rank: 22
VUTA.L Omega Ratio Rank: 21
VUTA.L Calmar Ratio Rank: 20
VUTA.L Martin Ratio Rank: 19

VUAA.L

VUAA.L Risk / Return Rank: 74
VUAA.L Sharpe Ratio Rank: 74
VUAA.L Sortino Ratio Rank: 78
VUAA.L Omega Ratio Rank: 73
VUAA.L Calmar Ratio Rank: 69
VUAA.L Martin Ratio Rank: 77

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.

VUTA.L vs. VUAA.L - Risk-Adjusted Trends Comparison

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

	VUTA.L	VUAA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.42	-1.67
Sortino ratio: Return per unit of downside risk	1.14	3.29	-2.15
Omega ratio: Gain probability vs. loss probability	1.13	1.45	-0.31
Calmar ratio: Return relative to maximum drawdown	0.86	3.99	-3.13
Martin ratio: Return relative to average drawdown	2.08	13.50	-11.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUTA.L vs. VUAA.L - Sharpe Ratio Comparison

The current VUTA.L Sharpe Ratio is 0.75, which is lower than the VUAA.L Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of VUTA.L and VUAA.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.

Sharpe Ratios by Period

	VUTA.L	VUAA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	2.42	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.97	-0.89
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.89	-0.81

Drawdowns

VUTA.L vs. VUAA.L - Drawdown Comparison

The maximum VUTA.L drawdown since its inception was -23.40%, smaller than the maximum VUAA.L drawdown of -26.15%. Use the drawdown chart below to compare losses from any high point for VUTA.L and VUAA.L.

Drawdown Indicators

	VUTA.L	VUAA.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	-26.15%	+2.75%
Max Drawdown (1Y) Largest decline over 1 year	-5.21%	-7.23%	+2.02%
Max Drawdown (3Y) Largest decline over 3 years	-8.20%	-21.12%	+12.92%
Max Drawdown (5Y) Largest decline over 5 years	-16.17%	-21.12%	+4.95%
Current Drawdown Current decline from peak	-18.49%	-0.28%	-18.21%
Average Drawdown Average peak-to-trough decline	-15.38%	-3.69%	-11.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.14%	+0.02%

Volatility

VUTA.L vs. VUAA.L - Volatility Comparison

The current volatility for Vanguard USD Treasury Bond UCITS ETF Accumulating (VUTA.L) is 1.39%, while Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L) has a volatility of 3.52%. This indicates that VUTA.L experiences smaller price fluctuations and is considered to be less risky than VUAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUTA.L	VUAA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	3.52%	-2.13%
Volatility (6M) Calculated over the trailing 6-month period	4.40%	8.64%	-4.24%
Volatility (1Y) Calculated over the trailing 1-year period	5.98%	11.95%	-5.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.70%	15.41%	-6.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.39%	17.14%	-7.75%

VUTA.L vs. VUAA.L - Expense Ratio Comparison

VUTA.L has a 0.05% expense ratio, which is lower than VUAA.L's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VUTA.L vs. VUAA.L - Dividend Comparison

Neither VUTA.L nor VUAA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

VUTA.L and VUAA.L have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VUTA.L or VUAA.L?

On fees, VUTA.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, VUTA.L or VUAA.L?

VUTA.L is cheaper with a 0.05% expense ratio, compared with 0.07% for VUAA.L.

What is the main difference between VUTA.L and VUAA.L?

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