X03F.DE vs. VGOV.DE
X03F.DE (Xtrackers II Eurozone Government Bond UCITS ETF) and VGOV.DE (Vanguard UK Gilt UCITS ETF Distributing) are both European Government Bonds funds - X03F.DE tracks the iBoxx® EUR Sovereigns Eurozone while VGOV.DE tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 10 years, X03F.DE returned -0.56%/yr vs -0.26%/yr for VGOV.DE. A 0.59 correlation means they provide meaningful diversification when combined. X03F.DE charges 0.09%/yr vs 0.07%/yr for VGOV.DE.
Performance
X03F.DE vs. VGOV.DE - Performance Comparison
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Returns By Period
In the year-to-date period, X03F.DE achieves a -0.38% return, which is significantly lower than VGOV.DE's 1.28% return. Over the past 10 years, X03F.DE has underperformed VGOV.DE with an annualized return of -0.56%, while VGOV.DE has yielded a comparatively higher -0.26% annualized return.
X03F.DE
- 1D
- 0.02%
- 1M
- -1.17%
- 6M
- -0.74%
- YTD
- -0.38%
- 1Y
- 0.10%
- 3Y*
- 2.02%
- 5Y*
- -2.62%
- 10Y*
- -0.56%
VGOV.DE
- 1D
- -0.16%
- 1M
- 0.70%
- 6M
- -0.14%
- YTD
- 1.28%
- 1Y
- 4.09%
- 3Y*
- 2.50%
- 5Y*
- -5.66%
- 10Y*
- -0.26%
X03F.DE vs. VGOV.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
X03F.DE Xtrackers II Eurozone Government Bond UCITS ETF | -0.38% | 0.74% | 1.51% | 6.93% | -18.40% | -3.32% | 4.70% | 6.75% | 0.83% | -0.13% |
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing | 1.28% | 0.16% | -0.17% | 5.43% | -30.79% | 1.90% | 2.83% | 13.98% | -1.23% | 14.98% |
Correlation
The correlation between X03F.DE and VGOV.DE is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since May 22, 2012 | 0.59 |
The correlation between X03F.DE and VGOV.DE shifts across timeframes, from 0.59 (all time) to 0.74 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
X03F.DE vs. VGOV.DE — Risk / Return Rank
X03F.DE
VGOV.DE
X03F.DE vs. VGOV.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Eurozone Government Bond UCITS ETF (X03F.DE) and Vanguard UK Gilt UCITS ETF Distributing (VGOV.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.
| X03F.DE | VGOV.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.09 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 0.75 | -0.73 |
| Martin ratioReturn relative to average drawdown | 0.07 | 2.34 | -2.26 |
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Drawdowns
X03F.DE vs. VGOV.DE - Drawdown Comparison
The maximum X03F.DE drawdown since its inception was -22.47%, smaller than the maximum VGOV.DE drawdown of -40.96%. Use the drawdown chart below to compare losses from any high point for X03F.DE and VGOV.DE.
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Drawdown Indicators
| X03F.DE | VGOV.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.47% | -40.96% | +18.49% |
Max Drawdown (1Y)Largest decline over 1 year | -3.48% | -5.39% | +1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -3.97% | -9.04% | +5.07% |
Max Drawdown (5Y)Largest decline over 5 years | -21.57% | -40.46% | +18.89% |
Max Drawdown (10Y)Largest decline over 10 years | -22.47% | -40.96% | +18.49% |
Current DrawdownCurrent decline from peak | -14.42% | -29.09% | +14.67% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -11.98% | +5.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 1.75% | -0.29% |
Volatility
X03F.DE vs. VGOV.DE - Volatility Comparison
The current volatility for Xtrackers II Eurozone Government Bond UCITS ETF (X03F.DE) is 1.16%, while Vanguard UK Gilt UCITS ETF Distributing (VGOV.DE) has a volatility of 2.23%. This indicates that X03F.DE experiences smaller price fluctuations and is considered to be less risky than VGOV.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| X03F.DE | VGOV.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 2.23% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.73% | 6.32% | -2.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 7.87% | -3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.33% | 12.88% | -6.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 12.01% | -6.75% |
X03F.DE vs. VGOV.DE - Expense Ratio Comparison
X03F.DE has a 0.09% expense ratio, which is higher than VGOV.DE's 0.07% 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
X03F.DE vs. VGOV.DE - Dividend Comparison
X03F.DE's dividend yield for the trailing twelve months is around 2.31%, less than VGOV.DE's 4.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing | 4.40% | 4.59% | 4.08% | 3.17% | 1.94% | 1.07% | 1.18% | 1.34% | 1.60% | 1.64% | 0.00% | 0.00% |
X03F.DE Xtrackers II Eurozone Government Bond UCITS ETF | 2.31% | 2.20% | 2.01% | 1.84% | 3.07% | 1.88% | 0.30% | 0.34% | 0.61% | 0.83% | 1.12% | 0.48% |
Frequently Asked Questions
X03F.DE and VGOV.DE have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGOV.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGOV.DE is cheaper with a 0.07% expense ratio, compared with 0.09% for X03F.DE.
X03F.DE tracks iBoxx® EUR Sovereigns Eurozone, while VGOV.DE tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP. They also come from different issuers: Xtrackers and Vanguard. Their fees differ too: 0.09% for X03F.DE and 0.07% for VGOV.DE.
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