X03G.DE vs. VGOV.DE
X03G.DE (Xtrackers II Germany Government Bond UCITS ETF) and VGOV.DE (Vanguard UK Gilt UCITS ETF Distributing) are both European Government Bonds funds - X03G.DE tracks the iBoxx® EUR Germany while VGOV.DE tracks the FTSE Act UK Cnvt Gilts All Stocks TR GBP. Both are passively managed. Over the past 5 years, X03G.DE returned -3.03%/yr vs -5.47%/yr for VGOV.DE. A 0.66 correlation means they provide meaningful diversification when combined. X03G.DE charges 0.15%/yr vs 0.07%/yr for VGOV.DE.
Performance
X03G.DE vs. VGOV.DE - Performance Comparison
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Returns By Period
In the year-to-date period, X03G.DE achieves a -0.04% return, which is significantly higher than VGOV.DE's -0.51% return.
X03G.DE
- 1D
- 0.11%
- 1M
- -0.00%
- YTD
- -0.04%
- 6M
- -0.24%
- 1Y
- -0.95%
- 3Y*
- 0.86%
- 5Y*
- -3.03%
- 10Y*
- -1.28%
VGOV.DE
- 1D
- 0.07%
- 1M
- 0.49%
- YTD
- -0.51%
- 6M
- -0.16%
- 1Y
- -0.62%
- 3Y*
- 2.00%
- 5Y*
- -5.47%
- 10Y*
- —
X03G.DE vs. VGOV.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
X03G.DE Xtrackers II Germany Government Bond UCITS ETF | -0.04% | -1.48% | 0.14% | 5.23% | -17.79% | -2.57% | 2.71% | 2.86% | 2.17% | 0.04% |
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing | -0.51% | 0.18% | -0.21% | 5.44% | -30.78% | 1.88% | 2.84% | 13.71% | -1.09% | 2.53% |
Correlation
The correlation between X03G.DE and VGOV.DE is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.66 |
The correlation between X03G.DE and VGOV.DE has been stable across timeframes, ranging from 0.64 to 0.74 - a consistent structural relationship.
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Return for Risk
X03G.DE vs. VGOV.DE — Risk / Return Rank
X03G.DE
VGOV.DE
X03G.DE vs. VGOV.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II Germany Government Bond UCITS ETF (X03G.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.
| X03G.DE | VGOV.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.99 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | -0.13 | -0.35 |
| Martin ratioReturn relative to average drawdown | -0.99 | -0.29 | -0.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| X03G.DE | VGOV.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.37 | -0.08 | -0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | -0.42 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.25 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.04 | -0.13 | +0.17 |
Drawdowns
X03G.DE vs. VGOV.DE - Drawdown Comparison
The maximum X03G.DE drawdown since its inception was -23.87%, smaller than the maximum VGOV.DE drawdown of -40.95%. Use the drawdown chart below to compare losses from any high point for X03G.DE and VGOV.DE.
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Drawdown Indicators
| X03G.DE | VGOV.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.87% | -40.95% | +17.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -5.37% | +2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -5.00% | -9.01% | +4.01% |
Max Drawdown (5Y)Largest decline over 5 years | -21.19% | -40.45% | +19.26% |
Max Drawdown (10Y)Largest decline over 10 years | -23.87% | — | — |
Current DrawdownCurrent decline from peak | -19.28% | -30.35% | +11.07% |
Average DrawdownAverage peak-to-trough decline | -7.77% | -16.60% | +8.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 2.35% | -0.97% |
Volatility
X03G.DE vs. VGOV.DE - Volatility Comparison
The current volatility for Xtrackers II Germany Government Bond UCITS ETF (X03G.DE) is 1.43%, while Vanguard UK Gilt UCITS ETF Distributing (VGOV.DE) has a volatility of 3.34%. This indicates that X03G.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
| X03G.DE | VGOV.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 3.34% | -1.91% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 6.15% | -3.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 7.99% | -4.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.16% | 12.87% | -6.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 11.86% | -6.71% |
X03G.DE vs. VGOV.DE - Expense Ratio Comparison
X03G.DE has a 0.15% 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
X03G.DE vs. VGOV.DE - Dividend Comparison
X03G.DE has not paid dividends to shareholders, while VGOV.DE's dividend yield for the trailing twelve months is around 4.59%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGOV.DE Vanguard UK Gilt UCITS ETF Distributing | 4.59% | 4.59% | 4.08% | 3.17% | 1.94% | 1.07% | 1.18% | 1.34% | 1.60% | 0.27% | 0.00% | 0.00% |
X03G.DE Xtrackers II Germany Government Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.33% |
Frequently Asked Questions
X03G.DE and VGOV.DE have a correlation of 0.64, 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 0.15% for X03G.DE.
X03G.DE tracks iBoxx® EUR Germany, 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: 0.15% for X03G.DE and 0.07% for VGOV.DE.
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