ETF · Vanguard
VGED Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD
ISIN IE00BH04GM46London Stock Exchange: VGEDThe Vanguard Group, Inc.
- Government bonds
- ETF
- ISA
- SIPP
- Accumulating
- USD hedged
Latest close
LSE$25.59
on
- Ongoing charge
- 0.10% a year
- Fund size
- £67.1m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, VGED (Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD, ISIN IE00BH04GM46) closed at $25.59 on the London Stock Exchange. Its ongoing charge is 0.10% a year (about £10 on £10,000). Over the year to 13/11/2026 its total return was −0.6%, or −4.2% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- −0.6%
- −4.2% after inflation (UK CPIH)
Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD in pounds (price, with income reinvested in the fund): 2026 to 13/11/2026 +1.2%. Returns of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −0.3%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | +1.2% | −2.0% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | −0.3% | −3.8% |
As of , inflation: UK CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
6.1%over 1 year
Annualised from weekly returns. Higher means bumpier.
- Largest fall since April 2025
- −5.1%
- From to
- Below its highest weekly close since April 2025
- 2.9%
- High of , latest
In words: Volatility of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD in pounds, annualised from weekly returns to 13/11/2026: 6.1% over 1 year. Largest fall in the price of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD since April 2025, in pounds: −5.1% from 26/06/2026 to 21/08/2026. On 13/11/2026 the price of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD was 2.9% below its highest weekly close since April 2025 (26/06/2026), in pounds.
As of , price, with income reinvested in the fund
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.10%
- a year
- On £10,000
- £10
- a year, roughly
- Over five years
- £50
- of £10,000, before growth
- 88 charge less
- 39 the same
- 184 charge more
Ongoing charge of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD 0.10% a year. Compared on 14/11/2026, 184 of the 311 other government bond funds charge more, 39 the same and 88 less (share classes counted once).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
As of
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD is an exchange-traded fund (ETF) from Vanguard, launched in 2025.
It tracks the Bloomberg Euro Aggregate Treasury Index - USD - Benchmark TR Net Hedged.
You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.
Its ongoing charge is 0.1% a year — about £10 a year on every £10,000 invested, taken from the fund's value rather than billed to you.
Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
It is currency-hedged to US dollars, not to the pound: it aims to remove most of the effect of exchange-rate moves against US dollars, so a holder who counts in pounds still has currency risk.
Government bonds: Loans to governments, such as UK gilts and US Treasuries. They pay interest; their prices move when interest rates change.
Terms:ETFIndex fundUCITSAccumulating or incomeCurrency hedgingShare classISIN
Key facts
- Ticker
- VGED
- ISIN
- IE00BH04GM46
- Provider
- Vanguard
- Tracks
- Bloomberg Euro Aggregate Treasury Index - USD - Benchmark TR Net Hedged
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Accumulating
- Income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
- Ongoing charge
- 0.10% a year · about £10 on £10,000
- Fund size
- £67.1m
- Launched
- Domicile
- Ireland
- UK reporting fund status
- Yes — on HMRC’s list of reporting funds (list of )
- Reporting fund since . What reporting fund status means
- Can usually be held in
- ISA and SIPP
- Check with your platform: each decides which funds it offers.
- Currency hedged
- Yes, to US dollars
- Price currency
- USD
- Category
- Government bonds
Price chart
Over the last year, the closing price went from $25.80 on 14/11/2025 to $25.59 on 13/11/2026 (−0.8%). The lowest close shown was $25.30 on 25/09/2026 and the highest $26.39 on 27/02/2026.
One close a week. Before 31/07/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded.
As of , at least 15 min delayed
Five years of prices, and after inflation
83 weekly closes, from 11/04/2025 to 13/11/2026. The same history in November 2026 pounds, adjusted with CPIH inflation.
Create a free account to see the 5-year price chart and the after-inflation chart
Sign-up takes an email address. There is no card to enter and nothing to pay.
How we work it out:Prices and returnsNAV and price
What it holds
- Holdings
- 498
- 524 reported in all
- Ten largest
- 9.3%
- of the whole fund
- Effective number of holdings
- 265
- As concentrated as this many equal-sized holdings (how it is worked out)
- Largest holding
- 1.2%
- French Republic Government Bond OAT 2.75% 25/02/2030
Top 10 holdings
| Rank# | Holding | Weight as a percentage of the fund |
|---|---|---|
| 1 | French Republic Government Bond OAT 2.75% 25/02/2030France | 1.22% |
| 2 | French Republic Government Bond OAT 0.75% 25/05/2028France | 1.17% |
| 3 | French Republic Government Bond OAT 0.00% 25/11/2031France | 0.97% |
| 4 | French Republic Government Bond OAT 2.75% 25/02/2029France | 0.93% |
| 5 | French Republic Government Bond OAT 0.50% 25/05/2029France | 0.90% |
| 6 | French Republic Government Bond OAT 2.00% 25/11/2032France | 0.87% |
| 7 | French Republic Government Bond OAT 1.25% 25/05/2034France | 0.86% |
| 8 | French Republic Government Bond OAT 0.00% 25/11/2030France | 0.81% |
| 9 | French Republic Government Bond OAT 2.40% 24/09/2028France | 0.80% |
| 10 | Spain Government Bond 2.70% 31/01/2030Spain | 0.80% |
As of , holdings as published
Where it invests
The portfolio by sector, country and type of asset, as a share of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.
By country
- France23.8%
- Italy21.5%
- Germany19.5%
- Spain14.3%
- Belgium5.0%
- Netherlands4.1%
- Austria3.6%
- Portugal1.9%
- Other countries6.2%
- Not classified0.2%
By type of asset
- Bonds99.8%
- Cash and money market0.2%
See the full portfolio
Every holding with search and filters, the whole breakdown by sector, country and type of asset, a map of the 100 largest and what changed since .
All holdings
The fund publishes 524 holdings; the ten largest make up 9.3% of it.
Create a free account to see the full holdings list
Sign-up takes an email address. There is no card to enter and nothing to pay.
Holdings:Compare what it holds with another fundHoldings overlapHow overlap is measured
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1 year, from weekly returns in pounds.
With a free accountLargest falls and recoveries
The 3 largest falls since April 2025, in pounds, with how many weeks each took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Questions people ask
What is the ongoing charge of VGED?
The ongoing charge of VGED is 0.10% a year — about £10 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD 0.10% a year. Compared on 14/11/2026, 184 of the 311 other government bond funds charge more, 39 the same and 88 less (share classes counted once).
What does VGED track?
VGED tracks the Bloomberg Euro Aggregate Treasury Index - USD - Benchmark TR Net Hedged.
Is VGED accumulating or distributing?
VGED is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
What is the ISIN of VGED?
The ISIN of VGED is IE00BH04GM46. An ISIN identifies one exact share class of a fund; VGED is its ticker on the London Stock Exchange.
What does VGED hold?
As of 30/09/2026, VGED holds 524 positions, according to its published holdings. The largest is French Republic Government Bond OAT 2.75% 25/02/2030 at 1.22% of the fund; the ten largest make up 9.3%. Its ten largest holdings are French Republic Government Bond OAT 2.75% 25/02/2030 (1.22%), French Republic Government Bond OAT 0.75% 25/05/2028 (1.17%), French Republic Government Bond OAT 0.00% 25/11/2031 (0.97%), French Republic Government Bond OAT 2.75% 25/02/2029 (0.93%), French Republic Government Bond OAT 0.50% 25/05/2029 (0.90%), French Republic Government Bond OAT 2.00% 25/11/2032 (0.87%), French Republic Government Bond OAT 1.25% 25/05/2034 (0.86%), French Republic Government Bond OAT 0.00% 25/11/2030 (0.81%), French Republic Government Bond OAT 2.40% 24/09/2028 (0.80%) and Spain Government Bond 2.70% 31/01/2030 (0.80%).
What were VGED’s returns in each of the last five years?
Calendar-year returns of VGED in pounds (price, with income reinvested in the fund): 2026 to 13/11/2026 +1.2%. Past performance is not a guide to future returns.
How has VGED done after inflation?
Over the year to 13/11/2026 VGED’s total return was −0.6%, or −4.2% after UK CPIH inflation. Past performance is not a guide to future returns.
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Fund documents and methods
- Fund documents
- Fund page at Vanguard · Key investor information document (KIID) · Factsheet (links checked )
Methodology:ReturnsCategoriesAll methods
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