Vanguard Global Aggregate Bond EUR-H vs Xtrackers II EUR Overnight Rate Swap

They track different indices: Vanguard Global Aggregate Bond EUR-H follows Bloomberg Global Aggregate Float Adjusted and Xtrackers II EUR Overnight Rate Swap follows €STR (mercado monetario). They also differ in cost (0.10% vs 0.10% TER), replication (physical vs synthetic) and domicile (Irlanda vs Luxemburgo).

Nobody can know that: they track different indices, so their returns will diverge, and past index performance is not a prediction. What you can control today is the cost, the tax structure and whether the index actually covers what you want exposure to.

Their fees are effectively identical (0.10% vs 0.10%), so cost should not decide this one. Look at index coverage, distribution policy and availability at your broker instead.

Both are accumulating, so on this point there is no difference between them.

Yes. Unlike two funds tracking the identical index, these give you genuinely different exposure, so holding both is not automatically redundant — just be aware you may end up overlapping on the largest companies and doubling your rebalancing work.