BGRN vs. GBF
BGRN (iShares USD Green Bond ETF) and GBF (iShares Government/Credit Bond ETF) are both exchange-traded funds - BGRN is a Global Bonds fund tracking the Bloomberg MSCI USD Green Bond Select Index, while GBF is a Intermediate Core Bond fund tracking the Bloomberg U.S. Government/Credit Bond Index. Both are passively managed. Over the past 5 years, BGRN returned 0.56%/yr vs -0.19%/yr for GBF. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
BGRN vs. GBF - Performance Comparison
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Returns By Period
In the year-to-date period, BGRN achieves a 0.56% return, which is significantly higher than GBF's 0.35% return.
BGRN
- 1D
- 0.13%
- 1M
- 0.28%
- YTD
- 0.56%
- 6M
- 0.69%
- 1Y
- 4.85%
- 3Y*
- 4.82%
- 5Y*
- 0.56%
- 10Y*
- —
GBF
- 1D
- 0.13%
- 1M
- 0.21%
- YTD
- 0.35%
- 6M
- 0.18%
- 1Y
- 4.02%
- 3Y*
- 3.64%
- 5Y*
- -0.19%
- 10Y*
- 1.51%
BGRN vs. GBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 0.56% | 7.27% | 2.77% | 6.50% | -13.06% | -2.80% | 6.86% | 9.70% | 1.14% |
GBF iShares Government/Credit Bond ETF | 0.35% | 6.41% | 0.99% | 5.79% | -13.85% | -2.30% | 8.76% | 9.47% | 2.05% |
Correlation
The correlation between BGRN and GBF is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2018 | 0.85 |
The correlation between BGRN and GBF has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.
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Return for Risk
BGRN vs. GBF — Risk / Return Rank
BGRN
GBF
BGRN vs. GBF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Green Bond ETF (BGRN) and iShares Government/Credit Bond ETF (GBF). 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.
| BGRN | GBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.19 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 1.48 | +0.71 |
| Martin ratioReturn relative to average drawdown | 7.33 | 4.37 | +2.96 |
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
| BGRN | GBF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.66 | 1.09 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | -0.03 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.29 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.58 | -0.13 |
Drawdowns
BGRN vs. GBF - Drawdown Comparison
The maximum BGRN drawdown since its inception was -19.16%, roughly equal to the maximum GBF drawdown of -19.67%. Use the drawdown chart below to compare losses from any high point for BGRN and GBF.
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Drawdown Indicators
| BGRN | GBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -19.67% | +0.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.73% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -4.55% | -5.78% | +1.23% |
Max Drawdown (5Y)Largest decline over 5 years | -18.73% | -18.45% | -0.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.67% | — |
Current DrawdownCurrent decline from peak | -0.71% | -4.71% | +4.00% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -3.67% | -2.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.92% | -0.26% |
Volatility
BGRN vs. GBF - Volatility Comparison
The current volatility for iShares USD Green Bond ETF (BGRN) is 1.05%, while iShares Government/Credit Bond ETF (GBF) has a volatility of 1.21%. This indicates that BGRN experiences smaller price fluctuations and is considered to be less risky than GBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGRN | GBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 1.21% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.25% | 2.64% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 3.75% | -0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 5.93% | -0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 5.28% | -0.28% |
BGRN vs. GBF - Expense Ratio Comparison
Both BGRN and GBF have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BGRN vs. GBF - Dividend Comparison
BGRN's dividend yield for the trailing twelve months is around 4.28%, more than GBF's 3.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.28% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% | 0.00% | 0.00% | 0.00% |
GBF iShares Government/Credit Bond ETF | 3.78% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
Frequently Asked Questions
With a correlation of 0.93, BGRN and GBF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GBF has higher volatility (1.21%) compared to BGRN (1.05%). In terms of maximum drawdown, BGRN dropped -19.16% vs GBF's -19.67%.
On 5-year performance, BGRN leads with 0.56% vs -0.19% for GBF. Both ETFs have the same 0.20% expense ratio. On volatility, BGRN has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BGRN has performed better with a 0.56% return vs -0.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BGRN and GBF have the same expense ratio: 0.20% per year.
BGRN has the higher dividend yield at 4.28%, compared with 3.78% for GBF.
BGRN is categorized as Global Bonds, while GBF is Intermediate Core Bond. BGRN tracks Bloomberg MSCI USD Green Bond Select Index, while GBF tracks Bloomberg U.S. Government/Credit Bond Index.
BGRN currently has the higher Sharpe Ratio (1.66 vs 1.09), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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