BGRN vs. GRNB
BGRN (iShares USD Green Bond ETF) and GRNB (VanEck Green Bond ETF) are both Global Bonds funds - BGRN tracks the Bloomberg MSCI USD Green Bond Select Index while GRNB tracks the S&P Green Bond U.S. Dollar Select Index. Both are passively managed. Over the past 5 years, BGRN returned 0.55%/yr vs 0.76%/yr for GRNB. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
BGRN vs. GRNB - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BGRN having a 0.58% return and GRNB slightly higher at 0.59%.
BGRN
- 1D
- -0.16%
- 1M
- 0.49%
- YTD
- 0.58%
- 6M
- 0.75%
- 1Y
- 4.63%
- 3Y*
- 4.77%
- 5Y*
- 0.55%
- 10Y*
- —
GRNB
- 1D
- -0.16%
- 1M
- 0.64%
- YTD
- 0.59%
- 6M
- 0.70%
- 1Y
- 4.37%
- 3Y*
- 5.19%
- 5Y*
- 0.76%
- 10Y*
- —
BGRN vs. GRNB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 0.58% | 7.27% | 2.77% | 6.50% | -13.06% | -2.80% | 6.86% | 9.70% | 1.14% |
GRNB VanEck Green Bond ETF | 0.59% | 7.09% | 3.31% | 7.08% | -11.93% | -2.36% | 7.98% | 5.40% | 1.65% |
Correlation
The correlation between BGRN and GRNB is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Nov 27, 2018 | 0.79 |
The correlation between BGRN and GRNB has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.
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Return for Risk
BGRN vs. GRNB — Risk / Return Rank
BGRN
GRNB
BGRN vs. GRNB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Green Bond ETF (BGRN) and VanEck Green Bond ETF (GRNB). 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.
| BGRN | GRNB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.28 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 1.75 | +0.34 |
| Martin ratioReturn relative to average drawdown | 6.80 | 6.74 | +0.06 |
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Drawdowns
BGRN vs. GRNB - Drawdown Comparison
The maximum BGRN drawdown since its inception was -19.16%, which is greater than GRNB's maximum drawdown of -18.08%. Use the drawdown chart below to compare losses from any high point for BGRN and GRNB.
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Drawdown Indicators
| BGRN | GRNB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -18.08% | -1.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.51% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -4.55% | -4.24% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -18.73% | -17.94% | -0.79% |
Current DrawdownCurrent decline from peak | -0.69% | -0.41% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -5.76% | -4.56% | -1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.65% | +0.03% |
Volatility
BGRN vs. GRNB - Volatility Comparison
iShares USD Green Bond ETF (BGRN) has a higher volatility of 0.86% compared to VanEck Green Bond ETF (GRNB) at 0.81%. This indicates that BGRN's price experiences larger fluctuations and is considered to be riskier than GRNB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGRN | GRNB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.81% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 2.40% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 2.99% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 4.92% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 4.87% | +0.12% |
BGRN vs. GRNB - Expense Ratio Comparison
Both BGRN and GRNB 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. GRNB - Dividend Comparison
BGRN's dividend yield for the trailing twelve months is around 4.28%, more than GRNB's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
GRNB VanEck Green Bond ETF | 4.23% | 4.18% | 3.83% | 3.17% | 2.60% | 1.97% | 2.24% | 1.79% | 1.21% | 1.09% |
Frequently Asked Questions
BGRN and GRNB have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BGRN has higher volatility (0.86%) compared to GRNB (0.81%). In terms of maximum drawdown, BGRN dropped -19.16% vs GRNB's -18.08%.
On 5-year performance, GRNB leads with 0.76% vs 0.55% for BGRN. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GRNB has performed better with a 0.76% return vs 0.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BGRN and GRNB have the same expense ratio: 0.20% per year.
BGRN has the higher dividend yield at 4.28%, compared with 4.23% for GRNB.
BGRN tracks Bloomberg MSCI USD Green Bond Select Index, while GRNB tracks S&P Green Bond U.S. Dollar Select Index. They also come from different issuers: iShares and VanEck.
BGRN currently has the higher Sharpe Ratio (1.57 vs 1.47), 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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