BGRN vs. GTO
BGRN (iShares USD Green Bond ETF) and GTO (Invesco Total Return Bond ETF) are both exchange-traded funds - BGRN is a Global Bonds fund tracking the Bloomberg MSCI USD Green Bond Select Index, while GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco. BGRN is passively managed, while GTO is actively managed. Over the past 5 years, BGRN returned 0.54%/yr vs 0.07%/yr for GTO. Their correlation of 0.81 suggests significant overlap in exposure. BGRN charges 0.20%/yr vs 0.35%/yr for GTO.
Performance
BGRN vs. GTO - Performance Comparison
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Returns By Period
In the year-to-date period, BGRN achieves a 0.43% return, which is significantly lower than GTO's 0.68% return.
BGRN
- 1D
- -0.20%
- 1M
- 0.31%
- YTD
- 0.43%
- 6M
- 0.49%
- 1Y
- 5.19%
- 3Y*
- 4.75%
- 5Y*
- 0.54%
- 10Y*
- —
GTO
- 1D
- -0.15%
- 1M
- 0.49%
- YTD
- 0.68%
- 6M
- 0.69%
- 1Y
- 6.41%
- 3Y*
- 4.86%
- 5Y*
- 0.07%
- 10Y*
- 2.93%
BGRN vs. GTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 0.43% | 7.27% | 2.77% | 6.50% | -13.06% | -2.80% | 6.86% | 9.70% | 1.14% |
GTO Invesco Total Return Bond ETF | 0.68% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | 0.90% |
Correlation
The correlation between BGRN and GTO 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 | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2018 | 0.81 |
The correlation between BGRN and GTO shifts across timeframes, from 0.81 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BGRN vs. GTO — Risk / Return Rank
BGRN
GTO
BGRN vs. GTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Green Bond ETF (BGRN) and Invesco Total Return Bond ETF (GTO). 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 | GTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.35 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.36 | -0.02 |
| Martin ratioReturn relative to average drawdown | 7.85 | 7.50 | +0.35 |
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 | GTO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.76 | 1.88 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.01 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.53 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.52 | -0.07 |
Drawdowns
BGRN vs. GTO - Drawdown Comparison
The maximum BGRN drawdown since its inception was -19.16%, smaller than the maximum GTO drawdown of -20.61%. Use the drawdown chart below to compare losses from any high point for BGRN and GTO.
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Drawdown Indicators
| BGRN | GTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -20.61% | +1.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.73% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -4.55% | -5.98% | +1.43% |
Max Drawdown (5Y)Largest decline over 5 years | -18.73% | -20.61% | +1.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.61% | — |
Current DrawdownCurrent decline from peak | -0.83% | -1.62% | +0.79% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -4.80% | -0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.86% | -0.20% |
Volatility
BGRN vs. GTO - Volatility Comparison
The current volatility for iShares USD Green Bond ETF (BGRN) is 1.06%, while Invesco Total Return Bond ETF (GTO) has a volatility of 1.19%. This indicates that BGRN experiences smaller price fluctuations and is considered to be less risky than GTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGRN | GTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.19% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 2.50% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 3.43% | -0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 5.68% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 5.58% | -0.58% |
BGRN vs. GTO - Expense Ratio Comparison
BGRN has a 0.20% expense ratio, which is lower than GTO's 0.35% expense ratio.
Dividends
BGRN vs. GTO - Dividend Comparison
BGRN's dividend yield for the trailing twelve months is around 4.29%, less than GTO's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.29% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% | 0.00% | 0.00% |
GTO Invesco Total Return Bond ETF | 4.76% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% |
Frequently Asked Questions
With a correlation of 0.93, BGRN and GTO 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.
GTO has higher volatility (1.19%) compared to BGRN (1.06%). In terms of maximum drawdown, BGRN dropped -19.16% vs GTO's -20.61%.
On 5-year performance, BGRN leads with 0.54% vs 0.07% for GTO. On fees, BGRN is cheaper at 0.20% per year. On volatility, BGRN has been the lower-risk option at 1.06%. 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 0.54% return vs 0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BGRN is cheaper with a 0.20% expense ratio, compared with 0.35% for GTO.
GTO has the higher dividend yield at 4.76%, compared with 4.29% for BGRN.
BGRN is categorized as Global Bonds, while GTO is Intermediate Core-Plus Bond. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for BGRN and 0.35% for GTO.
GTO currently has the higher Sharpe Ratio (1.88 vs 1.76), 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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