BGRN vs. SPSK
BGRN (iShares USD Green Bond ETF) and SPSK (SP Funds Dow Jones Global Sukuk ETF) are both Global Bonds funds - BGRN tracks the Bloomberg MSCI USD Green Bond Select Index while SPSK tracks the Dow Jones Sukuk Total Return (No Coupon Reinvestment). Both are passively managed. Over the past 5 years, BGRN returned 0.54%/yr vs 0.83%/yr for SPSK. At a 0.45 correlation, their price movements are largely independent. BGRN charges 0.20%/yr vs 0.50%/yr for SPSK.
Performance
BGRN vs. SPSK - Performance Comparison
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Returns By Period
In the year-to-date period, BGRN achieves a 0.43% return, which is significantly higher than SPSK's 0.03% return.
BGRN
- 1D
- -0.20%
- 1M
- 0.31%
- YTD
- 0.43%
- 6M
- 0.49%
- 1Y
- 5.19%
- 3Y*
- 4.75%
- 5Y*
- 0.54%
- 10Y*
- —
SPSK
- 1D
- -0.22%
- 1M
- 0.40%
- YTD
- 0.03%
- 6M
- -0.08%
- 1Y
- 3.74%
- 3Y*
- 3.95%
- 5Y*
- 0.83%
- 10Y*
- —
BGRN vs. SPSK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 0.43% | 7.27% | 2.77% | 6.50% | -13.06% | -2.80% | 6.86% | -0.20% |
SPSK SP Funds Dow Jones Global Sukuk ETF | 0.03% | 6.16% | 2.95% | 3.95% | -7.75% | -1.30% | 3.67% | 0.02% |
Correlation
The correlation between BGRN and SPSK is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2019 | 0.45 |
The correlation between BGRN and SPSK shifts across timeframes, from 0.45 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BGRN vs. SPSK — Risk / Return Rank
BGRN
SPSK
BGRN vs. SPSK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Green Bond ETF (BGRN) and SP Funds Dow Jones Global Sukuk ETF (SPSK). 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 | SPSK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.17 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 1.32 | +1.02 |
| Martin ratioReturn relative to average drawdown | 7.85 | 4.43 | +3.41 |
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 | SPSK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.76 | 0.98 | +0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.16 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.20 | +0.25 |
Drawdowns
BGRN vs. SPSK - Drawdown Comparison
The maximum BGRN drawdown since its inception was -19.16%, which is greater than SPSK's maximum drawdown of -12.83%. Use the drawdown chart below to compare losses from any high point for BGRN and SPSK.
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Drawdown Indicators
| BGRN | SPSK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | -12.83% | -6.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -2.85% | +0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -4.55% | -3.17% | -1.38% |
Max Drawdown (5Y)Largest decline over 5 years | -18.73% | -12.45% | -6.28% |
Current DrawdownCurrent decline from peak | -0.83% | -1.03% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -3.83% | -1.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.84% | -0.18% |
Volatility
BGRN vs. SPSK - Volatility Comparison
iShares USD Green Bond ETF (BGRN) has a higher volatility of 1.06% compared to SP Funds Dow Jones Global Sukuk ETF (SPSK) at 0.96%. This indicates that BGRN's price experiences larger fluctuations and is considered to be riskier than SPSK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGRN | SPSK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.96% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 2.46% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.97% | 3.84% | -0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 5.29% | +0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 5.46% | -0.46% |
BGRN vs. SPSK - Expense Ratio Comparison
BGRN has a 0.20% expense ratio, which is lower than SPSK's 0.50% expense ratio.
Dividends
BGRN vs. SPSK - Dividend Comparison
BGRN's dividend yield for the trailing twelve months is around 4.29%, more than SPSK's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.29% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% |
SPSK SP Funds Dow Jones Global Sukuk ETF | 4.24% | 3.63% | 3.53% | 2.95% | 2.22% | 2.56% | 1.78% | 0.00% | 0.00% |
Frequently Asked Questions
BGRN and SPSK have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BGRN has higher volatility (1.06%) compared to SPSK (0.96%). In terms of maximum drawdown, BGRN dropped -19.16% vs SPSK's -12.83%.
On 5-year performance, SPSK leads with 0.83% vs 0.54% for BGRN. On fees, BGRN is cheaper at 0.20% per year. On volatility, SPSK has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPSK has performed better with a 0.83% return vs 0.54%. 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 0.50% for SPSK.
BGRN has the higher dividend yield at 4.29%, compared with 4.24% for SPSK.
BGRN tracks Bloomberg MSCI USD Green Bond Select Index, while SPSK tracks Dow Jones Sukuk Total Return (No Coupon Reinvestment). They also come from different issuers: iShares and SP Funds. Their fees differ too: 0.20% for BGRN and 0.50% for SPSK.
BGRN currently has the higher Sharpe Ratio (1.76 vs 0.98), 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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