BNDW vs. GGOV
BNDW (Vanguard Total World Bond ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both Global Bonds funds. Over the past year, BNDW returned 2.78% vs 0.14% for GGOV. A 0.64 correlation means they provide meaningful diversification when combined. BNDW charges 0.05%/yr vs 0.39%/yr for GGOV.
Performance
BNDW vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, BNDW achieves a 0.15% return, which is significantly lower than GGOV's 2.36% return.
BNDW
- 1D
- -0.35%
- 1M
- -0.61%
- 6M
- -0.23%
- YTD
- 0.15%
- 1Y
- 2.78%
- 3Y*
- 3.90%
- 5Y*
- -0.04%
- 10Y*
- —
GGOV
- 1D
- -0.32%
- 1M
- -0.10%
- 6M
- 2.76%
- YTD
- 2.36%
- 1Y
- 0.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNDW vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BNDW Vanguard Total World Bond ETF | 0.15% | 2.21% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.36% | -2.80% |
Correlation
The correlation between BNDW and GGOV is 0.64, 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 | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.64 |
The correlation between BNDW and GGOV has been stable across timeframes, ranging from 0.64 to 0.64 - a consistent structural relationship.
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Return for Risk
BNDW vs. GGOV — Risk / Return Rank
BNDW
GGOV
BNDW vs. GGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Bond ETF (BNDW) and iShares Global Government Bond USD Hedged Active ETF (GGOV). 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.
| BNDW | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.01 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 0.03 | +1.00 |
| Martin ratioReturn relative to average drawdown | 2.71 | 0.06 | +2.65 |
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Drawdowns
BNDW vs. GGOV - Drawdown Comparison
The maximum BNDW drawdown since its inception was -17.22%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for BNDW and GGOV.
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Drawdown Indicators
| BNDW | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.22% | -4.69% | -12.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -4.69% | +1.99% |
Max Drawdown (3Y)Largest decline over 3 years | -4.27% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.93% | — | — |
Current DrawdownCurrent decline from peak | -1.80% | -1.44% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -4.93% | -1.54% | -3.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 2.12% | -1.09% |
Volatility
BNDW vs. GGOV - Volatility Comparison
Vanguard Total World Bond ETF (BNDW) has a higher volatility of 1.10% compared to iShares Global Government Bond USD Hedged Active ETF (GGOV) at 0.97%. This indicates that BNDW's price experiences larger fluctuations and is considered to be riskier than GGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNDW | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.97% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 3.61% | -0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.39% | 5.29% | -1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.22% | 5.20% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.89% | 5.20% | -0.31% |
BNDW vs. GGOV - Expense Ratio Comparison
BNDW has a 0.05% expense ratio, which is lower than GGOV's 0.39% expense ratio.
Dividends
BNDW vs. GGOV - Dividend Comparison
BNDW's dividend yield for the trailing twelve months is around 4.25%, while GGOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 4.25% | 4.12% | 3.90% | 3.73% | 2.02% | 2.58% | 1.56% | 3.05% | 1.66% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BNDW and GGOV have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNDW has higher volatility (1.10%) compared to GGOV (0.97%). In terms of maximum drawdown, BNDW dropped -17.22% vs GGOV's -4.69%.
On 1-year performance, BNDW leads with 2.78% vs 0.14% for GGOV. On fees, BNDW is cheaper at 0.05% per year. On volatility, GGOV has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNDW has performed better with a 2.78% return vs 0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDW is cheaper with a 0.05% expense ratio, compared with 0.39% for GGOV.
BNDW has the higher dividend yield at 4.25%, compared with 0.00% for GGOV.
They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for BNDW and 0.39% for GGOV.
BNDW currently has the higher Sharpe Ratio (0.82 vs 0.03), 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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