BNDX vs. GGOV
BNDX (Vanguard Total International Bond ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both Global Bonds funds. Over the past year, BNDX returned 1.82% vs 0.02% for GGOV. A 0.56 correlation means they provide meaningful diversification when combined. BNDX charges 0.07%/yr vs 0.39%/yr for GGOV.
Performance
BNDX vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, BNDX achieves a 0.62% return, which is significantly lower than GGOV's 2.47% return.
BNDX
- 1D
- -0.15%
- 1M
- -0.54%
- 6M
- 0.06%
- YTD
- 0.62%
- 1Y
- 1.82%
- 3Y*
- 4.06%
- 5Y*
- 0.11%
- 10Y*
- 1.55%
GGOV
- 1D
- -0.18%
- 1M
- -0.40%
- 6M
- 3.01%
- YTD
- 2.47%
- 1Y
- 0.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNDX vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BNDX Vanguard Total International Bond ETF | 0.62% | 1.01% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.47% | -2.80% |
Correlation
The correlation between BNDX and GGOV is 0.56, 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 | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.56 |
The correlation between BNDX and GGOV has been stable across timeframes, ranging from 0.56 to 0.56 - a consistent structural relationship.
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Return for Risk
BNDX vs. GGOV — Risk / Return Rank
BNDX
GGOV
BNDX vs. GGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) 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.
| BNDX | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.01 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 0.00 | +0.62 |
| Martin ratioReturn relative to average drawdown | 1.67 | 0.01 | +1.66 |
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Drawdowns
BNDX vs. GGOV - Drawdown Comparison
The maximum BNDX drawdown since its inception was -16.23%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for BNDX and GGOV.
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Drawdown Indicators
| BNDX | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.23% | -4.69% | -11.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -4.69% | +1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -2.93% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.86% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -16.23% | — | — |
Current DrawdownCurrent decline from peak | -1.41% | -1.34% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -3.09% | -1.54% | -1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 2.12% | -1.03% |
Volatility
BNDX vs. GGOV - Volatility Comparison
Vanguard Total International Bond ETF (BNDX) has a higher volatility of 0.99% compared to iShares Global Government Bond USD Hedged Active ETF (GGOV) at 0.88%. This indicates that BNDX'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
| BNDX | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 0.88% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 3.62% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 5.29% | -1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.90% | 5.18% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.09% | 5.18% | -1.09% |
BNDX vs. GGOV - Expense Ratio Comparison
BNDX has a 0.07% expense ratio, which is lower than GGOV's 0.39% expense ratio.
Dividends
BNDX vs. GGOV - Dividend Comparison
BNDX's dividend yield for the trailing twelve months is around 4.51%, while GGOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.51% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BNDX and GGOV have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNDX has higher volatility (0.99%) compared to GGOV (0.88%). In terms of maximum drawdown, BNDX dropped -16.23% vs GGOV's -4.69%.
On 1-year performance, BNDX leads with 1.82% vs 0.02% for GGOV. On fees, BNDX is cheaper at 0.07% per year. On volatility, GGOV has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BNDX has performed better with a 1.82% return vs 0.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.39% for GGOV.
BNDX has the higher dividend yield at 4.51%, compared with 0.00% for GGOV.
They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for BNDX and 0.39% for GGOV.
BNDX currently has the higher Sharpe Ratio (0.52 vs 0.00), 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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