DFGX vs. GGOV

Last updated Jul 14, 2026

DFGX (Dimensional Global Ex US Core Fixed Income ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both Global Bonds funds. Over the past year, DFGX returned 2.68% vs 0.14% for GGOV. A 0.52 correlation means they provide meaningful diversification when combined. DFGX charges 0.20%/yr vs 0.39%/yr for GGOV.

Performance

DFGX vs. GGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Global Ex US Core Fixed Income ETF (DFGX) and iShares Global Government Bond USD Hedged Active ETF (GGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFGX achieves a 0.73% return, which is significantly lower than GGOV's 2.36% return.

DFGX

• 1D: -0.46%
• 1M: -0.70%
• 6M: 0.04%
• YTD: 0.73%
• 1Y: 2.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GGOV

• 1D: -0.32%
• 1M: -0.10%
• 6M: 2.76%
• YTD: 2.36%
• 1Y: 0.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFGX vs. GGOV - Yearly Performance Comparison

	2026 (YTD)	2025
DFGX Dimensional Global Ex US Core Fixed Income ETF	0.73%	1.47%
GGOV iShares Global Government Bond USD Hedged Active ETF	2.36%	-2.80%

Correlation

The correlation between DFGX and GGOV is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.52

The correlation between DFGX and GGOV has been stable across timeframes, ranging from 0.52 to 0.53 - a consistent structural relationship.

Return for Risk

DFGX vs. GGOV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFGX

DFGX Risk / Return Rank: 22
DFGX Sharpe Ratio Rank: 23
DFGX Sortino Ratio Rank: 20
DFGX Omega Ratio Rank: 20
DFGX Calmar Ratio Rank: 22
DFGX Martin Ratio Rank: 23

GGOV

GGOV Risk / Return Rank: 9
GGOV Sharpe Ratio Rank: 10
GGOV Sortino Ratio Rank: 8
GGOV Omega Ratio Rank: 9
GGOV Calmar Ratio Rank: 10
GGOV Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFGX vs. GGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Global Ex US Core Fixed Income ETF (DFGX) 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.

	DFGX	GGOV	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.03	+0.62
Sortino ratio: Return per unit of downside risk	0.95	0.06	+0.89
Omega ratio: Gain probability vs. loss probability	1.12	1.01	+0.11
Calmar ratio: Return relative to maximum drawdown	0.81	0.03	+0.78
Martin ratio: Return relative to average drawdown	2.30	0.06	+2.23

DFGX vs. GGOV - Sharpe Ratio Comparison

The current DFGX Sharpe Ratio is 0.65, which is higher than the GGOV Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of DFGX and GGOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFGX vs. GGOV - Drawdown Comparison

The maximum DFGX drawdown since its inception was -3.32%, smaller than the maximum GGOV drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for DFGX and GGOV.

Drawdown Indicators

	DFGX	GGOV	Difference
Max Drawdown Largest peak-to-trough decline	-3.32%	-4.69%	+1.37%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-4.69%	+1.37%
Current Drawdown Current decline from peak	-1.41%	-1.44%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.78%	-1.54%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	2.12%	-0.95%

Volatility

DFGX vs. GGOV - Volatility Comparison

Dimensional Global Ex US Core Fixed Income ETF (DFGX) has a higher volatility of 1.28% compared to iShares Global Government Bond USD Hedged Active ETF (GGOV) at 0.97%. This indicates that DFGX'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.

Volatility by Period

	DFGX	GGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	0.97%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	3.53%	3.61%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	5.29%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.64%	5.20%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	5.20%	-0.56%

DFGX vs. GGOV - Expense Ratio Comparison

DFGX has a 0.20% expense ratio, which is lower than GGOV's 0.39% expense ratio.

Dividends

DFGX vs. GGOV - Dividend Comparison

DFGX's dividend yield for the trailing twelve months is around 2.75%, while GGOV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
DFGX Dimensional Global Ex US Core Fixed Income ETF	2.75%	2.84%	4.61%	0.49%
GGOV iShares Global Government Bond USD Hedged Active ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFGX and GGOV in my portfolio?

DFGX and GGOV have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFGX or GGOV?

DFGX has higher volatility (1.28%) compared to GGOV (0.97%). In terms of maximum drawdown, DFGX dropped -3.32% vs GGOV's -4.69%.

Which ETF is better, DFGX or GGOV?

On 1-year performance, DFGX leads with 2.68% vs 0.14% for GGOV. On fees, DFGX is cheaper at 0.20% 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.

Which ETF has performed better, DFGX or GGOV?

Over the 1-year period, DFGX has performed better with a 2.68% return vs 0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFGX or GGOV?

DFGX is cheaper with a 0.20% expense ratio, compared with 0.39% for GGOV.

Which ETF pays a higher dividend yield, DFGX or GGOV?

DFGX has the higher dividend yield at 2.75%, compared with 0.00% for GGOV.

What is the main difference between DFGX and GGOV?

They also come from different issuers: Dimensional and iShares. Their fees differ too: 0.20% for DFGX and 0.39% for GGOV.

Which has better risk-adjusted returns?

DFGX currently has the higher Sharpe Ratio (0.65 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.