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GBF vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GBF vs. VOO

Last updated Jun 7, 2026

GBF (iShares Government/Credit Bond ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - GBF is a Intermediate Core Bond fund tracking the Bloomberg U.S. Government/Credit Bond Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GBF returned 1.45%/yr vs 15.23%/yr for VOO. At a correlation of -0.10, they often move in opposite directions. GBF charges 0.20%/yr vs 0.03%/yr for VOO.

Performance

GBF vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Government/Credit Bond ETF (GBF) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GBF achieves a -0.06% return, which is significantly lower than VOO's 8.45% return. Over the past 10 years, GBF has underperformed VOO with an annualized return of 1.45%, while VOO has yielded a comparatively higher 15.23% annualized return.

GBF

1D
-0.41%
1M
-0.34%
YTD
-0.06%
6M
-0.10%
1Y
4.32%
3Y*
3.47%
5Y*
-0.27%
10Y*
1.45%

VOO

1D
-2.59%
1M
0.81%
YTD
8.45%
6M
8.18%
1Y
24.60%
3Y*
21.52%
5Y*
13.39%
10Y*
15.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GBF vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GBF
iShares Government/Credit Bond ETF		-0.06%6.41%0.99%5.79%-13.85%-2.30%8.76%9.47%-0.52%4.10%
VOO
Vanguard S&P 500 ETF		8.45%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between GBF and VOO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

Correlation (3Y)
Calculated over the trailing 3-year period

0.23

Correlation (5Y)
Calculated over the trailing 5-year period

0.17

Correlation (10Y)
Calculated over the trailing 10-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Sep 10, 2010

-0.10

The correlation between GBF and VOO shifts across timeframes, from -0.10 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Government/Credit Bond ETF

Vanguard S&P 500 ETF

Often compared with GBF:
GBF vs. GVIGBF vs. AGZGBF vs. CMBSGBF vs. NUBDGBF vs. AGGGBF vs. SCHZGBF vs. SHV
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV

Return for Risk

GBF vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GBF
GBF Risk / Return Rank: 2929
Overall Rank
GBF Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
GBF Sortino Ratio Rank: 2929
Sortino Ratio Rank
GBF Omega Ratio Rank: 2727
Omega Ratio Rank
GBF Calmar Ratio Rank: 3030
Calmar Ratio Rank
GBF Martin Ratio Rank: 2929
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6666
Overall Rank
VOO Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6363
Sortino Ratio Rank
VOO Omega Ratio Rank: 6666
Omega Ratio Rank
VOO Calmar Ratio Rank: 6060
Calmar Ratio Rank
VOO Martin Ratio Rank: 7373
Martin Ratio Rank
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.

GBF vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Government/Credit Bond ETF (GBF) and Vanguard S&P 500 ETF (VOO). 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.

GBFVOODifference
Sharpe ratioReturn per unit of total volatility
1.02
2.15

-1.13

Sortino ratioReturn per unit of downside risk
1.51
2.89

-1.38

Omega ratioGain probability vs. loss probability

1.18

1.39

-0.22

Calmar ratioReturn relative to maximum drawdown

1.39

2.92

-1.53

Martin ratioReturn relative to average drawdown

4.07

13.53

-9.45

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBF vs. VOO - Sharpe Ratio Comparison

The current GBF Sharpe Ratio is 1.02, which is lower than the VOO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of GBF and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GBFVOODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.02

2.15

-1.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.05

0.80

-0.84

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.28

0.85

-0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.88

-0.30

Drawdowns

GBF vs. VOO - Drawdown Comparison

The maximum GBF drawdown since its inception was -19.67%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for GBF and VOO.

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Drawdown Indicators

GBFVOODifference

Max Drawdown

Largest peak-to-trough decline

-19.67%

-33.99%

+14.32%

Max Drawdown (1Y)

Largest decline over 1 year

-2.73%

-8.90%

+6.17%

Max Drawdown (3Y)

Largest decline over 3 years

-5.78%

-18.69%

+12.91%

Max Drawdown (5Y)

Largest decline over 5 years

-18.45%

-24.52%

+6.07%

Max Drawdown (10Y)

Largest decline over 10 years

-19.67%

-33.99%

+14.32%

Current Drawdown

Current decline from peak

-5.10%

-2.90%

-2.20%

Average Drawdown

Average peak-to-trough decline

-3.67%

-3.69%

+0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.93%

1.92%

-0.99%

Volatility

GBF vs. VOO - Volatility Comparison

The current volatility for iShares Government/Credit Bond ETF (GBF) is 1.20%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.74%. This indicates that GBF experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GBFVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.20%

3.74%

-2.54%

Volatility (6M)

Calculated over the trailing 6-month period

2.66%

9.30%

-6.64%

Volatility (1Y)

Calculated over the trailing 1-year period

3.73%

12.10%

-8.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.93%

16.84%

-10.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.28%

18.02%

-12.74%

GBF vs. VOO - Expense Ratio Comparison

GBF has a 0.20% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GBF vs. VOO - Dividend Comparison

GBF's dividend yield for the trailing twelve months is around 3.80%, more than VOO's 1.05% yield.

PositionTTM20252024202320222021202020192018201720162015
GBF
iShares Government/Credit Bond ETF		3.80%3.81%3.94%3.03%2.13%1.22%1.64%2.64%2.59%2.31%2.09%2.04%
VOO
Vanguard S&P 500 ETF		1.05%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

GBF and VOO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VOO has higher volatility (3.74%) compared to GBF (1.20%). In terms of maximum drawdown, GBF dropped -19.67% vs VOO's -33.99%.

On 10-year performance, VOO leads with 15.23% vs 1.45% for GBF. On fees, VOO is cheaper at 0.03% per year. On volatility, GBF has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.23% return vs 1.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.20% for GBF.

GBF has the higher dividend yield at 3.80%, compared with 1.05% for VOO.

GBF is categorized as Intermediate Core Bond, while VOO is S&P 500. GBF tracks Bloomberg U.S. Government/Credit Bond Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for GBF and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (2.15 vs 1.02), 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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