GGOV vs. BGRN
GGOV (iShares Global Government Bond USD Hedged Active ETF) and BGRN (iShares USD Green Bond ETF) are both Global Bonds funds from iShares. GGOV is actively managed, while BGRN is passively managed. Over the past year, GGOV returned -0.42% vs 2.40% for BGRN. Their 0.56 correlation means they have sometimes moved together and sometimes differently. GGOV charges 0.39%/yr vs 0.20%/yr for BGRN.
Performance
GGOV vs. BGRN - Performance Comparison
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Returns By Period
In the year-to-date period, GGOV achieves a 2.61% return, which is significantly higher than BGRN's 0.06% return.
GGOV
- 1D
- 0.12%
- 1M
- -0.10%
- 6M
- 3.17%
- YTD
- 2.61%
- 1Y
- -0.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.23%
BGRN
- 1D
- 0.21%
- 1M
- -0.80%
- 6M
- -0.08%
- YTD
- 0.06%
- 1Y
- 2.40%
- 3Y*
- 4.66%
- 5Y*
- -0.05%
- 10Y*
- —
- ALL TIME*
- 2.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.23M | $1.72M | $1.61M | |
| $49.16M | $62.50M | $78.51M |
GGOV vs. BGRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
BGRN iShares USD Green Bond ETF | 0.06% | 3.52% |
Correlation
The correlation between GGOV and BGRN is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.56 |
The correlation between GGOV and BGRN has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.
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Return for Risk
GGOV vs. BGRN — Risk / Return Rank
GGOV
BGRN
GGOV vs. BGRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Government Bond USD Hedged Active ETF (GGOV) and iShares USD Green Bond ETF (BGRN). 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.
| GGOV | BGRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.14 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 1.08 | -1.17 |
| Martin ratioReturn relative to average drawdown | -0.19 | 3.22 | -3.42 |
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Drawdowns
GGOV vs. BGRN - Drawdown Comparison
The maximum GGOV drawdown since its inception was -4.69%, smaller than the maximum BGRN drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for GGOV and BGRN.
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Drawdown Indicators
| GGOV | BGRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.69% | -19.16% | +14.47% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -2.23% | -2.46% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.68% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.73% | — |
Current DrawdownCurrent decline from peak | -1.20% | -1.21% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -1.54% | -5.68% | +4.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 0.75% | +1.40% |
Volatility
GGOV vs. BGRN - Volatility Comparison
iShares Global Government Bond USD Hedged Active ETF (GGOV) has a higher volatility of 0.78% compared to iShares USD Green Bond ETF (BGRN) at 0.72%. This indicates that GGOV's price experiences larger fluctuations and is considered to be riskier than BGRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GGOV | BGRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.72% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 2.39% | +1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.22% | 2.89% | +2.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 5.46% | -0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 4.96% | +0.12% |
GGOV vs. BGRN - Expense Ratio Comparison
GGOV has a 0.39% expense ratio, which is higher than BGRN's 0.20% expense ratio.
Dividends
GGOV vs. BGRN - Dividend Comparison
GGOV has not paid dividends to shareholders, while BGRN's dividend yield for the trailing twelve months is around 4.35%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.35% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% |
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
GGOV and BGRN have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GGOV has higher volatility (0.78%) compared to BGRN (0.72%). In terms of maximum drawdown, GGOV dropped -4.69% vs BGRN's -19.16%.
On 1-year performance, BGRN leads with 2.40% vs -0.42% for GGOV. On fees, BGRN is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BGRN has performed better with a 2.40% return vs -0.42%. 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 0.39% for GGOV.
BGRN has the higher dividend yield at 4.35%, compared with 0.00% for GGOV.
Their fees differ too: 0.39% for GGOV and 0.20% for BGRN.
BGRN currently has the higher Sharpe Ratio (0.83 vs -0.08), 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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