GGOV vs. BNDW
GGOV (iShares Global Government Bond USD Hedged Active ETF) and BNDW (Vanguard Total World Bond ETF) are both Global Bonds funds. GGOV is actively managed, while BNDW is passively managed. Over the past year, GGOV returned -0.42% vs 1.63% for BNDW. Their 0.64 correlation means they have sometimes moved together and sometimes differently. GGOV charges 0.39%/yr vs 0.05%/yr for BNDW.
Performance
GGOV vs. BNDW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GGOV achieves a 2.61% return, which is significantly higher than BNDW's 0.16% return.
GGOV
- 1D
- 0.12%
- 1M
- -0.10%
- 6M
- 3.17%
- YTD
- 2.61%
- 1Y
- -0.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.23%
BNDW
- 1D
- 0.37%
- 1M
- -0.72%
- 6M
- -0.13%
- YTD
- 0.16%
- 1Y
- 1.63%
- 3Y*
- 4.09%
- 5Y*
- -0.24%
- 10Y*
- —
- ALL TIME*
- 1.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.66M | $6.09M | $6.94M | |
| $49.16M | $62.50M | $78.51M |
GGOV vs. BNDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
BNDW Vanguard Total World Bond ETF | 0.16% | 2.21% |
Correlation
The correlation between GGOV and BNDW is 0.62, 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. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.64 |
The correlation between GGOV and BNDW has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GGOV vs. BNDW — Risk / Return Rank
GGOV
BNDW
GGOV vs. BNDW - 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 Vanguard Total World Bond ETF (BNDW). 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 | BNDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.08 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.61 | -0.70 |
| Martin ratioReturn relative to average drawdown | -0.19 | 1.46 | -1.66 |
Loading charts...
Drawdowns
GGOV vs. BNDW - Drawdown Comparison
The maximum GGOV drawdown since its inception was -4.69%, smaller than the maximum BNDW drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for GGOV and BNDW.
Loading charts...
Drawdown Indicators
| GGOV | BNDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.69% | -17.22% | +12.53% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -2.70% | -1.99% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.57% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.82% | — |
Current DrawdownCurrent decline from peak | -1.20% | -1.78% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -1.54% | -4.90% | +3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 1.12% | +1.03% |
Volatility
GGOV vs. BNDW - Volatility Comparison
The current volatility for iShares Global Government Bond USD Hedged Active ETF (GGOV) is 0.78%, while Vanguard Total World Bond ETF (BNDW) has a volatility of 1.04%. This indicates that GGOV experiences smaller price fluctuations and is considered to be less risky than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GGOV | BNDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 1.04% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 2.84% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.22% | 3.36% | +1.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 5.23% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 4.88% | +0.20% |
GGOV vs. BNDW - Expense Ratio Comparison
GGOV has a 0.39% expense ratio, which is higher than BNDW's 0.05% expense ratio.
Dividends
GGOV vs. BNDW - Dividend Comparison
GGOV has not paid dividends to shareholders, while BNDW's dividend yield for the trailing twelve months is around 4.28%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BNDW Vanguard Total World Bond ETF | 4.28% | 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
GGOV and BNDW have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNDW has higher volatility (1.04%) compared to GGOV (0.78%). In terms of maximum drawdown, GGOV dropped -4.69% vs BNDW's -17.22%.
On 1-year performance, BNDW leads with 1.63% vs -0.42% for GGOV. On fees, BNDW is cheaper at 0.05% per year. On volatility, GGOV has been the lower-risk option at 0.78%. 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 1.63% return vs -0.42%. 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 4.28%, compared with 0.00% for GGOV.
They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.39% for GGOV and 0.05% for BNDW.
BNDW currently has the higher Sharpe Ratio (0.49 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.
Find the right allocation for GGOV and BNDW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer