GGOV vs. GOVI
GGOV (iShares Global Government Bond USD Hedged Active ETF) and GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) are both exchange-traded funds - GGOV is a Global Bonds fund managed by iShares, while GOVI is a Government Bonds fund tracking the ICE 1-30 Year Laddered Maturity U.S. Treasury Index. Over the past year, GGOV returned 0.35% vs 2.96% for GOVI. A 0.63 correlation means they provide meaningful diversification when combined. GGOV charges 0.39%/yr vs 0.15%/yr for GOVI.
Performance
GGOV vs. GOVI - 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 GOVI's -0.99% return.
GGOV
- 1D
- 0.24%
- 1M
- 0.14%
- 6M
- 3.07%
- YTD
- 2.61%
- 1Y
- 0.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GOVI
- 1D
- 0.19%
- 1M
- -0.82%
- 6M
- -1.38%
- YTD
- -0.99%
- 1Y
- 2.96%
- 3Y*
- 0.86%
- 5Y*
- -3.52%
- 10Y*
- -0.36%
GGOV vs. GOVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | -0.99% | 2.84% |
Correlation
The correlation between GGOV and GOVI is 0.64, 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 | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.63 |
The correlation between GGOV and GOVI has been stable across timeframes, ranging from 0.63 to 0.64 - a consistent structural relationship.
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Return for Risk
GGOV vs. GOVI — Risk / Return Rank
GGOV
GOVI
GGOV vs. GOVI - 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 Invesco Equal Weight 0-30 Year Treasury ETF (GOVI). 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 | GOVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.08 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.08 | 0.54 | -0.47 |
| Martin ratioReturn relative to average drawdown | 0.17 | 1.37 | -1.21 |
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Drawdowns
GGOV vs. GOVI - Drawdown Comparison
The maximum GGOV drawdown since its inception was -4.69%, smaller than the maximum GOVI drawdown of -32.70%. Use the drawdown chart below to compare losses from any high point for GGOV and GOVI.
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Drawdown Indicators
| GGOV | GOVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.69% | -32.70% | +28.01% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -5.45% | +0.76% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.49% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.70% | — |
Current DrawdownCurrent decline from peak | -1.20% | -22.73% | +21.53% |
Average DrawdownAverage peak-to-trough decline | -1.54% | -9.72% | +8.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.12% | 2.16% | -0.04% |
Volatility
GGOV vs. GOVI - Volatility Comparison
The current volatility for iShares Global Government Bond USD Hedged Active ETF (GGOV) is 0.88%, while Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) has a volatility of 1.80%. This indicates that GGOV experiences smaller price fluctuations and is considered to be less risky than GOVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GGOV | GOVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 1.80% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 3.62% | 4.81% | -1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.28% | 6.37% | -1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.19% | 9.84% | -4.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.19% | 9.07% | -3.88% |
GGOV vs. GOVI - Expense Ratio Comparison
GGOV has a 0.39% expense ratio, which is higher than GOVI's 0.15% expense ratio.
Dividends
GGOV vs. GOVI - Dividend Comparison
GGOV has not paid dividends to shareholders, while GOVI's dividend yield for the trailing twelve months is around 3.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 3.86% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
Frequently Asked Questions
GGOV and GOVI have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOVI has higher volatility (1.80%) compared to GGOV (0.88%). In terms of maximum drawdown, GGOV dropped -4.69% vs GOVI's -32.70%.
On 1-year performance, GOVI leads with 2.96% vs 0.35% for GGOV. On fees, GOVI is cheaper at 0.15% 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, GOVI has performed better with a 2.96% return vs 0.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVI is cheaper with a 0.15% expense ratio, compared with 0.39% for GGOV.
GOVI has the higher dividend yield at 3.86%, compared with 0.00% for GGOV.
GGOV is categorized as Global Bonds, while GOVI is Government Bonds. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.39% for GGOV and 0.15% for GOVI.
GOVI currently has the higher Sharpe Ratio (0.47 vs 0.07), 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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