GGOV vs. IWM
GGOV (iShares Global Government Bond USD Hedged Active ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - GGOV is a Global Bonds fund actively managed by iShares, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. GGOV is actively managed, while IWM is passively managed. Over the past year, GGOV returned -0.42% vs 39.26% for IWM. Their 0.14 correlation means their historical movements had little consistent relationship. GGOV charges 0.39%/yr vs 0.19%/yr for IWM.
Performance
GGOV vs. IWM - Performance Comparison
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Returns By Period
In the year-to-date period, GGOV achieves a 2.61% return, which is significantly lower than IWM's 20.84% return.
GGOV
- 1D
- 0.12%
- 1M
- -0.10%
- 6M
- 3.17%
- YTD
- 2.61%
- 1Y
- -0.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.23%
IWM
- 1D
- 1.72%
- 1M
- -0.46%
- 6M
- 13.45%
- YTD
- 20.84%
- 1Y
- 39.26%
- 3Y*
- 16.48%
- 5Y*
- 7.64%
- 10Y*
- 10.63%
- ALL TIME*
- 8.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $49.16M | $62.50M | $78.51M | |
| $6.77B | $6.36B | $7.44B |
GGOV vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
IWM iShares Russell 2000 ETF | 20.84% | 16.85% |
Correlation
The correlation between GGOV and IWM is 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.14 |
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Return for Risk
GGOV vs. IWM — Risk / Return Rank
GGOV
IWM
GGOV vs. IWM - 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 Russell 2000 ETF (IWM). 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 | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -2.92 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.34 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 3.58 | -3.67 |
| Martin ratioReturn relative to average drawdown | -0.19 | 12.68 | -12.87 |
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Drawdowns
GGOV vs. IWM - Drawdown Comparison
The maximum GGOV drawdown since its inception was -4.69%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for GGOV and IWM.
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Drawdown Indicators
| GGOV | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.69% | -59.05% | +54.36% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -11.03% | +6.34% |
Max Drawdown (3Y)Largest decline over 3 years | — | -27.50% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -31.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.13% | — |
Current DrawdownCurrent decline from peak | -1.20% | -1.41% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -1.54% | -10.71% | +9.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 3.11% | -0.96% |
Volatility
GGOV vs. IWM - Volatility Comparison
The current volatility for iShares Global Government Bond USD Hedged Active ETF (GGOV) is 0.78%, while iShares Russell 2000 ETF (IWM) has a volatility of 4.21%. This indicates that GGOV experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GGOV | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 4.21% | -3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 14.13% | -10.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.22% | 19.36% | -14.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 22.50% | -17.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 23.02% | -17.94% |
GGOV vs. IWM - Expense Ratio Comparison
GGOV has a 0.39% expense ratio, which is higher than IWM's 0.19% expense ratio.
Dividends
GGOV vs. IWM - Dividend Comparison
GGOV has not paid dividends to shareholders, while IWM's dividend yield for the trailing twelve months is around 0.90%.
| 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% |
IWM iShares Russell 2000 ETF | 0.90% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
Frequently Asked Questions
GGOV and IWM have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWM has higher volatility (4.21%) compared to GGOV (0.78%). In terms of maximum drawdown, GGOV dropped -4.69% vs IWM's -59.05%.
On 1-year performance, IWM leads with 39.26% vs -0.42% for GGOV. On fees, IWM is cheaper at 0.19% 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, IWM has performed better with a 39.26% return vs -0.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWM is cheaper with a 0.19% expense ratio, compared with 0.39% for GGOV.
IWM has the higher dividend yield at 0.90%, compared with 0.00% for GGOV.
GGOV is categorized as Global Bonds, while IWM is Small Cap Blend Equities. Their fees differ too: 0.39% for GGOV and 0.19% for IWM.
IWM currently has the higher Sharpe Ratio (2.04 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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