GGOV vs. SHV

Last updated Aug 2, 2026

GGOV (iShares Global Government Bond USD Hedged Active ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - GGOV is a Global Bonds fund actively managed by iShares, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. GGOV is actively managed, while SHV is passively managed. Over the past year, GGOV returned -0.54% vs 3.75% for SHV. Their 0.13 correlation means their historical movements had little consistent relationship. GGOV charges 0.39%/yr vs 0.15%/yr for SHV.

Performance

GGOV vs. SHV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Government Bond USD Hedged Active ETF (GGOV) and iShares 0-1 Year Treasury Bond ETF (SHV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GGOV achieves a 2.49% return, which is significantly higher than SHV's 2.01% return.

GGOV

• 1D: 0.00%
• 1M: -0.22%
• 6M: 2.93%
• YTD: 2.49%
• 1Y: -0.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.35%

SHV

• 1D: 0.03%
• 1M: 0.28%
• 6M: 1.75%
• YTD: 2.01%
• 1Y: 3.75%
• 3Y*: 4.57%
• 5Y*: 3.44%
• 10Y*: 2.28%
• ALL TIME*: 1.59%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GGOV iShares Global Government Bond USD Hedged Active ETF	$61.82M	$62.54M	$76.81M
SHV iShares 0-1 Year Treasury Bond ETF	$305.51M	$271.51M	$279.65M

GGOV vs. SHV - Yearly Performance Comparison

	2026 (YTD)	2025
GGOV iShares Global Government Bond USD Hedged Active ETF	2.49%	-2.80%
SHV iShares 0-1 Year Treasury Bond ETF	2.01%	2.18%

Correlation

The correlation between GGOV and SHV is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.13

Return for Risk

GGOV vs. SHV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GGOV

GGOV Risk / Return Rank: 11
GGOV Sharpe Ratio Rank: 11
GGOV Sortino Ratio Rank: 10
GGOV Omega Ratio Rank: 10
GGOV Calmar Ratio Rank: 11
GGOV Martin Ratio Rank: 11

SHV

SHV Risk / Return Rank: 100
SHV Sharpe Ratio Rank: 100
SHV Sortino Ratio Rank: 100
SHV Omega Ratio Rank: 100
SHV Calmar Ratio Rank: 100
SHV Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GGOV vs. SHV - 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 0-1 Year Treasury Bond ETF (SHV). 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	SHV	Difference
Sharpe ratio: Return per unit of total volatility	0.01	18.18	-18.17
Sortino ratio: Return per unit of downside risk	0.05	90.91	-90.86
Omega ratio: Gain probability vs. loss probability	1.01	28.72	-27.71
Calmar ratio: Return relative to maximum drawdown	0.01	141.77	-141.75
Martin ratio: Return relative to average drawdown	0.03	1,470.54	-1,470.51

GGOV vs. SHV - Sharpe Ratio Comparison

The current GGOV Sharpe Ratio is 0.01, which is lower than the SHV Sharpe Ratio of 18.18. The chart below compares the historical Sharpe Ratios of GGOV and SHV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GGOV vs. SHV - Drawdown Comparison

The maximum GGOV drawdown since its inception was -4.69%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for GGOV and SHV.

Drawdown Indicators

	GGOV	SHV	Difference
Max Drawdown Largest peak-to-trough decline	-4.69%	-0.45%	-4.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.69%	-0.03%	-4.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.45%	—
Current Drawdown Current decline from peak	-1.32%	0.00%	-1.32%
Average Drawdown Average peak-to-trough decline	-1.54%	-0.03%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	0.00%	+2.15%

Volatility

GGOV vs. SHV - Volatility Comparison

iShares Global Government Bond USD Hedged Active ETF (GGOV) has a higher volatility of 0.77% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.07%. This indicates that GGOV's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGOV	SHV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.07%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	3.57%	0.14%	+3.43%
Volatility (1Y) Calculated over the trailing 1-year period	5.25%	0.21%	+5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	0.29%	+4.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.09%	0.28%	+4.81%

GGOV vs. SHV - Expense Ratio Comparison

GGOV has a 0.39% expense ratio, which is higher than SHV's 0.15% expense ratio.

Dividends

GGOV vs. SHV - Dividend Comparison

GGOV has not paid dividends to shareholders, while SHV's dividend yield for the trailing twelve months is around 3.77%.

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%
SHV iShares 0-1 Year Treasury Bond ETF	3.43%	4.09%	5.02%	4.73%	1.39%	0.00%	0.74%	2.19%	1.66%	0.72%	0.34%	0.03%

Frequently Asked Questions

Can I hold both GGOV and SHV in my portfolio?

GGOV and SHV have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GGOV or SHV?

GGOV has higher volatility (0.77%) compared to SHV (0.07%). In terms of maximum drawdown, GGOV dropped -4.69% vs SHV's -0.45%.

Which ETF is better, GGOV or SHV?

On 1-year performance, SHV leads with 3.75% vs -0.54% for GGOV. On fees, SHV is cheaper at 0.15% per year. On volatility, SHV has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GGOV or SHV?

Over the 1-year period, SHV has performed better with a 3.75% return vs -0.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GGOV or SHV?

SHV is cheaper with a 0.15% expense ratio, compared with 0.39% for GGOV.

Which ETF pays a higher dividend yield, GGOV or SHV?

SHV has the higher dividend yield at 3.43%, compared with 0.00% for GGOV.

What is the main difference between GGOV and SHV?

GGOV is categorized as Global Bonds, while SHV is Government Bonds. Their fees differ too: 0.39% for GGOV and 0.15% for SHV.

Which has better risk-adjusted returns?

SHV currently has the higher Sharpe Ratio (18.18 vs 0.01), 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.