GGOV vs. UTEN
GGOV (iShares Global Government Bond USD Hedged Active ETF) and UTEN (US Treasury 10 Year Note ETF) are both exchange-traded funds - GGOV is a Global Bonds fund actively managed by iShares, while UTEN is a Government Bonds fund tracking the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross. GGOV is actively managed, while UTEN is passively managed. Over the past year, GGOV returned -0.42% vs 0.68% for UTEN. Their 0.64 correlation means they have sometimes moved together and sometimes differently. GGOV charges 0.39%/yr vs 0.15%/yr for UTEN.
Performance
GGOV vs. UTEN - 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 UTEN's -1.51% return.
GGOV
- 1D
- 0.12%
- 1M
- -0.10%
- 6M
- 3.17%
- YTD
- 2.61%
- 1Y
- -0.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.23%
UTEN
- 1D
- 0.27%
- 1M
- -1.36%
- 6M
- -1.04%
- YTD
- -1.51%
- 1Y
- 0.68%
- 3Y*
- 2.35%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $49.16M | $62.50M | $78.51M | |
| $2.26M | $2.42M | $1.80M |
GGOV vs. UTEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
UTEN US Treasury 10 Year Note ETF | -1.51% | 3.26% |
Correlation
The correlation between GGOV and UTEN is 0.63, 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. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.64 |
The correlation between GGOV and UTEN 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. UTEN — Risk / Return Rank
GGOV
UTEN
GGOV vs. UTEN - 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 US Treasury 10 Year Note ETF (UTEN). 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 | UTEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.03 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.15 | -0.24 |
| Martin ratioReturn relative to average drawdown | -0.19 | 0.35 | -0.55 |
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Drawdowns
GGOV vs. UTEN - Drawdown Comparison
The maximum GGOV drawdown since its inception was -4.69%, smaller than the maximum UTEN drawdown of -13.36%. Use the drawdown chart below to compare losses from any high point for GGOV and UTEN.
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Drawdown Indicators
| GGOV | UTEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.69% | -13.36% | +8.67% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -4.57% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.72% | — |
Current DrawdownCurrent decline from peak | -1.20% | -3.85% | +2.65% |
Average DrawdownAverage peak-to-trough decline | -1.54% | -4.75% | +3.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 1.94% | +0.21% |
Volatility
GGOV vs. UTEN - Volatility Comparison
The current volatility for iShares Global Government Bond USD Hedged Active ETF (GGOV) is 0.78%, while US Treasury 10 Year Note ETF (UTEN) has a volatility of 1.33%. This indicates that GGOV experiences smaller price fluctuations and is considered to be less risky than UTEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GGOV | UTEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 1.33% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 3.97% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.22% | 4.98% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 7.96% | -2.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 7.96% | -2.88% |
GGOV vs. UTEN - Expense Ratio Comparison
GGOV has a 0.39% expense ratio, which is higher than UTEN's 0.15% expense ratio.
Dividends
GGOV vs. UTEN - Dividend Comparison
GGOV has not paid dividends to shareholders, while UTEN's dividend yield for the trailing twelve months is around 4.12%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UTEN US Treasury 10 Year Note ETF | 4.12% | 4.11% | 4.13% | 3.62% | 1.39% |
Frequently Asked Questions
GGOV and UTEN have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTEN has higher volatility (1.33%) compared to GGOV (0.78%). In terms of maximum drawdown, GGOV dropped -4.69% vs UTEN's -13.36%.
On 1-year performance, UTEN leads with 0.68% vs -0.42% for GGOV. On fees, UTEN is cheaper at 0.15% 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, UTEN has performed better with a 0.68% return vs -0.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTEN is cheaper with a 0.15% expense ratio, compared with 0.39% for GGOV.
UTEN has the higher dividend yield at 4.12%, compared with 0.00% for GGOV.
GGOV is categorized as Global Bonds, while UTEN is Government Bonds. They also come from different issuers: iShares and US Benchmark Series. Their fees differ too: 0.39% for GGOV and 0.15% for UTEN.
UTEN currently has the higher Sharpe Ratio (0.14 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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