GOVI vs. BKAG
GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and BKAG (BNY Mellon Core Bond ETF) are both exchange-traded funds - GOVI is a Government Bonds fund tracking the ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while BKAG is a Total Bond Market fund tracking the Bloomberg US Aggregate Total Return Index. Both are passively managed. Over the past 5 years, GOVI returned -2.73%/yr vs 0.09%/yr for BKAG. Their correlation of 0.93 suggests significant overlap in exposure. GOVI charges 0.15%/yr vs 0.00%/yr for BKAG.
Performance
GOVI vs. BKAG - Performance Comparison
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Returns By Period
In the year-to-date period, GOVI achieves a -0.34% return, which is significantly lower than BKAG's 0.41% return.
GOVI
- 1D
- 0.20%
- 1M
- 0.24%
- YTD
- -0.34%
- 6M
- -0.80%
- 1Y
- 3.44%
- 3Y*
- 0.97%
- 5Y*
- -2.73%
- 10Y*
- -0.05%
BKAG
- 1D
- 0.12%
- 1M
- 0.25%
- YTD
- 0.41%
- 6M
- 0.45%
- 1Y
- 4.67%
- 3Y*
- 4.00%
- 5Y*
- 0.09%
- 10Y*
- —
GOVI vs. BKAG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | -0.34% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | -3.77% |
BKAG BNY Mellon Core Bond ETF | 0.41% | 7.23% | 1.17% | 5.67% | -13.29% | -1.46% | 2.15% |
Correlation
The correlation between GOVI and BKAG is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2020 | 0.93 |
The correlation between GOVI and BKAG has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
GOVI vs. BKAG — Risk / Return Rank
GOVI
BKAG
GOVI vs. BKAG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) and BNY Mellon Core Bond ETF (BKAG). 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.
| GOVI | BKAG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.21 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 1.70 | -1.07 |
| Martin ratioReturn relative to average drawdown | 1.76 | 5.02 | -3.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GOVI | BKAG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.53 | 1.22 | -0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | 0.02 | -0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.01 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.01 | +0.30 |
Drawdowns
GOVI vs. BKAG - Drawdown Comparison
The maximum GOVI drawdown since its inception was -32.70%, which is greater than BKAG's maximum drawdown of -18.53%. Use the drawdown chart below to compare losses from any high point for GOVI and BKAG.
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Drawdown Indicators
| GOVI | BKAG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -18.53% | -14.17% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -2.76% | -2.69% |
Max Drawdown (3Y)Largest decline over 3 years | -11.58% | -6.04% | -5.54% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | -18.00% | -10.30% |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | — | — |
Current DrawdownCurrent decline from peak | -22.22% | -2.20% | -20.02% |
Average DrawdownAverage peak-to-trough decline | -9.65% | -7.12% | -2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 0.94% | +1.01% |
Volatility
GOVI vs. BKAG - Volatility Comparison
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) has a higher volatility of 2.03% compared to BNY Mellon Core Bond ETF (BKAG) at 1.21%. This indicates that GOVI's price experiences larger fluctuations and is considered to be riskier than BKAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVI | BKAG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.03% | 1.21% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 4.54% | 2.74% | +1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.58% | 3.88% | +2.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.86% | 6.01% | +3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 5.55% | +3.55% |
GOVI vs. BKAG - Expense Ratio Comparison
GOVI has a 0.15% expense ratio, which is higher than BKAG's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GOVI vs. BKAG - Dividend Comparison
GOVI's dividend yield for the trailing twelve months is around 3.82%, less than BKAG's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKAG BNY Mellon Core Bond ETF | 4.23% | 4.17% | 4.26% | 3.33% | 2.49% | 1.55% | 1.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 3.82% | 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
With a correlation of 0.94, GOVI and BKAG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GOVI has higher volatility (2.03%) compared to BKAG (1.21%). In terms of maximum drawdown, GOVI dropped -32.70% vs BKAG's -18.53%.
On 5-year performance, BKAG leads with 0.09% vs -2.73% for GOVI. On fees, BKAG is cheaper at 0.00% per year. On volatility, BKAG has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BKAG has performed better with a 0.09% return vs -2.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKAG is cheaper with a 0.00% expense ratio, compared with 0.15% for GOVI.
BKAG has the higher dividend yield at 4.23%, compared with 3.82% for GOVI.
GOVI is categorized as Government Bonds, while BKAG is Total Bond Market. GOVI tracks ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while BKAG tracks Bloomberg US Aggregate Total Return Index. They also come from different issuers: Invesco and BNY Mellon. Their fees differ too: 0.15% for GOVI and 0.00% for BKAG.
BKAG currently has the higher Sharpe Ratio (1.22 vs 0.53), 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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