GOVI vs. GOVT
GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and GOVT (iShares U.S. Treasury Bond ETF) are both Government Bonds funds - GOVI tracks the ICE 1-30 Year Laddered Maturity U.S. Treasury Index while GOVT tracks the ICE U.S. Treasury Core Bond Index. Both are passively managed. Over the past 10 years, GOVI returned -0.20%/yr vs 0.79%/yr for GOVT. Their correlation of 0.93 suggests significant overlap in exposure. GOVI charges 0.15%/yr vs 0.05%/yr for GOVT.
Performance
GOVI vs. GOVT - Performance Comparison
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Returns By Period
In the year-to-date period, GOVI achieves a -0.10% return, which is significantly lower than GOVT's -0.02% return. Over the past 10 years, GOVI has underperformed GOVT with an annualized return of -0.20%, while GOVT has yielded a comparatively higher 0.79% annualized return.
GOVI
- 1D
- -0.53%
- 1M
- 1.16%
- YTD
- -0.10%
- 6M
- -0.06%
- 1Y
- 3.61%
- 3Y*
- 0.88%
- 5Y*
- -2.91%
- 10Y*
- -0.20%
GOVT
- 1D
- -0.29%
- 1M
- 0.45%
- YTD
- -0.02%
- 6M
- 0.07%
- 1Y
- 3.26%
- 3Y*
- 2.88%
- 5Y*
- -0.49%
- 10Y*
- 0.79%
GOVI vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | -0.10% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
GOVT iShares U.S. Treasury Bond ETF | -0.02% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | 7.36% | 0.26% | 2.19% |
Correlation
The correlation between GOVI and GOVT is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2012 | 0.93 |
The correlation between GOVI and GOVT has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
GOVI vs. GOVT — Risk / Return Rank
GOVI
GOVT
GOVI vs. GOVT - 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 iShares U.S. Treasury Bond ETF (GOVT). 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.
| GOVI | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.16 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 1.15 | -0.48 |
| Martin ratioReturn relative to average drawdown | 1.75 | 3.13 | -1.38 |
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Drawdowns
GOVI vs. GOVT - Drawdown Comparison
The maximum GOVI drawdown since its inception was -32.70%, which is greater than GOVT's maximum drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for GOVI and GOVT.
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Drawdown Indicators
| GOVI | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -19.07% | -13.63% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -2.85% | -2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -11.58% | -5.43% | -6.15% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | -16.60% | -11.70% |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | -19.07% | -13.63% |
Current DrawdownCurrent decline from peak | -22.04% | -7.09% | -14.95% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -5.26% | -4.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 1.04% | +1.02% |
Volatility
GOVI vs. GOVT - Volatility Comparison
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) has a higher volatility of 1.62% compared to iShares U.S. Treasury Bond ETF (GOVT) at 0.97%. This indicates that GOVI's price experiences larger fluctuations and is considered to be riskier than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVI | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 0.97% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | 2.60% | +2.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.43% | 3.58% | +2.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.85% | 6.04% | +3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 5.23% | +3.87% |
GOVI vs. GOVT - Expense Ratio Comparison
GOVI has a 0.15% expense ratio, which is higher than GOVT's 0.05% 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. GOVT - Dividend Comparison
GOVI's dividend yield for the trailing twelve months is around 4.16%, more than GOVT's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVI Invesco Equal Weight 0-30 Year Treasury ETF | 4.16% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
GOVT iShares U.S. Treasury Bond ETF | 3.58% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
Frequently Asked Questions
With a correlation of 0.97, GOVI and GOVT 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 (1.62%) compared to GOVT (0.97%). In terms of maximum drawdown, GOVI dropped -32.70% vs GOVT's -19.07%.
On 10-year performance, GOVT leads with 0.79% vs -0.20% for GOVI. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GOVT has performed better with a 0.79% return vs -0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVT is cheaper with a 0.05% expense ratio, compared with 0.15% for GOVI.
GOVI has the higher dividend yield at 4.16%, compared with 3.58% for GOVT.
GOVI tracks ICE 1-30 Year Laddered Maturity U.S. Treasury Index, while GOVT tracks ICE U.S. Treasury Core Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.15% for GOVI and 0.05% for GOVT.
GOVT currently has the higher Sharpe Ratio (0.92 vs 0.56), 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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