GOVI vs. GSY

Last updated Jun 5, 2026

GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and GSY (Invesco Ultra Short Duration 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 GSY is a Ultrashort Bond fund actively managed by Invesco. GOVI is passively managed, while GSY is actively managed. Over the past 10 years, GOVI returned -0.05%/yr vs 2.87%/yr for GSY. At a 0.17 correlation, their price movements are largely independent. GOVI charges 0.15%/yr vs 0.22%/yr for GSY.

Performance

GOVI vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOVI achieves a -0.34% return, which is significantly lower than GSY's 1.63% return. Over the past 10 years, GOVI has underperformed GSY with an annualized return of -0.05%, while GSY has yielded a comparatively higher 2.87% annualized 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%

GSY

• 1D: 0.04%
• 1M: 0.42%
• YTD: 1.63%
• 6M: 2.00%
• 1Y: 4.54%
• 3Y*: 5.45%
• 5Y*: 3.66%
• 10Y*: 2.87%

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

GOVI vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOVI Invesco Equal Weight 0-30 Year Treasury ETF	-0.34%	5.84%	-2.95%	3.31%	-19.98%	-3.76%	12.55%	10.00%	-0.28%	4.96%
GSY Invesco Ultra Short Duration ETF	1.63%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%

Correlation

The correlation between GOVI and GSY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Feb 13, 2008	0.17

Over the past year, GOVI and GSY have become more correlated (0.39) than their long-term average of 0.17, meaning their price movements have been converging.

GOVI vs. GSY - Sectors Allocation Comparison

Sectors	GOVI	GSY
Financial Services	0.0%	29.0%
Basic Materials	-	1.5%
Communication Services	-	2.3%
Consumer Cyclical	-	4.1%
Consumer Defensive	-	2.2%
Energy	-	2.7%
Healthcare	-	2.9%
Industrials	-	2.6%
Real Estate	-	4.2%
Technology	-	4.7%
Utilities	-	1.9%

Return for Risk

GOVI vs. GSY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GOVI

GOVI Risk / Return Rank: 17
GOVI Sharpe Ratio Rank: 18
GOVI Sortino Ratio Rank: 17
GOVI Omega Ratio Rank: 16
GOVI Calmar Ratio Rank: 17
GOVI Martin Ratio Rank: 18

GSY

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GOVI vs. GSY - 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 Invesco Ultra Short Duration ETF (GSY). 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	GSY	Difference
Sharpe ratio: Return per unit of total volatility	0.53	11.52	-10.99
Sortino ratio: Return per unit of downside risk	0.81	29.56	-28.76
Omega ratio: Gain probability vs. loss probability	1.09	7.01	-5.92
Calmar ratio: Return relative to maximum drawdown	0.63	76.07	-75.43
Martin ratio: Return relative to average drawdown	1.76	397.69	-395.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVI vs. GSY - Sharpe Ratio Comparison

The current GOVI Sharpe Ratio is 0.53, which is lower than the GSY Sharpe Ratio of 11.52. The chart below compares the historical Sharpe Ratios of GOVI and GSY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GOVI	GSY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	11.52	-10.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	6.30	-6.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	2.35	-2.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.46	-0.15

Drawdowns

GOVI vs. GSY - Drawdown Comparison

The maximum GOVI drawdown since its inception was -32.70%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for GOVI and GSY.

Drawdown Indicators

	GOVI	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-32.70%	-12.14%	-20.56%
Max Drawdown (1Y) Largest decline over 1 year	-5.45%	-0.06%	-5.39%
Max Drawdown (3Y) Largest decline over 3 years	-11.58%	-0.18%	-11.40%
Max Drawdown (5Y) Largest decline over 5 years	-28.30%	-1.48%	-26.82%
Max Drawdown (10Y) Largest decline over 10 years	-32.70%	-5.25%	-27.45%
Current Drawdown Current decline from peak	-22.22%	0.00%	-22.22%
Average Drawdown Average peak-to-trough decline	-9.65%	-2.39%	-7.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	0.01%	+1.94%

Volatility

GOVI vs. GSY - Volatility Comparison

Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) has a higher volatility of 2.03% compared to Invesco Ultra Short Duration ETF (GSY) at 0.14%. This indicates that GOVI's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOVI	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	0.14%	+1.89%
Volatility (6M) Calculated over the trailing 6-month period	4.54%	0.29%	+4.25%
Volatility (1Y) Calculated over the trailing 1-year period	6.58%	0.40%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	0.58%	+9.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	1.22%	+7.88%

GOVI vs. GSY - Expense Ratio Comparison

GOVI has a 0.15% expense ratio, which is lower than GSY's 0.22% expense ratio. Despite the difference, 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. GSY - Dividend Comparison

GOVI's dividend yield for the trailing twelve months is around 3.82%, less than GSY's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%

Frequently Asked Questions

Can I hold both GOVI and GSY in my portfolio?

GOVI and GSY have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOVI or GSY?

GOVI has higher volatility (2.03%) compared to GSY (0.14%). In terms of maximum drawdown, GOVI dropped -32.70% vs GSY's -12.14%.

Which ETF is better, GOVI or GSY?

On 10-year performance, GSY leads with 2.87% vs -0.05% for GOVI. On fees, GOVI is cheaper at 0.15% per year. On volatility, GSY has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOVI or GSY?

Over the 10-year period, GSY has performed better with a 2.87% return vs -0.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOVI or GSY?

GOVI is cheaper with a 0.15% expense ratio, compared with 0.22% for GSY.

Which ETF pays a higher dividend yield, GOVI or GSY?

GSY has the higher dividend yield at 4.34%, compared with 3.82% for GOVI.

What is the main difference between GOVI and GSY?

GOVI is categorized as Government Bonds, while GSY is Ultrashort Bond. Their fees differ too: 0.15% for GOVI and 0.22% for GSY.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.52 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.