GOVT vs. BND

Last updated Apr 2, 2026

Compare and contrast key facts about iShares U.S. Treasury Bond ETF (GOVT) and Vanguard Total Bond Market ETF (BND).

GOVT and BND are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GOVT is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. Treasury Bond Index. It was launched on Feb 14, 2012. BND is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Aggregate Float Adjusted Index. It was launched on Apr 3, 2007. Both GOVT and BND are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GOVT vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Treasury Bond ETF (GOVT) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

GOVT vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
BND Vanguard Total Bond Market ETF	0.09%	7.08%	1.38%	5.65%	-13.11%	-1.86%	7.71%	8.84%	-0.12%	3.57%

Returns By Period

In the year-to-date period, GOVT achieves a 0.02% return, which is significantly lower than BND's 0.09% return. Over the past 10 years, GOVT has underperformed BND with an annualized return of 0.95%, while BND has yielded a comparatively higher 1.68% annualized return.

GOVT

• 1D: -0.05%
• 1M: -1.30%
• YTD: 0.02%
• 6M: 0.58%
• 1Y: 2.93%
• 3Y*: 2.53%
• 5Y*: -0.25%
• 10Y*: 0.95%

BND

• 1D: 0.04%
• 1M: -1.30%
• YTD: 0.09%
• 6M: 0.74%
• 1Y: 3.96%
• 3Y*: 3.60%
• 5Y*: 0.25%
• 10Y*: 1.68%

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

GOVT vs. BND - Expense Ratio Comparison

GOVT has a 0.15% expense ratio, which is higher than BND's 0.03% 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%.

GOVT

iShares U.S. Treasury Bond ETF

BND

Vanguard Total Bond Market ETF

Return for Risk

GOVT vs. BND — Risk / Return Rank

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

GOVT

GOVT Risk / Return Rank: 36
GOVT Sharpe Ratio Rank: 37
GOVT Sortino Ratio Rank: 35
GOVT Omega Ratio Rank: 28
GOVT Calmar Ratio Rank: 45
GOVT Martin Ratio Rank: 34

BND

BND Risk / Return Rank: 50
BND Sharpe Ratio Rank: 49
BND Sortino Ratio Rank: 46
BND Omega Ratio Rank: 39
BND Calmar Ratio Rank: 67
BND Martin Ratio Rank: 48

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.

GOVT vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Treasury Bond ETF (GOVT) and Vanguard Total Bond Market ETF (BND). 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.

	GOVT	BND	Difference
Sharpe ratio Return per unit of total volatility	0.73	0.93	-0.20
Sortino ratio Return per unit of downside risk	1.06	1.32	-0.25
Omega ratio Gain probability vs. loss probability	1.12	1.16	-0.04
Calmar ratio Return relative to maximum drawdown	1.23	1.75	-0.52
Martin ratio Return relative to average drawdown	3.16	4.78	-1.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVT vs. BND - Sharpe Ratio Comparison

The current GOVT Sharpe Ratio is 0.73, which is comparable to the BND Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of GOVT and BND, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GOVT	BND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	0.93	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.04	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.30	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.59	-0.32

Correlation

The correlation between GOVT and BND is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GOVT vs. BND - Dividend Comparison

GOVT's dividend yield for the trailing twelve months is around 3.52%, less than BND's 3.93% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOVT iShares U.S. Treasury Bond ETF	3.52%	3.49%	3.14%	2.65%	1.77%	0.96%	2.17%	1.98%	1.97%	1.57%	1.40%	1.25%
BND Vanguard Total Bond Market ETF	3.93%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%

Drawdowns

GOVT vs. BND - Drawdown Comparison

The maximum GOVT drawdown since its inception was -19.07%, roughly equal to the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for GOVT and BND.

Drawdown Indicators

	GOVT	BND	Difference
Max Drawdown Largest peak-to-trough decline	-19.07%	-18.58%	-0.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-2.44%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-16.60%	-17.91%	+1.31%
Max Drawdown (10Y) Largest decline over 10 years	-19.07%	-18.58%	-0.49%
Current Drawdown Current decline from peak	-7.05%	-2.54%	-4.51%
Average Drawdown Average peak-to-trough decline	-5.23%	-3.07%	-2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.90%	+0.11%

Volatility

GOVT vs. BND - Volatility Comparison

The current volatility for iShares U.S. Treasury Bond ETF (GOVT) is 1.45%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.63%. This indicates that GOVT experiences smaller price fluctuations and is considered to be less risky than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOVT	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	1.63%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	2.52%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	4.30%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.03%	6.00%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	5.52%	-0.30%