GOVT vs. IEUR
GOVT (iShares U.S. Treasury Bond ETF) and IEUR (iShares Core MSCI Europe ETF) are both exchange-traded funds - GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index, while IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, GOVT returned 0.84%/yr vs 10.11%/yr for IEUR. At a correlation of -0.06, they often move in opposite directions. GOVT charges 0.05%/yr vs 0.09%/yr for IEUR.
Performance
GOVT vs. IEUR - Performance Comparison
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Returns By Period
In the year-to-date period, GOVT achieves a 0.11% return, which is significantly lower than IEUR's 7.65% return. Over the past 10 years, GOVT has underperformed IEUR with an annualized return of 0.84%, while IEUR has yielded a comparatively higher 10.11% annualized return.
GOVT
- 1D
- -0.09%
- 1M
- 0.96%
- YTD
- 0.11%
- 6M
- 0.47%
- 1Y
- 3.64%
- 3Y*
- 3.10%
- 5Y*
- -0.50%
- 10Y*
- 0.84%
IEUR
- 1D
- 0.14%
- 1M
- 4.34%
- YTD
- 7.65%
- 6M
- 9.78%
- 1Y
- 19.09%
- 3Y*
- 16.42%
- 5Y*
- 8.26%
- 10Y*
- 10.11%
GOVT vs. IEUR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 0.11% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | 7.36% | 0.26% | 2.19% |
IEUR iShares Core MSCI Europe ETF | 7.65% | 35.67% | 1.40% | 19.71% | -15.90% | 16.71% | 5.31% | 24.95% | -14.86% | 26.70% |
Correlation
The correlation between GOVT and IEUR is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | -0.06 |
The correlation between GOVT and IEUR shifts across timeframes, from -0.06 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GOVT vs. IEUR — Risk / Return Rank
GOVT
IEUR
GOVT vs. IEUR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Treasury Bond ETF (GOVT) and iShares Core MSCI Europe ETF (IEUR). 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.
| GOVT | IEUR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.20 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 1.44 | -0.27 |
| Martin ratioReturn relative to average drawdown | 3.27 | 5.40 | -2.13 |
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Drawdowns
GOVT vs. IEUR - Drawdown Comparison
The maximum GOVT drawdown since its inception was -19.07%, smaller than the maximum IEUR drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for GOVT and IEUR.
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Drawdown Indicators
| GOVT | IEUR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.07% | -36.96% | +17.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -12.04% | +9.19% |
Max Drawdown (3Y)Largest decline over 3 years | -5.43% | -14.25% | +8.82% |
Max Drawdown (5Y)Largest decline over 5 years | -16.60% | -32.75% | +16.15% |
Max Drawdown (10Y)Largest decline over 10 years | -19.07% | -36.96% | +17.89% |
Current DrawdownCurrent decline from peak | -6.97% | -0.44% | -6.53% |
Average DrawdownAverage peak-to-trough decline | -5.25% | -8.21% | +2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 3.22% | -2.20% |
Volatility
GOVT vs. IEUR - Volatility Comparison
The current volatility for iShares U.S. Treasury Bond ETF (GOVT) is 1.15%, while iShares Core MSCI Europe ETF (IEUR) has a volatility of 5.70%. This indicates that GOVT experiences smaller price fluctuations and is considered to be less risky than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVT | IEUR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 5.70% | -4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.58% | 13.31% | -10.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.59% | 15.83% | -12.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.04% | 17.81% | -11.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.23% | 18.68% | -13.45% |
GOVT vs. IEUR - Expense Ratio Comparison
GOVT has a 0.05% expense ratio, which is lower than IEUR's 0.09% 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
GOVT vs. IEUR - Dividend Comparison
GOVT's dividend yield for the trailing twelve months is around 3.58%, more than IEUR's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IEUR iShares Core MSCI Europe ETF | 2.76% | 2.97% | 3.54% | 3.17% | 3.05% | 2.88% | 2.13% | 3.26% | 3.76% | 2.64% | 3.19% | 2.79% |
Frequently Asked Questions
GOVT and IEUR have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEUR has higher volatility (5.70%) compared to GOVT (1.15%). In terms of maximum drawdown, GOVT dropped -19.07% vs IEUR's -36.96%.
On 10-year performance, IEUR leads with 10.11% vs 0.84% for GOVT. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEUR has performed better with a 10.11% return vs 0.84%. 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 0.09% for IEUR.
GOVT has the higher dividend yield at 3.58%, compared with 2.76% for IEUR.
GOVT is categorized as Government Bonds, while IEUR is Europe Equities. GOVT tracks ICE U.S. Treasury Core Bond Index, while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.05% for GOVT and 0.09% for IEUR.
IEUR currently has the higher Sharpe Ratio (1.10 vs 0.93), 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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