GOVZ vs. GOVT
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and GOVT (iShares U.S. Treasury Bond ETF) are both Government Bonds funds from iShares - GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index while GOVT tracks the ICE U.S. Treasury Core Bond Index. Both are passively managed. Over the past 5 years, GOVZ returned -13.74%/yr vs -0.87%/yr for GOVT. Their correlation of 0.89 means they have usually moved in the same direction. GOVZ charges 0.15%/yr vs 0.05%/yr for GOVT.
Performance
GOVZ vs. GOVT - Performance Comparison
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Returns By Period
In the year-to-date period, GOVZ achieves a -4.46% return, which is significantly lower than GOVT's -0.60% return.
GOVZ
- 1D
- -0.14%
- 1M
- -7.63%
- 6M
- -5.94%
- YTD
- -4.46%
- 1Y
- -2.02%
- 3Y*
- -8.60%
- 5Y*
- -13.74%
- 10Y*
- —
- ALL TIME*
- -13.84%
GOVT
- 1D
- 0.13%
- 1M
- -1.21%
- 6M
- -0.67%
- YTD
- -0.60%
- 1Y
- 2.22%
- 3Y*
- 2.86%
- 5Y*
- -0.87%
- 10Y*
- 0.70%
- ALL TIME*
- 1.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $174.14M | $182.09M | $191.54M | |
| $5.86M | $5.64M | $8.53M |
GOVZ vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -4.46% | -1.81% | -16.24% | 0.90% | -41.03% | -4.86% | -5.61% |
GOVT iShares U.S. Treasury Bond ETF | -0.60% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | -1.46% |
Correlation
The correlation between GOVZ and GOVT is 0.85, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.85 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.89 |
The correlation between GOVZ and GOVT has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
GOVZ vs. GOVT — Risk / Return Rank
GOVZ
GOVT
GOVZ vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) 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.
| GOVZ | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.12 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 0.85 | -0.93 |
| Martin ratioReturn relative to average drawdown | -0.15 | 2.10 | -2.25 |
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Drawdowns
GOVZ vs. GOVT - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, which is greater than GOVT's maximum drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for GOVZ and GOVT.
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Drawdown Indicators
| GOVZ | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -19.07% | -40.58% |
Max Drawdown (1Y)Largest decline over 1 year | -14.16% | -2.85% | -11.31% |
Max Drawdown (3Y)Largest decline over 3 years | -26.26% | -4.90% | -21.36% |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | -16.60% | -41.03% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.07% | — |
Current DrawdownCurrent decline from peak | -58.02% | -7.63% | -50.39% |
Average DrawdownAverage peak-to-trough decline | -40.28% | -5.27% | -35.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.03% | 1.16% | +5.87% |
Volatility
GOVZ vs. GOVT - Volatility Comparison
iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a higher volatility of 3.06% compared to iShares U.S. Treasury Bond ETF (GOVT) at 0.91%. This indicates that GOVZ'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
| GOVZ | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 0.91% | +2.15% |
Volatility (6M)Calculated over the trailing 6-month period | 10.57% | 2.71% | +7.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.45% | 3.56% | +11.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.75% | 6.03% | +17.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.17% | 5.22% | +17.95% |
GOVZ vs. GOVT - Expense Ratio Comparison
GOVZ 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
GOVZ vs. GOVT - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.38%, more than GOVT's 3.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 3.63% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.38% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GOVZ and GOVT have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOVZ has higher volatility (3.06%) compared to GOVT (0.91%). In terms of maximum drawdown, GOVZ dropped -59.65% vs GOVT's -19.07%.
On 5-year performance, GOVT leads with -0.87% vs -13.74% for GOVZ. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GOVT has performed better with a -0.87% return vs -13.74%. 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 GOVZ.
GOVZ has the higher dividend yield at 5.38%, compared with 3.63% for GOVT.
GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index, while GOVT tracks ICE U.S. Treasury Core Bond Index. Their fees differ too: 0.15% for GOVZ and 0.05% for GOVT.
GOVT currently has the higher Sharpe Ratio (0.68 vs -0.07), 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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