GRNB vs. BGRN

Last updated Jun 3, 2026

GRNB (VanEck Green Bond ETF) and BGRN (iShares USD Green Bond ETF) are both Global Bonds funds - GRNB tracks the S&P Green Bond U.S. Dollar Select Index while BGRN tracks the Bloomberg MSCI USD Green Bond Select Index. Both are passively managed. Over the past 5 years, GRNB returned 0.89%/yr vs 0.63%/yr for BGRN. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

GRNB vs. BGRN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Green Bond ETF (GRNB) and iShares USD Green Bond ETF (BGRN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GRNB having a 0.61% return and BGRN slightly higher at 0.64%.

GRNB

• 1D: 0.02%
• 1M: 0.30%
• YTD: 0.61%
• 6M: 0.76%
• 1Y: 5.18%
• 3Y*: 5.13%
• 5Y*: 0.89%
• 10Y*: —

BGRN

• 1D: 0.11%
• 1M: 0.30%
• YTD: 0.64%
• 6M: 0.83%
• 1Y: 5.42%
• 3Y*: 4.82%
• 5Y*: 0.63%
• 10Y*: —

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

GRNB vs. BGRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GRNB VanEck Green Bond ETF	0.61%	7.09%	3.31%	7.08%	-11.93%	-2.36%	7.98%	5.40%	2.03%
BGRN iShares USD Green Bond ETF	0.64%	7.27%	2.77%	6.50%	-13.06%	-2.80%	6.86%	9.70%	1.14%

Correlation

The correlation between GRNB and BGRN is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 28, 2018	0.79

The correlation between GRNB and BGRN has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

Return for Risk

GRNB vs. BGRN — Risk / Return Rank

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

GRNB

GRNB Risk / Return Rank: 49
GRNB Sharpe Ratio Rank: 51
GRNB Sortino Ratio Rank: 53
GRNB Omega Ratio Rank: 54
GRNB Calmar Ratio Rank: 40
GRNB Martin Ratio Rank: 47

BGRN

BGRN Risk / Return Rank: 52
BGRN Sharpe Ratio Rank: 53
BGRN Sortino Ratio Rank: 59
BGRN Omega Ratio Rank: 53
BGRN Calmar Ratio Rank: 46
BGRN Martin Ratio Rank: 47

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.

GRNB vs. BGRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Green Bond ETF (GRNB) and iShares USD Green Bond ETF (BGRN). 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.

	GRNB	BGRN	Difference
Sharpe ratio Return per unit of total volatility	1.76	1.84	-0.08
Sortino ratio Return per unit of downside risk	2.58	2.82	-0.24
Omega ratio Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio Return relative to maximum drawdown	2.03	2.33	-0.30
Martin ratio Return relative to average drawdown	7.96	7.86	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRNB vs. BGRN - Sharpe Ratio Comparison

The current GRNB Sharpe Ratio is 1.76, which is comparable to the BGRN Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of GRNB and BGRN, 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

	GRNB	BGRN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.84	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.12	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.46	+0.01

Drawdowns

GRNB vs. BGRN - Drawdown Comparison

The maximum GRNB drawdown since its inception was -18.08%, smaller than the maximum BGRN drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for GRNB and BGRN.

Drawdown Indicators

	GRNB	BGRN	Difference
Max Drawdown Largest peak-to-trough decline	-18.08%	-19.16%	+1.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-2.23%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-4.24%	-4.55%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-17.94%	-18.73%	+0.79%
Current Drawdown Current decline from peak	-0.39%	-0.63%	+0.24%
Average Drawdown Average peak-to-trough decline	-4.58%	-5.79%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.66%	-0.02%

Volatility

GRNB vs. BGRN - Volatility Comparison

The current volatility for VanEck Green Bond ETF (GRNB) is 0.98%, while iShares USD Green Bond ETF (BGRN) has a volatility of 1.06%. This indicates that GRNB experiences smaller price fluctuations and is considered to be less risky than BGRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRNB	BGRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	1.06%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	2.26%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.96%	2.97%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	5.46%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	5.00%	-0.12%

GRNB vs. BGRN - Expense Ratio Comparison

Both GRNB and BGRN have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

GRNB vs. BGRN - Dividend Comparison

GRNB's dividend yield for the trailing twelve months is around 4.23%, less than BGRN's 4.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGRN iShares USD Green Bond ETF	4.28%	4.21%	4.07%	3.52%	2.66%	0.78%	1.82%	3.66%	0.21%	0.00%
GRNB VanEck Green Bond ETF	4.23%	4.18%	3.83%	3.17%	2.60%	1.97%	2.24%	1.79%	1.21%	1.09%

Frequently Asked Questions

Can I hold both GRNB and BGRN in my portfolio?

GRNB and BGRN have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRNB or BGRN?

BGRN has higher volatility (1.06%) compared to GRNB (0.98%). In terms of maximum drawdown, GRNB dropped -18.08% vs BGRN's -19.16%.

Which ETF is better, GRNB or BGRN?

On 5-year performance, GRNB leads with 0.89% vs 0.63% for BGRN. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRNB or BGRN?

Over the 5-year period, GRNB has performed better with a 0.89% return vs 0.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRNB or BGRN?

GRNB and BGRN have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, GRNB or BGRN?

BGRN has the higher dividend yield at 4.28%, compared with 4.23% for GRNB.

What is the main difference between GRNB and BGRN?

GRNB tracks S&P Green Bond U.S. Dollar Select Index, while BGRN tracks Bloomberg MSCI USD Green Bond Select Index. They also come from different issuers: VanEck and iShares.

Which has better risk-adjusted returns?

BGRN currently has the higher Sharpe Ratio (1.84 vs 1.76), 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.