GRNB vs. IGOV
GRNB (VanEck Green Bond ETF) and IGOV (iShares International Treasury Bond ETF) are both exchange-traded funds - GRNB is a Global Bonds fund tracking the S&P Green Bond U.S. Dollar Select Index, while IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select Index. Both are passively managed. Over the past 5 years, GRNB returned 0.76%/yr vs -4.43%/yr for IGOV. A 0.65 correlation means they provide meaningful diversification when combined. GRNB charges 0.20%/yr vs 0.35%/yr for IGOV.
Performance
GRNB vs. IGOV - Performance Comparison
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Returns By Period
In the year-to-date period, GRNB achieves a 0.67% return, which is significantly higher than IGOV's -1.80% return.
GRNB
- 1D
- 0.07%
- 1M
- 0.71%
- YTD
- 0.67%
- 6M
- 0.75%
- 1Y
- 4.28%
- 3Y*
- 5.21%
- 5Y*
- 0.76%
- 10Y*
- —
IGOV
- 1D
- -0.27%
- 1M
- -1.26%
- YTD
- -1.80%
- 6M
- -2.15%
- 1Y
- -2.13%
- 3Y*
- 1.73%
- 5Y*
- -4.43%
- 10Y*
- -1.49%
GRNB vs. IGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GRNB VanEck Green Bond ETF | 0.67% | 7.09% | 3.31% | 7.08% | -11.93% | -2.36% | 7.98% | 5.40% | -4.07% | 9.87% |
IGOV iShares International Treasury Bond ETF | -1.80% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 10.72% |
Correlation
The correlation between GRNB and IGOV is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2017 | 0.65 |
The correlation between GRNB and IGOV has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
GRNB vs. IGOV — Risk / Return Rank
GRNB
IGOV
GRNB vs. IGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Green Bond ETF (GRNB) and iShares International Treasury Bond ETF (IGOV). 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.
| GRNB | IGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.71 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.96 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | -0.38 | +2.09 |
| Martin ratioReturn relative to average drawdown | 6.60 | -0.83 | +7.42 |
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Drawdowns
GRNB vs. IGOV - Drawdown Comparison
The maximum GRNB drawdown since its inception was -18.08%, smaller than the maximum IGOV drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for GRNB and IGOV.
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Drawdown Indicators
| GRNB | IGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.08% | -35.88% | +17.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -5.70% | +3.19% |
Max Drawdown (3Y)Largest decline over 3 years | -4.24% | -10.65% | +6.41% |
Max Drawdown (5Y)Largest decline over 5 years | -17.94% | -32.92% | +14.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.88% | — |
Current DrawdownCurrent decline from peak | -0.34% | -25.00% | +24.66% |
Average DrawdownAverage peak-to-trough decline | -4.55% | -11.05% | +6.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 2.58% | -1.93% |
Volatility
GRNB vs. IGOV - Volatility Comparison
The current volatility for VanEck Green Bond ETF (GRNB) is 0.80%, while iShares International Treasury Bond ETF (IGOV) has a volatility of 2.29%. This indicates that GRNB experiences smaller price fluctuations and is considered to be less risky than IGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GRNB | IGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 2.29% | -1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 2.40% | 6.37% | -3.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.98% | 8.13% | -5.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.92% | 9.97% | -5.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.87% | 8.60% | -3.73% |
GRNB vs. IGOV - Expense Ratio Comparison
GRNB has a 0.20% expense ratio, which is lower than IGOV's 0.35% expense ratio.
Dividends
GRNB vs. IGOV - Dividend Comparison
GRNB's dividend yield for the trailing twelve months is around 4.23%, more than IGOV's 1.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
IGOV iShares International Treasury Bond ETF | 1.43% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
Frequently Asked Questions
GRNB and IGOV have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGOV has higher volatility (2.29%) compared to GRNB (0.80%). In terms of maximum drawdown, GRNB dropped -18.08% vs IGOV's -35.88%.
On 5-year performance, GRNB leads with 0.76% vs -4.43% for IGOV. On fees, GRNB is cheaper at 0.20% per year. On volatility, GRNB has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GRNB has performed better with a 0.76% return vs -4.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRNB is cheaper with a 0.20% expense ratio, compared with 0.35% for IGOV.
GRNB has the higher dividend yield at 4.23%, compared with 1.43% for IGOV.
GRNB is categorized as Global Bonds, while IGOV is International Government Bonds. GRNB tracks S&P Green Bond U.S. Dollar Select Index, while IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.20% for GRNB and 0.35% for IGOV.
GRNB currently has the higher Sharpe Ratio (1.44 vs -0.26), 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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