GTO vs. BGRN
GTO (Invesco Total Return Bond ETF) and BGRN (iShares USD Green Bond ETF) are both exchange-traded funds - GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco, while BGRN is a Global Bonds fund tracking the Bloomberg MSCI USD Green Bond Select Index. GTO is actively managed, while BGRN is passively managed. Over the past 5 years, GTO returned 0.07%/yr vs 0.54%/yr for BGRN. Their correlation of 0.81 suggests significant overlap in exposure. GTO charges 0.35%/yr vs 0.20%/yr for BGRN.
Performance
GTO vs. BGRN - Performance Comparison
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Returns By Period
In the year-to-date period, GTO achieves a 0.68% return, which is significantly higher than BGRN's 0.43% return.
GTO
- 1D
- -0.15%
- 1M
- 0.49%
- YTD
- 0.68%
- 6M
- 0.69%
- 1Y
- 6.41%
- 3Y*
- 4.86%
- 5Y*
- 0.07%
- 10Y*
- 2.93%
BGRN
- 1D
- -0.20%
- 1M
- 0.31%
- YTD
- 0.43%
- 6M
- 0.49%
- 1Y
- 5.19%
- 3Y*
- 4.75%
- 5Y*
- 0.54%
- 10Y*
- —
GTO vs. BGRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 0.68% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | 0.90% |
BGRN iShares USD Green Bond ETF | 0.43% | 7.27% | 2.77% | 6.50% | -13.06% | -2.80% | 6.86% | 9.70% | 1.14% |
Correlation
The correlation between GTO and BGRN is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2018 | 0.81 |
The correlation between GTO and BGRN shifts across timeframes, from 0.81 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GTO vs. BGRN — Risk / Return Rank
GTO
BGRN
GTO vs. BGRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Total Return Bond ETF (GTO) 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.
| GTO | BGRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.32 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 2.34 | +0.02 |
| Martin ratioReturn relative to average drawdown | 7.50 | 7.85 | -0.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GTO | BGRN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 1.76 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.10 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.45 | +0.07 |
Drawdowns
GTO vs. BGRN - Drawdown Comparison
The maximum GTO drawdown since its inception was -20.61%, which is greater than BGRN's maximum drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for GTO and BGRN.
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Drawdown Indicators
| GTO | BGRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.61% | -19.16% | -1.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -2.23% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -5.98% | -4.55% | -1.43% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -18.73% | -1.88% |
Max Drawdown (10Y)Largest decline over 10 years | -20.61% | — | — |
Current DrawdownCurrent decline from peak | -1.62% | -0.83% | -0.79% |
Average DrawdownAverage peak-to-trough decline | -4.80% | -5.79% | +0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.66% | +0.20% |
Volatility
GTO vs. BGRN - Volatility Comparison
Invesco Total Return Bond ETF (GTO) has a higher volatility of 1.19% compared to iShares USD Green Bond ETF (BGRN) at 1.06%. This indicates that GTO's price experiences larger fluctuations and is considered to be riskier than BGRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GTO | BGRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.06% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | 2.24% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 2.97% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.68% | 5.46% | +0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 5.00% | +0.58% |
GTO vs. BGRN - Expense Ratio Comparison
GTO has a 0.35% expense ratio, which is higher than BGRN's 0.20% expense ratio.
Dividends
GTO vs. BGRN - Dividend Comparison
GTO's dividend yield for the trailing twelve months is around 4.76%, more than BGRN's 4.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.29% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% | 0.00% | 0.00% |
GTO Invesco Total Return Bond ETF | 4.76% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% |
Frequently Asked Questions
With a correlation of 0.93, GTO and BGRN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GTO has higher volatility (1.19%) compared to BGRN (1.06%). In terms of maximum drawdown, GTO dropped -20.61% vs BGRN's -19.16%.
On 5-year performance, BGRN leads with 0.54% vs 0.07% for GTO. On fees, BGRN is cheaper at 0.20% per year. On volatility, BGRN has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BGRN has performed better with a 0.54% return vs 0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BGRN is cheaper with a 0.20% expense ratio, compared with 0.35% for GTO.
GTO has the higher dividend yield at 4.76%, compared with 4.29% for BGRN.
GTO is categorized as Intermediate Core-Plus Bond, while BGRN is Global Bonds. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for GTO and 0.20% for BGRN.
GTO currently has the higher Sharpe Ratio (1.88 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.
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