GTO vs. IUSB
GTO (Invesco Total Return Bond ETF) and IUSB (iShares Core Universal USD Bond ETF) are both Intermediate Core-Plus Bond funds. GTO is actively managed, while IUSB is passively managed. Over the past 10 years, GTO returned 2.91%/yr vs 1.94%/yr for IUSB. Their correlation of 0.83 suggests significant overlap in exposure. GTO charges 0.35%/yr vs 0.06%/yr for IUSB.
Performance
GTO vs. IUSB - Performance Comparison
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Returns By Period
In the year-to-date period, GTO achieves a 1.17% return, which is significantly higher than IUSB's 1.06% return. Over the past 10 years, GTO has outperformed IUSB with an annualized return of 2.91%, while IUSB has yielded a comparatively lower 1.94% annualized return.
GTO
- 1D
- 0.32%
- 1M
- 1.00%
- YTD
- 1.17%
- 6M
- 1.00%
- 1Y
- 5.49%
- 3Y*
- 4.93%
- 5Y*
- 0.15%
- 10Y*
- 2.91%
IUSB
- 1D
- 0.39%
- 1M
- 1.09%
- YTD
- 1.06%
- 6M
- 0.89%
- 1Y
- 4.75%
- 3Y*
- 4.65%
- 5Y*
- 0.52%
- 10Y*
- 1.94%
GTO vs. IUSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 1.17% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | -0.26% | 7.41% |
IUSB iShares Core Universal USD Bond ETF | 1.06% | 7.38% | 2.11% | 6.23% | -13.04% | -1.33% | 7.62% | 9.13% | -0.27% | 3.82% |
Correlation
The correlation between GTO and IUSB is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.83 |
The correlation between GTO and IUSB shifts across timeframes, from 0.83 (all time) to 0.97 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GTO vs. IUSB — Risk / Return Rank
GTO
IUSB
GTO vs. IUSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Total Return Bond ETF (GTO) and iShares Core Universal USD Bond ETF (IUSB). 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.
| GTO | IUSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.23 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 1.89 | +0.13 |
| Martin ratioReturn relative to average drawdown | 6.13 | 5.43 | +0.70 |
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Drawdowns
GTO vs. IUSB - Drawdown Comparison
The maximum GTO drawdown since its inception was -20.61%, which is greater than IUSB's maximum drawdown of -17.90%. Use the drawdown chart below to compare losses from any high point for GTO and IUSB.
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Drawdown Indicators
| GTO | IUSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.61% | -17.90% | -2.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -2.53% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -5.98% | -5.82% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -17.87% | -2.74% |
Max Drawdown (10Y)Largest decline over 10 years | -20.61% | -17.90% | -2.71% |
Current DrawdownCurrent decline from peak | -1.14% | -0.70% | -0.44% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -3.58% | -1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.88% | +0.02% |
Volatility
GTO vs. IUSB - Volatility Comparison
The current volatility for Invesco Total Return Bond ETF (GTO) is 1.01%, while iShares Core Universal USD Bond ETF (IUSB) has a volatility of 1.13%. This indicates that GTO experiences smaller price fluctuations and is considered to be less risky than IUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GTO | IUSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.13% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 2.74% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 3.60% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.68% | 5.80% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 5.04% | +0.54% |
GTO vs. IUSB - Expense Ratio Comparison
GTO has a 0.35% expense ratio, which is higher than IUSB's 0.06% expense ratio.
Dividends
GTO vs. IUSB - Dividend Comparison
GTO's dividend yield for the trailing twelve months is around 4.80%, more than IUSB's 4.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 4.80% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% | 0.00% |
IUSB iShares Core Universal USD Bond ETF | 4.21% | 4.17% | 4.04% | 3.46% | 2.53% | 1.74% | 2.68% | 3.04% | 2.98% | 2.56% | 2.60% | 1.95% |
Frequently Asked Questions
With a correlation of 0.97, GTO and IUSB 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.
IUSB has higher volatility (1.13%) compared to GTO (1.01%). In terms of maximum drawdown, GTO dropped -20.61% vs IUSB's -17.90%.
On 10-year performance, GTO leads with 2.91% vs 1.94% for IUSB. On fees, IUSB is cheaper at 0.06% per year. On volatility, GTO has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GTO has performed better with a 2.91% return vs 1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IUSB is cheaper with a 0.06% expense ratio, compared with 0.35% for GTO.
GTO has the higher dividend yield at 4.80%, compared with 4.21% for IUSB.
They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for GTO and 0.06% for IUSB.
GTO currently has the higher Sharpe Ratio (1.62 vs 1.33), 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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