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GVI vs. GOVT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GVI vs. GOVT

Last updated Jun 4, 2026

GVI (iShares Intermediate Government/Credit Bond ETF) and GOVT (iShares U.S. Treasury Bond ETF) are both exchange-traded funds - GVI is a Short-Term Bond fund tracking the Bloomberg U.S. Intermediate Government/Credit Bond, while GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index. Both are passively managed. Over the past 10 years, GVI returned 1.80%/yr vs 0.87%/yr for GOVT. Their correlation of 0.84 suggests significant overlap in exposure. GVI charges 0.20%/yr vs 0.05%/yr for GOVT.

Performance

GVI vs. GOVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Intermediate Government/Credit Bond ETF (GVI) and iShares U.S. Treasury Bond ETF (GOVT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

Over the past 10 years, GVI has outperformed GOVT with an annualized return of 1.80%, while GOVT has yielded a comparatively lower 0.87% annualized return.

GVI

1D
-0.13%
1M
-0.00%
YTD
-0.00%
6M
0.05%
1Y
3.89%
3Y*
4.18%
5Y*
0.98%
10Y*
1.80%

GOVT

1D
-0.18%
1M
0.11%
YTD
-0.11%
6M
-0.34%
1Y
3.87%
3Y*
2.83%
5Y*
-0.45%
10Y*
0.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GVI vs. GOVT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GVI
iShares Intermediate Government/Credit Bond ETF		-0.00%6.66%2.92%5.15%-8.28%-1.90%6.38%6.54%0.77%1.83%
GOVT
iShares U.S. Treasury Bond ETF		-0.11%3.77%2.95%4.17%-13.39%-1.11%7.28%7.36%0.26%2.19%

Correlation

The correlation between GVI and GOVT is 0.94, 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

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.94

Correlation (5Y)
Calculated over the trailing 5-year period

0.92

Correlation (10Y)
Calculated over the trailing 10-year period

0.86

Correlation (All Time)
Calculated using the full available price history since Feb 27, 2012

0.84

The correlation between GVI and GOVT has been stable across timeframes, ranging from 0.84 to 0.94 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Intermediate Government/Credit Bond ETF

iShares U.S. Treasury Bond ETF

Often compared with GVI:
GVI vs. GBFGVI vs. SCHJGVI vs. AGZGVI vs. CMFGVI vs. VCITGVI vs. SLQDGVI vs. AGG
Often compared with GOVT:
GOVT vs. VGITGOVT vs. BNDGOVT vs. TLTGOVT vs. IEFGOVT vs. SHVGOVT vs. VTGGOVT vs. GOVZ

Return for Risk

GVI vs. GOVT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GVI
GVI Risk / Return Rank: 4444
Overall Rank
GVI Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
GVI Sortino Ratio Rank: 4949
Sortino Ratio Rank
GVI Omega Ratio Rank: 4444
Omega Ratio Rank
GVI Calmar Ratio Rank: 4444
Calmar Ratio Rank
GVI Martin Ratio Rank: 4141
Martin Ratio Rank
GOVT
GOVT Risk / Return Rank: 2828
Overall Rank
GOVT Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
GOVT Sortino Ratio Rank: 2929
Sortino Ratio Rank
GOVT Omega Ratio Rank: 2727
Omega Ratio Rank
GOVT Calmar Ratio Rank: 2828
Calmar Ratio Rank
GOVT Martin Ratio Rank: 2828
Martin Ratio Rank
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.

GVI vs. GOVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Intermediate Government/Credit Bond ETF (GVI) 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.

GVIGOVTDifference

Sharpe ratio

Return per unit of total volatility

1.56

1.07

+0.49

Sortino ratio

Return per unit of downside risk

2.39

1.62

+0.77

Omega ratio

Gain probability vs. loss probability

1.28

1.18

+0.10

Calmar ratio

Return relative to maximum drawdown

2.17

1.36

+0.81

Martin ratio

Return relative to average drawdown

6.60

4.01

+2.59

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVI vs. GOVT - Sharpe Ratio Comparison

The current GVI Sharpe Ratio is 1.56, which is higher than the GOVT Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of GVI and GOVT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GVIGOVTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

1.07

+0.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

-0.08

+0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.17

+0.35

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

0.26

+0.50

Drawdowns

GVI vs. GOVT - Drawdown Comparison

The maximum GVI drawdown since its inception was -12.93%, smaller than the maximum GOVT drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for GVI and GOVT.

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Drawdown Indicators

GVIGOVTDifference

Max Drawdown

Largest peak-to-trough decline

-12.93%

-19.07%

+6.14%

Max Drawdown (1Y)

Largest decline over 1 year

-1.79%

-2.85%

+1.06%

Max Drawdown (3Y)

Largest decline over 3 years

-2.65%

-5.43%

+2.78%

Max Drawdown (5Y)

Largest decline over 5 years

-12.93%

-16.60%

+3.67%

Max Drawdown (10Y)

Largest decline over 10 years

-12.93%

-19.07%

+6.14%

Current Drawdown

Current decline from peak

-1.17%

-7.17%

+6.00%

Average Drawdown

Average peak-to-trough decline

-1.86%

-5.25%

+3.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.59%

0.97%

-0.38%

Volatility

GVI vs. GOVT - Volatility Comparison

The current volatility for iShares Intermediate Government/Credit Bond ETF (GVI) is 0.77%, while iShares U.S. Treasury Bond ETF (GOVT) has a volatility of 1.09%. This indicates that GVI experiences smaller price fluctuations and is considered to be less risky 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

GVIGOVTDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.77%

1.09%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

1.78%

2.51%

-0.73%

Volatility (1Y)

Calculated over the trailing 1-year period

2.50%

3.63%

-1.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.97%

6.04%

-2.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.53%

5.22%

-1.69%

GVI vs. GOVT - Expense Ratio Comparison

GVI has a 0.20% 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

GVI vs. GOVT - Dividend Comparison

GVI's dividend yield for the trailing twelve months is around 3.62%, which matches GOVT's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
GOVT
iShares U.S. Treasury Bond ETF		3.59%3.49%3.14%2.65%1.77%0.96%2.17%1.98%1.97%1.57%1.40%1.25%
GVI
iShares Intermediate Government/Credit Bond ETF		3.62%3.48%3.40%2.75%1.86%1.46%1.84%2.29%2.16%1.91%1.77%1.75%

Frequently Asked Questions

With a correlation of 0.94, GVI and GOVT 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.

GOVT has higher volatility (1.09%) compared to GVI (0.77%). In terms of maximum drawdown, GVI dropped -12.93% vs GOVT's -19.07%.

On 10-year performance, GVI leads with 1.80% vs 0.87% for GOVT. On fees, GOVT is cheaper at 0.05% per year. On volatility, GVI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GVI has performed better with a 1.80% return vs 0.87%. 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 0.20% for GVI.

GVI has the higher dividend yield at 3.62%, compared with 3.59% for GOVT.

GVI is categorized as Short-Term Bond, while GOVT is Government Bonds. GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond, while GOVT tracks ICE U.S. Treasury Core Bond Index. Their fees differ too: 0.20% for GVI and 0.05% for GOVT.

GVI currently has the higher Sharpe Ratio (1.56 vs 1.07), 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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