HIGH.L vs. GOVT
HIGH.L (iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc)) and GOVT (iShares U.S. Treasury Bond ETF) are both exchange-traded funds - HIGH.L is a European High Yield Bonds fund tracking the Bloomberg Pan Euro HY Euro TR EUR, while GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index. Both are passively managed. Over the past 5 years, HIGH.L returned 2.71%/yr vs 0.50%/yr for GOVT. At a correlation of -0.13, they often move in opposite directions. HIGH.L charges 0.50%/yr vs 0.05%/yr for GOVT.
Performance
HIGH.L vs. GOVT - Performance Comparison
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Different Trading Currencies
HIGH.L is traded in EUR, while GOVT is traded in USD. To make them comparable, the GOVT values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, HIGH.L achieves a 1.03% return, which is significantly lower than GOVT's 1.16% return.
HIGH.L
- 1D
- 0.13%
- 1M
- 0.90%
- YTD
- 1.03%
- 6M
- 1.37%
- 1Y
- 3.20%
- 3Y*
- 6.34%
- 5Y*
- 2.71%
- 10Y*
- —
GOVT
- 1D
- -0.01%
- 1M
- 0.80%
- YTD
- 1.16%
- 6M
- 0.28%
- 1Y
- 1.63%
- 3Y*
- 0.14%
- 5Y*
- 0.50%
- 10Y*
- 0.68%
HIGH.L vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIGH.L iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) | 1.03% | 4.81% | 5.78% | 11.51% | -9.32% | 2.82% | 1.10% | 9.76% | -3.46% | 0.37% |
GOVT iShares U.S. Treasury Bond ETF | 1.16% | -8.55% | 9.75% | 1.05% | -8.02% | 6.28% | -1.56% | 9.78% | 4.96% | -1.88% |
Correlation
The correlation between HIGH.L and GOVT is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2017 | -0.13 |
The correlation between HIGH.L and GOVT shifts across timeframes, from -0.13 (all time) to 0.00 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HIGH.L vs. GOVT — Risk / Return Rank
HIGH.L
GOVT
HIGH.L vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) (HIGH.L) 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.
| HIGH.L | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.05 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | 0.36 | +0.75 |
| Martin ratioReturn relative to average drawdown | 4.65 | 1.00 | +3.65 |
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
| HIGH.L | GOVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 0.28 | +0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | 0.06 | +0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.27 | +0.09 |
Drawdowns
HIGH.L vs. GOVT - Drawdown Comparison
The maximum HIGH.L drawdown since its inception was -25.42%, which is greater than GOVT's maximum drawdown of -17.66%. Use the drawdown chart below to compare losses from any high point for HIGH.L and GOVT.
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Drawdown Indicators
| HIGH.L | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.42% | -17.66% | -7.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -4.54% | +1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -3.70% | -11.49% | +7.79% |
Max Drawdown (5Y)Largest decline over 5 years | -14.64% | -12.87% | -1.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.66% | — |
Current DrawdownCurrent decline from peak | -0.14% | -13.03% | +12.89% |
Average DrawdownAverage peak-to-trough decline | -2.72% | -8.71% | +5.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 1.68% | -0.99% |
Volatility
HIGH.L vs. GOVT - Volatility Comparison
iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) (HIGH.L) has a higher volatility of 1.09% compared to iShares U.S. Treasury Bond ETF (GOVT) at 0.82%. This indicates that HIGH.L's price experiences larger fluctuations and is considered to be riskier 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
| HIGH.L | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.82% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 4.32% | -1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.46% | 5.84% | -2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.32% | 8.38% | -3.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.15% | 8.09% | -0.94% |
HIGH.L vs. GOVT - Expense Ratio Comparison
HIGH.L has a 0.50% expense ratio, which is higher than GOVT's 0.05% expense ratio.
Dividends
HIGH.L vs. GOVT - Dividend Comparison
HIGH.L has not paid dividends to shareholders, while GOVT's dividend yield for the trailing twelve months is around 3.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 3.58% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
HIGH.L iShares EUR High Yield Corporate Bond UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HIGH.L and GOVT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GOVT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GOVT is cheaper with a 0.05% expense ratio, compared with 0.50% for HIGH.L.
HIGH.L is categorized as European High Yield Bonds, while GOVT is Government Bonds. HIGH.L tracks Bloomberg Pan Euro HY Euro TR EUR, while GOVT tracks ICE U.S. Treasury Core Bond Index. Their fees differ too: 0.50% for HIGH.L and 0.05% for GOVT.
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