IBGC vs. GOVZ

Last updated Jun 27, 2026

IBGC (iShares iBonds Dec 2046 Term Treasury ETF) and GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) are both Government Bonds funds from iShares - IBGC tracks the ICE 2046 Maturity US Treasury Index while GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index. Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. IBGC charges 0.07%/yr vs 0.15%/yr for GOVZ.

Performance

IBGC vs. GOVZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2046 Term Treasury ETF (IBGC) and iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBGC

• 1D: 0.10%
• 1M: 2.56%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GOVZ

• 1D: -0.40%
• 1M: 4.92%
• YTD: 3.01%
• 6M: 1.69%
• 1Y: 2.89%
• 3Y*: -7.02%
• 5Y*: -11.28%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IBGC vs. GOVZ - Yearly Performance Comparison

	2026 (YTD)
IBGC iShares iBonds Dec 2046 Term Treasury ETF	2.82%
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF	2.41%

Correlation

The correlation between IBGC and GOVZ is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 26, 2026	0.90

Return for Risk

IBGC vs. GOVZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IBGC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GOVZ

GOVZ Risk / Return Rank: 11
GOVZ Sharpe Ratio Rank: 11
GOVZ Sortino Ratio Rank: 10
GOVZ Omega Ratio Rank: 10
GOVZ Calmar Ratio Rank: 11
GOVZ Martin Ratio Rank: 11

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.

IBGC vs. GOVZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2046 Term Treasury ETF (IBGC) and iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ). 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.

	IBGC	GOVZ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.18	—
Sortino ratio: Return per unit of downside risk	—	0.38	—
Omega ratio: Gain probability vs. loss probability	—	1.04	—
Calmar ratio: Return relative to maximum drawdown	—	0.21	—
Martin ratio: Return relative to average drawdown	—	0.44	—

Drawdowns

IBGC vs. GOVZ - Drawdown Comparison

The maximum IBGC drawdown since its inception was -4.29%, smaller than the maximum GOVZ drawdown of -59.65%. Use the drawdown chart below to compare losses from any high point for IBGC and GOVZ.

Drawdown Indicators

	IBGC	GOVZ	Difference
Max Drawdown Largest peak-to-trough decline	-4.29%	-59.65%	+55.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.16%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-28.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-57.63%	—
Current Drawdown Current decline from peak	0.00%	-54.73%	+54.73%
Average Drawdown Average peak-to-trough decline	-1.14%	-40.06%	+38.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.53%	—

Volatility

Volatility by Period

	IBGC	GOVZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.43%	15.86%	-7.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.43%	23.86%	-15.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	23.28%	-14.85%

IBGC vs. GOVZ - Expense Ratio Comparison

IBGC has a 0.07% expense ratio, which is lower than GOVZ's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IBGC vs. GOVZ - Dividend Comparison

IBGC's dividend yield for the trailing twelve months is around 0.79%, less than GOVZ's 4.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF	4.98%	5.00%	4.68%	3.84%	3.69%	1.76%	0.39%
IBGC iShares iBonds Dec 2046 Term Treasury ETF	0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBGC and GOVZ in my portfolio?

With a correlation of 0.90, IBGC and GOVZ 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.

Which ETF is better, IBGC or GOVZ?

On fees, IBGC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBGC or GOVZ?

IBGC is cheaper with a 0.07% expense ratio, compared with 0.15% for GOVZ.

Which ETF pays a higher dividend yield, IBGC or GOVZ?

GOVZ has the higher dividend yield at 4.98%, compared with 0.79% for IBGC.

What is the main difference between IBGC and GOVZ?

IBGC tracks ICE 2046 Maturity US Treasury Index, while GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index. Their fees differ too: 0.07% for IBGC and 0.15% for GOVZ.