IBTP vs. GGOV

Last updated Jul 14, 2026

IBTP (iShares iBonds Dec 2034 Term Treasury ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - IBTP is a Government Bonds fund tracking the ICE 2034 Maturity US Treasury Index, while GGOV is a Global Bonds fund managed by iShares. Over the past year, IBTP returned 3.02% vs 0.14% for GGOV. A 0.65 correlation means they provide meaningful diversification when combined. IBTP charges 0.07%/yr vs 0.39%/yr for GGOV.

Performance

IBTP vs. GGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2034 Term Treasury ETF (IBTP) and iShares Global Government Bond USD Hedged Active ETF (GGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBTP achieves a -1.01% return, which is significantly lower than GGOV's 2.36% return.

IBTP

• 1D: -0.40%
• 1M: -0.58%
• 6M: -1.03%
• YTD: -1.01%
• 1Y: 3.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GGOV

• 1D: -0.32%
• 1M: -0.10%
• 6M: 2.76%
• YTD: 2.36%
• 1Y: 0.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBTP vs. GGOV - Yearly Performance Comparison

	2026 (YTD)	2025
IBTP iShares iBonds Dec 2034 Term Treasury ETF	-1.01%	3.28%
GGOV iShares Global Government Bond USD Hedged Active ETF	2.36%	-2.80%

Correlation

The correlation between IBTP and GGOV is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.65

The correlation between IBTP and GGOV has been stable across timeframes, ranging from 0.65 to 0.66 - a consistent structural relationship.

Return for Risk

IBTP vs. GGOV — Risk / Return Rank

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

IBTP

IBTP Risk / Return Rank: 21
IBTP Sharpe Ratio Rank: 23
IBTP Sortino Ratio Rank: 21
IBTP Omega Ratio Rank: 19
IBTP Calmar Ratio Rank: 21
IBTP Martin Ratio Rank: 21

GGOV

GGOV Risk / Return Rank: 9
GGOV Sharpe Ratio Rank: 10
GGOV Sortino Ratio Rank: 8
GGOV Omega Ratio Rank: 9
GGOV Calmar Ratio Rank: 10
GGOV Martin Ratio Rank: 10

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.

IBTP vs. GGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2034 Term Treasury ETF (IBTP) and iShares Global Government Bond USD Hedged Active ETF (GGOV). 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.

	IBTP	GGOV	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.03	+0.62
Sortino ratio: Return per unit of downside risk	0.98	0.06	+0.91
Omega ratio: Gain probability vs. loss probability	1.11	1.01	+0.10
Calmar ratio: Return relative to maximum drawdown	0.76	0.03	+0.73
Martin ratio: Return relative to average drawdown	1.95	0.06	+1.89

IBTP vs. GGOV - Sharpe Ratio Comparison

The current IBTP Sharpe Ratio is 0.65, which is higher than the GGOV Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of IBTP and GGOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBTP vs. GGOV - Drawdown Comparison

The maximum IBTP drawdown since its inception was -7.40%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for IBTP and GGOV.

Drawdown Indicators

	IBTP	GGOV	Difference
Max Drawdown Largest peak-to-trough decline	-7.40%	-4.69%	-2.71%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-4.69%	+0.70%
Current Drawdown Current decline from peak	-3.18%	-1.44%	-1.74%
Average Drawdown Average peak-to-trough decline	-2.13%	-1.54%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	2.12%	-0.57%

Volatility

IBTP vs. GGOV - Volatility Comparison

iShares iBonds Dec 2034 Term Treasury ETF (IBTP) has a higher volatility of 1.56% compared to iShares Global Government Bond USD Hedged Active ETF (GGOV) at 0.97%. This indicates that IBTP's price experiences larger fluctuations and is considered to be riskier than GGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTP	GGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	0.97%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	3.51%	3.61%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.68%	5.29%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	5.20%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.92%	5.20%	+0.72%

IBTP vs. GGOV - Expense Ratio Comparison

IBTP has a 0.07% expense ratio, which is lower than GGOV's 0.39% expense ratio.

Dividends

IBTP vs. GGOV - Dividend Comparison

IBTP's dividend yield for the trailing twelve months is around 4.09%, while GGOV has not paid dividends to shareholders.

Position	TTM	2025	2024
GGOV iShares Global Government Bond USD Hedged Active ETF	0.00%	0.00%	0.00%
IBTP iShares iBonds Dec 2034 Term Treasury ETF	4.09%	3.92%	1.78%

Frequently Asked Questions

Can I hold both IBTP and GGOV in my portfolio?

IBTP and GGOV have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBTP or GGOV?

IBTP has higher volatility (1.56%) compared to GGOV (0.97%). In terms of maximum drawdown, IBTP dropped -7.40% vs GGOV's -4.69%.

Which ETF is better, IBTP or GGOV?

On 1-year performance, IBTP leads with 3.02% vs 0.14% for GGOV. On fees, IBTP is cheaper at 0.07% per year. On volatility, GGOV has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBTP or GGOV?

Over the 1-year period, IBTP has performed better with a 3.02% return vs 0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBTP or GGOV?

IBTP is cheaper with a 0.07% expense ratio, compared with 0.39% for GGOV.

Which ETF pays a higher dividend yield, IBTP or GGOV?

IBTP has the higher dividend yield at 4.09%, compared with 0.00% for GGOV.

What is the main difference between IBTP and GGOV?

IBTP is categorized as Government Bonds, while GGOV is Global Bonds. Their fees differ too: 0.07% for IBTP and 0.39% for GGOV.

Which has better risk-adjusted returns?

IBTP currently has the higher Sharpe Ratio (0.65 vs 0.03), 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.