IEF vs. GGOV
IEF (iShares 7-10 Year Treasury Bond ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while GGOV is a Global Bonds fund actively managed by iShares. IEF is passively managed, while GGOV is actively managed. Over the past year, IEF returned 0.82% vs -0.42% for GGOV. Their 0.65 correlation means they have sometimes moved together and sometimes differently. IEF charges 0.15%/yr vs 0.39%/yr for GGOV.
Performance
IEF vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, IEF achieves a -1.24% return, which is significantly lower than GGOV's 2.61% return.
IEF
- 1D
- 0.20%
- 1M
- -1.04%
- 6M
- -0.82%
- YTD
- -1.24%
- 1Y
- 0.82%
- 3Y*
- 2.91%
- 5Y*
- -1.85%
- 10Y*
- 0.46%
- ALL TIME*
- 3.35%
GGOV
- 1D
- 0.12%
- 1M
- -0.10%
- 6M
- 3.17%
- YTD
- 2.61%
- 1Y
- -0.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $49.16M | $62.50M | $78.51M | |
| $439.71M | $475.54M | $612.94M |
IEF vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | -1.24% | 3.16% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
Correlation
The correlation between IEF and GGOV is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.65 |
The correlation between IEF and GGOV has been stable across timeframes, ranging from 0.63 to 0.65 - a consistent structural relationship.
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Return for Risk
IEF vs. GGOV — Risk / Return Rank
IEF
GGOV
IEF vs. GGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) 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.
| IEF | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.99 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.20 | -0.09 | +0.29 |
| Martin ratioReturn relative to average drawdown | 0.47 | -0.19 | +0.66 |
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Drawdowns
IEF vs. GGOV - Drawdown Comparison
The maximum IEF drawdown since its inception was -23.93%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for IEF and GGOV.
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Drawdown Indicators
| IEF | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.93% | -4.69% | -19.24% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -4.69% | +0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -6.89% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.09% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.93% | — | — |
Current DrawdownCurrent decline from peak | -11.87% | -1.20% | -10.67% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -1.54% | -3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 2.15% | -0.38% |
Volatility
IEF vs. GGOV - Volatility Comparison
iShares 7-10 Year Treasury Bond ETF (IEF) has a higher volatility of 1.20% compared to iShares Global Government Bond USD Hedged Active ETF (GGOV) at 0.78%. This indicates that IEF'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.
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Volatility by Period
| IEF | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 0.78% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 3.65% | 3.57% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.54% | 5.22% | -0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 5.08% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.61% | 5.08% | +1.53% |
IEF vs. GGOV - Expense Ratio Comparison
IEF has a 0.15% expense ratio, which is lower than GGOV's 0.39% expense ratio.
Dividends
IEF vs. GGOV - Dividend Comparison
IEF's dividend yield for the trailing twelve months is around 3.97%, while GGOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEF iShares 7-10 Year Treasury Bond ETF | 3.97% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
Frequently Asked Questions
IEF and GGOV have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEF has higher volatility (1.20%) compared to GGOV (0.78%). In terms of maximum drawdown, IEF dropped -23.93% vs GGOV's -4.69%.
On 1-year performance, IEF leads with 0.82% vs -0.42% for GGOV. On fees, IEF is cheaper at 0.15% per year. On volatility, GGOV has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IEF has performed better with a 0.82% return vs -0.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.39% for GGOV.
IEF has the higher dividend yield at 3.97%, compared with 0.00% for GGOV.
IEF is categorized as Government Bonds, while GGOV is Global Bonds. Their fees differ too: 0.15% for IEF and 0.39% for GGOV.
IEF currently has the higher Sharpe Ratio (0.18 vs -0.08), 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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