IEUR vs. GOVT
IEUR (iShares Core MSCI Europe ETF) and GOVT (iShares U.S. Treasury Bond ETF) are both exchange-traded funds - IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index, 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, IEUR returned 10.11%/yr vs 0.84%/yr for GOVT. At a correlation of -0.06, they often move in opposite directions. IEUR charges 0.09%/yr vs 0.05%/yr for GOVT.
Performance
IEUR vs. GOVT - Performance Comparison
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Returns By Period
In the year-to-date period, IEUR achieves a 7.65% return, which is significantly higher than GOVT's 0.11% return. Over the past 10 years, IEUR has outperformed GOVT with an annualized return of 10.11%, while GOVT has yielded a comparatively lower 0.84% annualized return.
IEUR
- 1D
- 0.14%
- 1M
- 4.34%
- YTD
- 7.65%
- 6M
- 9.78%
- 1Y
- 19.09%
- 3Y*
- 16.42%
- 5Y*
- 8.26%
- 10Y*
- 10.11%
GOVT
- 1D
- -0.09%
- 1M
- 0.96%
- YTD
- 0.11%
- 6M
- 0.47%
- 1Y
- 3.64%
- 3Y*
- 3.10%
- 5Y*
- -0.50%
- 10Y*
- 0.84%
IEUR vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEUR iShares Core MSCI Europe ETF | 7.65% | 35.67% | 1.40% | 19.71% | -15.90% | 16.71% | 5.31% | 24.95% | -14.86% | 26.70% |
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 IEUR and GOVT is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | -0.06 |
The correlation between IEUR and GOVT shifts across timeframes, from -0.06 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IEUR vs. GOVT — Risk / Return Rank
IEUR
GOVT
IEUR vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe ETF (IEUR) 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.
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.
| IEUR | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.16 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 1.17 | +0.27 |
| Martin ratioReturn relative to average drawdown | 5.40 | 3.27 | +2.13 |
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Drawdowns
IEUR vs. GOVT - Drawdown Comparison
The maximum IEUR drawdown since its inception was -36.96%, which is greater than GOVT's maximum drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for IEUR and GOVT.
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Drawdown Indicators
| IEUR | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.96% | -19.07% | -17.89% |
Max Drawdown (1Y)Largest decline over 1 year | -12.04% | -2.85% | -9.19% |
Max Drawdown (3Y)Largest decline over 3 years | -14.25% | -5.43% | -8.82% |
Max Drawdown (5Y)Largest decline over 5 years | -32.75% | -16.60% | -16.15% |
Max Drawdown (10Y)Largest decline over 10 years | -36.96% | -19.07% | -17.89% |
Current DrawdownCurrent decline from peak | -0.44% | -6.97% | +6.53% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -5.25% | -2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 1.02% | +2.20% |
Volatility
IEUR vs. GOVT - Volatility Comparison
iShares Core MSCI Europe ETF (IEUR) has a higher volatility of 5.70% compared to iShares U.S. Treasury Bond ETF (GOVT) at 1.15%. This indicates that IEUR'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
| IEUR | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.70% | 1.15% | +4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 13.31% | 2.58% | +10.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.83% | 3.59% | +12.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 6.04% | +11.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.68% | 5.23% | +13.45% |
IEUR vs. GOVT - Expense Ratio Comparison
IEUR has a 0.09% 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
IEUR vs. GOVT - Dividend Comparison
IEUR's dividend yield for the trailing twelve months is around 2.76%, less than GOVT's 3.58% yield.
| 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% |
IEUR iShares Core MSCI Europe ETF | 2.76% | 2.97% | 3.54% | 3.17% | 3.05% | 2.88% | 2.13% | 3.26% | 3.76% | 2.64% | 3.19% | 2.79% |
Frequently Asked Questions
IEUR and GOVT have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEUR has higher volatility (5.70%) compared to GOVT (1.15%). In terms of maximum drawdown, IEUR dropped -36.96% vs GOVT's -19.07%.
On 10-year performance, IEUR leads with 10.11% vs 0.84% for GOVT. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEUR has performed better with a 10.11% return vs 0.84%. 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 0.09% for IEUR.
GOVT has the higher dividend yield at 3.58%, compared with 2.76% for IEUR.
IEUR is categorized as Europe Equities, while GOVT is Government Bonds. IEUR tracks MSCI Europe Investable Market Index, while GOVT tracks ICE U.S. Treasury Core Bond Index. Their fees differ too: 0.09% for IEUR and 0.05% for GOVT.
IEUR currently has the higher Sharpe Ratio (1.10 vs 0.93), 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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