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IGOV vs. ANGL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGOV vs. ANGL

Last updated Jun 4, 2026

IGOV (iShares International Treasury Bond ETF) and ANGL (VanEck Vectors Fallen Angel High Yield Bond ETF) are both exchange-traded funds - IGOV is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US, while ANGL is a High Yield Bonds fund tracking the BofA Merrill Lynch US Fallen Angel High Yield Index. Both are passively managed. Over the past 10 years, IGOV returned -1.38%/yr vs 6.27%/yr for ANGL. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

IGOV vs. ANGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Treasury Bond ETF (IGOV) and VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IGOV achieves a -0.50% return, which is significantly lower than ANGL's 1.55% return. Over the past 10 years, IGOV has underperformed ANGL with an annualized return of -1.38%, while ANGL has yielded a comparatively higher 6.27% annualized return.

IGOV

1D
-0.84%
1M
-0.43%
YTD
-0.50%
6M
-0.39%
1Y
0.56%
3Y*
2.56%
5Y*
-4.47%
10Y*
-1.38%

ANGL

1D
-0.21%
1M
0.49%
YTD
1.55%
6M
1.64%
1Y
8.16%
3Y*
8.46%
5Y*
3.44%
10Y*
6.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGOV vs. ANGL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGOV
iShares International Treasury Bond ETF		-0.50%9.96%-6.50%5.57%-22.07%-9.25%10.88%3.76%-2.60%11.38%
ANGL
VanEck Vectors Fallen Angel High Yield Bond ETF		1.55%9.04%6.06%12.52%-14.26%6.84%13.20%18.06%-5.84%9.71%

Correlation

The correlation between IGOV and ANGL is 0.60, 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

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.57

Correlation (5Y)
Calculated over the trailing 5-year period

0.55

Correlation (10Y)
Calculated over the trailing 10-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Apr 12, 2012

0.23

Over the past year, IGOV and ANGL have become more correlated (0.60) than their long-term average of 0.23, meaning their price movements have been converging.

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iShares International Treasury Bond ETF

VanEck Vectors Fallen Angel High Yield Bond ETF

Often compared with IGOV:
IGOV vs. BNDXIGOV vs. BWXIGOV vs. AGGIGOV vs. VCITIGOV vs. BSVIGOV vs. FLIAIGOV vs. BND
Often compared with ANGL:
ANGL vs. FALNANGL vs. HYGANGL vs. VWEAXANGL vs. ^VIXANGL vs. SPYANGL vs. BLVANGL vs. IGSB

Return for Risk

IGOV vs. ANGL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGOV
IGOV Risk / Return Rank: 99
Overall Rank
IGOV Sharpe Ratio Rank: 99
Sharpe Ratio Rank
IGOV Sortino Ratio Rank: 99
Sortino Ratio Rank
IGOV Omega Ratio Rank: 99
Omega Ratio Rank
IGOV Calmar Ratio Rank: 1010
Calmar Ratio Rank
IGOV Martin Ratio Rank: 99
Martin Ratio Rank
ANGL
ANGL Risk / Return Rank: 5252
Overall Rank
ANGL Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
ANGL Sortino Ratio Rank: 5656
Sortino Ratio Rank
ANGL Omega Ratio Rank: 6060
Omega Ratio Rank
ANGL Calmar Ratio Rank: 4141
Calmar Ratio Rank
ANGL Martin Ratio Rank: 5050
Martin Ratio Rank
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.

IGOV vs. ANGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) and VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL). 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.

IGOVANGLDifference
Sharpe ratioReturn per unit of total volatility
0.07
1.90

-1.83

Sortino ratioReturn per unit of downside risk
0.16
2.73

-2.57

Omega ratioGain probability vs. loss probability

1.02

1.37

-0.36

Calmar ratioReturn relative to maximum drawdown

0.10

2.02

-1.92

Martin ratioReturn relative to average drawdown

0.23

8.49

-8.25

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGOV vs. ANGL - Sharpe Ratio Comparison

The current IGOV Sharpe Ratio is 0.07, which is lower than the ANGL Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of IGOV and ANGL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IGOVANGLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.07

1.90

-1.83

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.45

0.45

-0.90

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.68

-0.84

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

0.74

-0.72

Drawdowns

IGOV vs. ANGL - Drawdown Comparison

The maximum IGOV drawdown since its inception was -35.88%, which is greater than ANGL's maximum drawdown of -29.31%. Use the drawdown chart below to compare losses from any high point for IGOV and ANGL.

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Drawdown Indicators

IGOVANGLDifference

Max Drawdown

Largest peak-to-trough decline

-35.88%

-29.31%

-6.57%

Max Drawdown (1Y)

Largest decline over 1 year

-5.70%

-4.05%

-1.65%

Max Drawdown (3Y)

Largest decline over 3 years

-10.65%

-5.48%

-5.17%

Max Drawdown (5Y)

Largest decline over 5 years

-33.17%

-19.25%

-13.92%

Max Drawdown (10Y)

Largest decline over 10 years

-35.88%

-29.31%

-6.57%

Current Drawdown

Current decline from peak

-24.01%

-0.30%

-23.71%

Average Drawdown

Average peak-to-trough decline

-11.02%

-3.30%

-7.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.42%

0.96%

+1.46%

Volatility

IGOV vs. ANGL - Volatility Comparison

iShares International Treasury Bond ETF (IGOV) has a higher volatility of 2.80% compared to VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) at 1.37%. This indicates that IGOV's price experiences larger fluctuations and is considered to be riskier than ANGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IGOVANGLDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

1.37%

+1.43%

Volatility (6M)

Calculated over the trailing 6-month period

6.19%

3.46%

+2.73%

Volatility (1Y)

Calculated over the trailing 1-year period

8.11%

4.31%

+3.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.96%

7.63%

+2.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.59%

9.28%

-0.69%

IGOV vs. ANGL - Expense Ratio Comparison

Both IGOV and ANGL have an expense ratio of 0.35%.

Dividends

IGOV vs. ANGL - Dividend Comparison

IGOV's dividend yield for the trailing twelve months is around 1.42%, less than ANGL's 6.37% yield.

PositionTTM20252024202320222021202020192018201720162015
ANGL
VanEck Vectors Fallen Angel High Yield Bond ETF		6.37%6.20%6.29%5.27%4.72%3.90%4.67%5.19%5.99%5.25%5.34%5.81%
IGOV
iShares International Treasury Bond ETF		1.42%1.41%0.59%0.00%0.11%0.39%0.00%0.24%0.31%0.19%0.69%0.12%

Frequently Asked Questions

IGOV and ANGL have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IGOV has higher volatility (2.80%) compared to ANGL (1.37%). In terms of maximum drawdown, IGOV dropped -35.88% vs ANGL's -29.31%.

On 10-year performance, ANGL leads with 6.27% vs -1.38% for IGOV. Both ETFs have the same 0.35% expense ratio. On volatility, ANGL has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ANGL has performed better with a 6.27% return vs -1.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IGOV and ANGL have the same expense ratio: 0.35% per year.

ANGL has the higher dividend yield at 6.37%, compared with 1.42% for IGOV.

IGOV is categorized as International Government Bonds, while ANGL is High Yield Bonds. IGOV tracks S&P/Citigroup International Treasury Bond Index Ex-US, while ANGL tracks BofA Merrill Lynch US Fallen Angel High Yield Index. They also come from different issuers: iShares and VanEck.

ANGL currently has the higher Sharpe Ratio (1.90 vs 0.07), 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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