IGOV vs. BND
IGOV (iShares International Treasury Bond ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select Index, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, IGOV returned -1.55%/yr vs 1.44%/yr for BND. At a 0.45 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.03%/yr for BND.
Performance
IGOV vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -1.97% return, which is significantly lower than BND's 0.20% return. Over the past 10 years, IGOV has underperformed BND with an annualized return of -1.55%, while BND has yielded a comparatively higher 1.44% annualized return.
IGOV
- 1D
- 0.22%
- 1M
- -1.59%
- 6M
- -1.71%
- YTD
- -1.97%
- 1Y
- -2.16%
- 3Y*
- 1.86%
- 5Y*
- -4.48%
- 10Y*
- -1.55%
BND
- 1D
- -0.08%
- 1M
- -0.43%
- 6M
- -0.09%
- YTD
- 0.20%
- 1Y
- 3.97%
- 3Y*
- 4.21%
- 5Y*
- -0.15%
- 10Y*
- 1.44%
IGOV vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.97% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
BND Vanguard Total Bond Market ETF | 0.20% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between IGOV and BND is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.45 |
Over the past year, IGOV and BND have become more correlated (0.68) than their long-term average of 0.45, meaning their price movements have been converging.
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Return for Risk
IGOV vs. BND — Risk / Return Rank
IGOV
BND
IGOV vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) and Vanguard Total Bond Market ETF (BND). 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.
| IGOV | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.30 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.17 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 1.33 | -1.82 |
| Martin ratioReturn relative to average drawdown | -1.07 | 3.71 | -4.78 |
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Drawdowns
IGOV vs. BND - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for IGOV and BND.
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Drawdown Indicators
| IGOV | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -18.58% | -17.30% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -2.68% | -3.02% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -5.92% | -4.73% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -17.91% | -15.01% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -18.58% | -17.30% |
Current DrawdownCurrent decline from peak | -25.13% | -2.43% | -22.70% |
Average DrawdownAverage peak-to-trough decline | -11.09% | -3.06% | -8.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 0.96% | +1.65% |
Volatility
IGOV vs. BND - Volatility Comparison
iShares International Treasury Bond ETF (IGOV) has a higher volatility of 1.87% compared to Vanguard Total Bond Market ETF (BND) at 1.18%. This indicates that IGOV's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGOV | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.87% | 1.18% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 6.34% | 2.84% | +3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.06% | 3.72% | +4.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 6.03% | +3.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.59% | 5.53% | +3.06% |
IGOV vs. BND - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
IGOV vs. BND - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.44%, less than BND's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 4.00% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
IGOV iShares International Treasury Bond ETF | 1.44% | 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 BND have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGOV has higher volatility (1.87%) compared to BND (1.18%). In terms of maximum drawdown, IGOV dropped -35.88% vs BND's -18.58%.
On 10-year performance, BND leads with 1.44% vs -1.55% for IGOV. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BND has performed better with a 1.44% return vs -1.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.35% for IGOV.
BND has the higher dividend yield at 4.00%, compared with 1.44% for IGOV.
IGOV is categorized as International Government Bonds, while BND is Total Bond Market. IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.35% for IGOV and 0.03% for BND.
BND currently has the higher Sharpe Ratio (0.96 vs -0.35), 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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