IGOV vs. BNDX
IGOV (iShares International Treasury Bond ETF) and BNDX (Vanguard Total International 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 BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, IGOV returned -1.38%/yr vs 1.68%/yr for BNDX. A 0.51 correlation means they provide meaningful diversification when combined. IGOV charges 0.35%/yr vs 0.07%/yr for BNDX.
Performance
IGOV vs. BNDX - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -0.50% return, which is significantly lower than BNDX's 0.54% return. Over the past 10 years, IGOV has underperformed BNDX with an annualized return of -1.38%, while BNDX has yielded a comparatively higher 1.68% 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%
BNDX
- 1D
- -0.35%
- 1M
- 0.63%
- YTD
- 0.54%
- 6M
- 0.23%
- 1Y
- 1.82%
- 3Y*
- 4.03%
- 5Y*
- 0.33%
- 10Y*
- 1.68%
IGOV vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
BNDX Vanguard Total International Bond ETF | 0.54% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between IGOV and BNDX is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013 | 0.51 |
The correlation between IGOV and BNDX shifts across timeframes, from 0.51 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IGOV vs. BNDX — Risk / Return Rank
IGOV
BNDX
IGOV vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) and Vanguard Total International Bond ETF (BNDX). 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.
| IGOV | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.10 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | 0.62 | -0.52 |
| Martin ratioReturn relative to average drawdown | 0.23 | 1.78 | -1.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IGOV | BNDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.07 | 0.53 | -0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.07 | -0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | 0.41 | -0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.61 | -0.59 |
Drawdowns
IGOV vs. BNDX - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for IGOV and BNDX.
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Drawdown Indicators
| IGOV | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -16.23% | -19.65% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -2.93% | -2.77% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -2.93% | -7.72% |
Max Drawdown (5Y)Largest decline over 5 years | -33.17% | -15.86% | -17.31% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -16.23% | -19.65% |
Current DrawdownCurrent decline from peak | -24.01% | -1.49% | -22.52% |
Average DrawdownAverage peak-to-trough decline | -11.02% | -3.09% | -7.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 1.02% | +1.40% |
Volatility
IGOV vs. BNDX - Volatility Comparison
iShares International Treasury Bond ETF (IGOV) has a higher volatility of 2.80% compared to Vanguard Total International Bond ETF (BNDX) at 1.57%. This indicates that IGOV's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGOV | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 1.57% | +1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 6.19% | 2.91% | +3.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.11% | 3.43% | +4.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.96% | 4.88% | +5.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.59% | 4.09% | +4.50% |
IGOV vs. BNDX - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is higher than BNDX's 0.07% expense ratio.
Dividends
IGOV vs. BNDX - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.42%, less than BNDX's 4.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.49% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
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 BNDX have a correlation of 0.67, 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 BNDX (1.57%). In terms of maximum drawdown, IGOV dropped -35.88% vs BNDX's -16.23%.
On 10-year performance, BNDX leads with 1.68% vs -1.38% for IGOV. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNDX has performed better with a 1.68% return vs -1.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.35% for IGOV.
BNDX has the higher dividend yield at 4.49%, compared with 1.42% for IGOV.
IGOV is categorized as International Government Bonds, while BNDX is Global Bonds. IGOV tracks S&P/Citigroup International Treasury Bond Index Ex-US, while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.35% for IGOV and 0.07% for BNDX.
BNDX currently has the higher Sharpe Ratio (0.53 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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