IGOV vs. BSV
IGOV (iShares International Treasury Bond ETF) and BSV (Vanguard Short-Term Bond Index Fund ETF Shares) 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 BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, IGOV returned -1.56%/yr vs 1.90%/yr for BSV. At a 0.45 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.03%/yr for BSV.
Performance
IGOV vs. BSV - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -2.59% return, which is significantly lower than BSV's 0.28% return. Over the past 10 years, IGOV has underperformed BSV with an annualized return of -1.56%, while BSV has yielded a comparatively higher 1.90% annualized return.
IGOV
- 1D
- -0.64%
- 1M
- -2.21%
- 6M
- -2.66%
- YTD
- -2.59%
- 1Y
- -2.78%
- 3Y*
- 0.77%
- 5Y*
- -4.59%
- 10Y*
- -1.56%
BSV
- 1D
- -0.17%
- 1M
- -0.14%
- 6M
- 0.30%
- YTD
- 0.28%
- 1Y
- 3.05%
- 3Y*
- 4.43%
- 5Y*
- 1.63%
- 10Y*
- 1.90%
IGOV vs. BSV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -2.59% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 0.28% | 6.00% | 3.78% | 4.90% | -5.49% | -1.09% | 4.70% | 4.98% | 1.34% | 1.20% |
Correlation
The correlation between IGOV and BSV 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 | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.45 |
Over the past year, IGOV and BSV have become more correlated (0.67) than their long-term average of 0.45, meaning their price movements have been converging.
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Return for Risk
IGOV vs. BSV — Risk / Return Rank
IGOV
BSV
IGOV vs. BSV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). 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 | BSV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.31 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 2.38 | -2.87 |
| Martin ratioReturn relative to average drawdown | -1.06 | 7.67 | -8.73 |
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Drawdowns
IGOV vs. BSV - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, which is greater than BSV's maximum drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for IGOV and BSV.
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Drawdown Indicators
| IGOV | BSV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -8.54% | -27.34% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -1.29% | -4.41% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -1.53% | -9.12% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -8.54% | -24.38% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -8.54% | -27.34% |
Current DrawdownCurrent decline from peak | -25.60% | -0.64% | -24.96% |
Average DrawdownAverage peak-to-trough decline | -11.09% | -0.97% | -10.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 0.40% | +2.23% |
Volatility
IGOV vs. BSV - Volatility Comparison
iShares International Treasury Bond ETF (IGOV) has a higher volatility of 1.96% compared to Vanguard Short-Term Bond Index Fund ETF Shares (BSV) at 0.63%. This indicates that IGOV's price experiences larger fluctuations and is considered to be riskier than BSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGOV | BSV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 0.63% | +1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 1.38% | +4.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.07% | 1.83% | +6.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 2.74% | +7.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 2.38% | +6.22% |
IGOV vs. BSV - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is higher than BSV's 0.03% expense ratio.
Dividends
IGOV vs. BSV - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.45%, less than BSV's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 4.02% | 3.83% | 3.38% | 2.46% | 1.50% | 1.45% | 1.79% | 2.29% | 1.99% | 1.65% | 1.48% | 1.40% |
IGOV iShares International Treasury Bond ETF | 1.45% | 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 BSV 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 (1.96%) compared to BSV (0.63%). In terms of maximum drawdown, IGOV dropped -35.88% vs BSV's -8.54%.
On 10-year performance, BSV leads with 1.90% vs -1.56% for IGOV. On fees, BSV is cheaper at 0.03% per year. On volatility, BSV has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BSV has performed better with a 1.90% return vs -1.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSV is cheaper with a 0.03% expense ratio, compared with 0.35% for IGOV.
BSV has the higher dividend yield at 4.02%, compared with 1.45% for IGOV.
IGOV is categorized as International Government Bonds, while BSV is Short-Term Bond. IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, while BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.35% for IGOV and 0.03% for BSV.
BSV currently has the higher Sharpe Ratio (1.68 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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