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 -1.64%/yr vs 1.90%/yr for BSV. Their 0.45 correlation means their historical movements had little consistent relationship. 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 -1.56% return, which is significantly lower than BSV's 0.42% return. Over the past 10 years, IGOV has underperformed BSV with an annualized return of -1.64%, while BSV has yielded a comparatively higher 1.90% annualized return.
IGOV
- 1D
- -0.34%
- 1M
- -0.07%
- 6M
- -3.30%
- YTD
- -1.56%
- 1Y
- -1.26%
- 3Y*
- 2.06%
- 5Y*
- -4.61%
- 10Y*
- -1.64%
- ALL TIME*
- 0.11%
BSV
- 1D
- -0.08%
- 1M
- -0.22%
- 6M
- 0.27%
- YTD
- 0.42%
- 1Y
- 2.36%
- 3Y*
- 4.55%
- 5Y*
- 1.61%
- 10Y*
- 1.90%
- ALL TIME*
- 2.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $124.18M | $168.72M | $200.19M | |
| $8.12M | $15.94M | $17.09M |
IGOV vs. BSV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.56% | 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 | 0.42% | 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 have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | -1.61 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.31 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 2.33 | -2.27 |
| Martin ratioReturn relative to average drawdown | 0.13 | 7.21 | -7.08 |
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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 | -6.14% | -1.29% | -4.85% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -1.53% | -9.12% |
Max Drawdown (5Y)Largest decline over 5 years | -32.82% | -8.48% | -24.34% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -8.54% | -27.34% |
Current DrawdownCurrent decline from peak | -24.82% | -0.50% | -24.32% |
Average DrawdownAverage peak-to-trough decline | -11.14% | -0.97% | -10.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 0.42% | +2.46% |
Volatility
IGOV vs. BSV - Volatility Comparison
iShares International Treasury Bond ETF (IGOV) has a higher volatility of 1.97% compared to Vanguard Short-Term Bond Index Fund ETF Shares (BSV) at 0.49%. 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 | 1.97% | 0.49% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 1.41% | +4.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.97% | 1.81% | +6.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.99% | 2.74% | +7.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.58% | 2.38% | +6.20% |
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 1.43%, 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 | 3.68% | 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 | 1.43% | 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 (1.97%) compared to BSV (0.49%). In terms of maximum drawdown, IGOV dropped -35.88% vs BSV's -8.54%.
On 10-year performance, BSV leads with 1.90% vs -1.64% for IGOV. On fees, BSV is cheaper at 0.03% per year. On volatility, BSV has been the lower-risk option at 0.49%. 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 -1.64%. 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 3.68%, compared with 1.43% 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 (1.66 vs 0.05), 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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