IGOV vs. ISHG
IGOV (iShares International Treasury Bond ETF) and ISHG (iShares 1-3 Year International Treasury Bond ETF) are both International Government Bonds funds from iShares - IGOV tracks the S&P/Citigroup International Treasury Bond Index Ex-US while ISHG tracks the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Both are passively managed. Over the past 10 years, IGOV returned -1.38%/yr vs -0.18%/yr for ISHG. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
IGOV vs. ISHG - 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 ISHG's -0.03% return. Over the past 10 years, IGOV has underperformed ISHG with an annualized return of -1.38%, while ISHG has yielded a comparatively higher -0.18% 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%
ISHG
- 1D
- -0.53%
- 1M
- -0.63%
- YTD
- -0.03%
- 6M
- 0.73%
- 1Y
- 2.60%
- 3Y*
- 4.34%
- 5Y*
- -1.18%
- 10Y*
- -0.18%
IGOV vs. ISHG - 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% |
ISHG iShares 1-3 Year International Treasury Bond ETF | -0.03% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
Correlation
The correlation between IGOV and ISHG is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.79 |
The correlation between IGOV and ISHG shifts across timeframes, from 0.79 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IGOV vs. ISHG — Risk / Return Rank
IGOV
ISHG
IGOV vs. ISHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) and iShares 1-3 Year International Treasury Bond ETF (ISHG). 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 | ISHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.07 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | 0.52 | -0.42 |
| Martin ratioReturn relative to average drawdown | 0.23 | 1.32 | -1.09 |
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 | ISHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.07 | 0.40 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.16 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | -0.03 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | -0.08 | +0.09 |
Drawdowns
IGOV vs. ISHG - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, roughly equal to the maximum ISHG drawdown of -37.24%. Use the drawdown chart below to compare losses from any high point for IGOV and ISHG.
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Drawdown Indicators
| IGOV | ISHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -37.24% | +1.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -5.02% | -0.68% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -8.21% | -2.44% |
Max Drawdown (5Y)Largest decline over 5 years | -33.17% | -23.96% | -9.21% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -25.56% | -10.32% |
Current DrawdownCurrent decline from peak | -24.01% | -22.25% | -1.76% |
Average DrawdownAverage peak-to-trough decline | -11.02% | -18.43% | +7.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 1.98% | +0.44% |
Volatility
IGOV vs. ISHG - Volatility Comparison
iShares International Treasury Bond ETF (IGOV) has a higher volatility of 2.80% compared to iShares 1-3 Year International Treasury Bond ETF (ISHG) at 1.65%. This indicates that IGOV's price experiences larger fluctuations and is considered to be riskier than ISHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGOV | ISHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 1.65% | +1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 6.19% | 4.71% | +1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.11% | 6.50% | +1.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.96% | 7.58% | +2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.59% | 6.93% | +1.66% |
IGOV vs. ISHG - Expense Ratio Comparison
Both IGOV and ISHG have an expense ratio of 0.35%.
Dividends
IGOV vs. ISHG - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.42%, less than ISHG's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.45% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
Frequently Asked Questions
With a correlation of 0.92, IGOV and ISHG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IGOV has higher volatility (2.80%) compared to ISHG (1.65%). In terms of maximum drawdown, IGOV dropped -35.88% vs ISHG's -37.24%.
On 10-year performance, ISHG leads with -0.18% vs -1.38% for IGOV. Both ETFs have the same 0.35% expense ratio. On volatility, ISHG has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ISHG has performed better with a -0.18% return vs -1.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGOV and ISHG have the same expense ratio: 0.35% per year.
ISHG has the higher dividend yield at 1.45%, compared with 1.42% for IGOV.
IGOV tracks S&P/Citigroup International Treasury Bond Index Ex-US, while ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year.
ISHG currently has the higher Sharpe Ratio (0.40 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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