IGOV vs. IWM
IGOV (iShares International Treasury Bond ETF) and IWM (iShares Russell 2000 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 IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, IGOV returned -1.49%/yr vs 10.82%/yr for IWM. At a 0.14 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.19%/yr for IWM.
Performance
IGOV vs. IWM - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -1.95% return, which is significantly lower than IWM's 20.58% return. Over the past 10 years, IGOV has underperformed IWM with an annualized return of -1.49%, while IWM has yielded a comparatively higher 10.82% annualized return.
IGOV
- 1D
- -0.37%
- 1M
- -2.09%
- 6M
- -1.61%
- YTD
- -1.95%
- 1Y
- -1.79%
- 3Y*
- 0.93%
- 5Y*
- -4.45%
- 10Y*
- -1.49%
IWM
- 1D
- -0.06%
- 1M
- 1.20%
- 6M
- 11.79%
- YTD
- 20.58%
- 1Y
- 35.13%
- 3Y*
- 16.52%
- 5Y*
- 7.91%
- 10Y*
- 10.82%
IGOV vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.95% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
IWM iShares Russell 2000 ETF | 20.58% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
Correlation
The correlation between IGOV and IWM is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.14 |
Over the past year, IGOV and IWM have become more correlated (0.40) than their long-term average of 0.14, meaning their price movements have been converging.
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Return for Risk
IGOV vs. IWM — Risk / Return Rank
IGOV
IWM
IGOV vs. IWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) and iShares Russell 2000 ETF (IWM). 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 | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.31 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 3.20 | -3.51 |
| Martin ratioReturn relative to average drawdown | -0.67 | 11.30 | -11.97 |
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Drawdowns
IGOV vs. IWM - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for IGOV and IWM.
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Drawdown Indicators
| IGOV | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -59.05% | +23.17% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -11.03% | +5.33% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -27.50% | +16.85% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -31.91% | -1.01% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -41.13% | +5.25% |
Current DrawdownCurrent decline from peak | -25.11% | -1.62% | -23.49% |
Average DrawdownAverage peak-to-trough decline | -11.10% | -10.72% | -0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 3.12% | -0.43% |
Volatility
IGOV vs. IWM - Volatility Comparison
The current volatility for iShares International Treasury Bond ETF (IGOV) is 1.83%, while iShares Russell 2000 ETF (IWM) has a volatility of 3.72%. This indicates that IGOV experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGOV | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 3.72% | -1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 6.40% | 14.17% | -7.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.07% | 19.39% | -11.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 22.54% | -12.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.59% | 23.00% | -14.41% |
IGOV vs. IWM - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is higher than IWM's 0.19% expense ratio.
Dividends
IGOV vs. IWM - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.44%, more than IWM's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IWM iShares Russell 2000 ETF | 0.90% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
Frequently Asked Questions
IGOV and IWM have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWM has higher volatility (3.72%) compared to IGOV (1.83%). In terms of maximum drawdown, IGOV dropped -35.88% vs IWM's -59.05%.
On 10-year performance, IWM leads with 10.82% vs -1.49% for IGOV. On fees, IWM is cheaper at 0.19% per year. On volatility, IGOV has been the lower-risk option at 1.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWM has performed better with a 10.82% return vs -1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWM is cheaper with a 0.19% expense ratio, compared with 0.35% for IGOV.
IGOV has the higher dividend yield at 1.44%, compared with 0.90% for IWM.
IGOV is categorized as International Government Bonds, while IWM is Small Cap Blend Equities. IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, while IWM tracks Russell 2000 Index. Their fees differ too: 0.35% for IGOV and 0.19% for IWM.
IWM currently has the higher Sharpe Ratio (1.82 vs -0.22), 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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