IGOV vs. SPMB
IGOV (iShares International Treasury Bond ETF) and SPMB (SPDR Portfolio Mortgage Backed Bond 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 SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS. Both are passively managed. Over the past 10 years, IGOV returned -1.49%/yr vs 1.22%/yr for SPMB. At a 0.37 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.04%/yr for SPMB.
Performance
IGOV vs. SPMB - 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 SPMB's 0.61% return. Over the past 10 years, IGOV has underperformed SPMB with an annualized return of -1.49%, while SPMB has yielded a comparatively higher 1.22% 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%
SPMB
- 1D
- -0.05%
- 1M
- -0.58%
- 6M
- 0.05%
- YTD
- 0.61%
- 1Y
- 5.73%
- 3Y*
- 4.23%
- 5Y*
- 0.30%
- 10Y*
- 1.22%
IGOV vs. SPMB - 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% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.61% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 6.16% | 1.01% | 2.13% |
Correlation
The correlation between IGOV and SPMB is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.37 |
Over the past year, IGOV and SPMB have become more correlated (0.68) than their long-term average of 0.37, meaning their price movements have been converging.
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Return for Risk
IGOV vs. SPMB — Risk / Return Rank
IGOV
SPMB
IGOV vs. SPMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) and SPDR Portfolio Mortgage Backed Bond ETF (SPMB). 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 | SPMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.25 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 1.99 | -2.31 |
| Martin ratioReturn relative to average drawdown | -0.67 | 5.96 | -6.63 |
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Drawdowns
IGOV vs. SPMB - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, which is greater than SPMB's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for IGOV and SPMB.
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Drawdown Indicators
| IGOV | SPMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -18.03% | -17.85% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -2.89% | -2.81% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -7.65% | -3.00% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -17.49% | -15.43% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -18.03% | -17.85% |
Current DrawdownCurrent decline from peak | -25.11% | -1.49% | -23.62% |
Average DrawdownAverage peak-to-trough decline | -11.10% | -2.84% | -8.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 0.96% | +1.73% |
Volatility
IGOV vs. SPMB - Volatility Comparison
iShares International Treasury Bond ETF (IGOV) has a higher volatility of 1.83% compared to SPDR Portfolio Mortgage Backed Bond ETF (SPMB) at 1.25%. This indicates that IGOV's price experiences larger fluctuations and is considered to be riskier than SPMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGOV | SPMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 1.25% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 6.40% | 3.27% | +3.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.07% | 4.20% | +3.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 6.80% | +3.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.59% | 7.61% | +0.98% |
IGOV vs. SPMB - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is higher than SPMB's 0.04% expense ratio.
Dividends
IGOV vs. SPMB - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.44%, less than SPMB's 4.11% 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% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.11% | 3.98% | 3.76% | 3.21% | 2.98% | 2.59% | 2.95% | 3.24% | 3.36% | 3.13% | 2.99% | 3.05% |
Frequently Asked Questions
IGOV and SPMB have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGOV has higher volatility (1.83%) compared to SPMB (1.25%). In terms of maximum drawdown, IGOV dropped -35.88% vs SPMB's -18.03%.
On 10-year performance, SPMB leads with 1.22% vs -1.49% for IGOV. On fees, SPMB is cheaper at 0.04% per year. On volatility, SPMB has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMB has performed better with a 1.22% return vs -1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMB is cheaper with a 0.04% expense ratio, compared with 0.35% for IGOV.
SPMB has the higher dividend yield at 4.11%, compared with 1.44% for IGOV.
IGOV is categorized as International Government Bonds, while SPMB is Mortgage Backed Securities. IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, while SPMB tracks Bloomberg US Aggregate Securitized - MBS. They also come from different issuers: iShares and State Street. Their fees differ too: 0.35% for IGOV and 0.04% for SPMB.
SPMB currently has the higher Sharpe Ratio (1.37 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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