IGOV vs. SWAGX
IGOV (iShares International Treasury Bond ETF) and SWAGX (Schwab U.S. Aggregate Bond Index Fund) are both funds - IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select Index, while SWAGX is a Total Bond Market fund tracking the Bloomberg US Aggregate Bond Index. Both are passively managed. Over the past 5 years, IGOV returned -4.43%/yr vs -0.17%/yr for SWAGX. A 0.58 correlation means they provide meaningful diversification when combined. IGOV charges 0.35%/yr vs 0.04%/yr for SWAGX.
Performance
IGOV vs. SWAGX - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -1.80% return, which is significantly lower than SWAGX's 0.05% return.
IGOV
- 1D
- -0.27%
- 1M
- -1.26%
- YTD
- -1.80%
- 6M
- -2.15%
- 1Y
- -2.13%
- 3Y*
- 1.73%
- 5Y*
- -4.43%
- 10Y*
- -1.49%
SWAGX
- 1D
- -0.34%
- 1M
- 0.47%
- YTD
- 0.05%
- 6M
- 0.40%
- 1Y
- 4.19%
- 3Y*
- 3.85%
- 5Y*
- -0.17%
- 10Y*
- —
IGOV vs. SWAGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.80% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 10.74% |
SWAGX Schwab U.S. Aggregate Bond Index Fund | 0.05% | 7.11% | 1.38% | 5.46% | -13.62% | -2.29% | 7.39% | 8.64% | -0.11% | 2.62% |
Correlation
The correlation between IGOV and SWAGX is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2017 | 0.58 |
The correlation between IGOV and SWAGX has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.
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Return for Risk
IGOV vs. SWAGX — Risk / Return Rank
IGOV
SWAGX
IGOV vs. SWAGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) and Schwab U.S. Aggregate Bond Index Fund (SWAGX). 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 | SWAGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.19 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 1.42 | -1.79 |
| Martin ratioReturn relative to average drawdown | -0.83 | 4.02 | -4.84 |
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Drawdowns
IGOV vs. SWAGX - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, which is greater than SWAGX's maximum drawdown of -19.68%. Use the drawdown chart below to compare losses from any high point for IGOV and SWAGX.
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Drawdown Indicators
| IGOV | SWAGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -19.68% | -16.20% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -3.05% | -2.65% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -6.14% | -4.51% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -18.76% | -14.16% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | — | — |
Current DrawdownCurrent decline from peak | -25.00% | -3.71% | -21.29% |
Average DrawdownAverage peak-to-trough decline | -11.05% | -5.67% | -5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 1.07% | +1.51% |
Volatility
IGOV vs. SWAGX - Volatility Comparison
iShares International Treasury Bond ETF (IGOV) has a higher volatility of 2.29% compared to Schwab U.S. Aggregate Bond Index Fund (SWAGX) at 1.09%. This indicates that IGOV's price experiences larger fluctuations and is considered to be riskier than SWAGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGOV | SWAGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.29% | 1.09% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 2.96% | +3.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.13% | 3.98% | +4.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 6.09% | +3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 5.11% | +3.49% |
IGOV vs. SWAGX - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is higher than SWAGX's 0.04% expense ratio.
Dividends
IGOV vs. SWAGX - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.43%, less than SWAGX's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SWAGX Schwab U.S. Aggregate Bond Index Fund | 4.15% | 4.02% | 3.88% | 3.22% | 1.93% | 1.56% | 2.47% | 2.87% | 2.80% | 1.98% | 0.00% | 0.00% |
Frequently Asked Questions
IGOV and SWAGX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGOV has higher volatility (2.29%) compared to SWAGX (1.09%). In terms of maximum drawdown, IGOV dropped -35.88% vs SWAGX's -19.68%.
SWAGX currently has the higher Sharpe Ratio (1.09 vs -0.26), 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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