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IGOV vs. SWAGX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGOV vs. SWAGX

Last updated Jun 4, 2026

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 S&P/Citigroup International Treasury Bond Index Ex-US, while SWAGX is a Total Bond Market fund managed by Charles Schwab. Over the past 5 years, IGOV returned -4.47%/yr vs 0.01%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Treasury Bond ETF (IGOV) and Schwab U.S. Aggregate Bond Index Fund (SWAGX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IGOV achieves a -0.50% return, which is significantly lower than SWAGX's 0.38% 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%

SWAGX

1D
0.00%
1M
0.47%
YTD
0.38%
6M
0.30%
1Y
5.37%
3Y*
3.97%
5Y*
0.01%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGOV vs. SWAGX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGOV
iShares International Treasury Bond ETF		-0.50%9.96%-6.50%5.57%-22.07%-9.25%10.88%3.76%-2.60%10.17%
SWAGX
Schwab U.S. Aggregate Bond Index Fund		0.38%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 0.64, 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

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.66

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2017

0.58

The correlation between IGOV and SWAGX has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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iShares International Treasury Bond ETF

Schwab U.S. Aggregate Bond Index Fund

Often compared with IGOV:
IGOV vs. BNDXIGOV vs. BWXIGOV vs. AGGIGOV vs. VCITIGOV vs. BSVIGOV vs. FLIAIGOV vs. BND
Often compared with SWAGX:
SWAGX vs. VBTLXSWAGX vs. SCHZSWAGX vs. SWSBXSWAGX vs. BNDSWAGX vs. SWVXXSWAGX vs. SWRSXSWAGX vs. FXNAX

Return for Risk

IGOV vs. SWAGX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGOV
IGOV Risk / Return Rank: 99
Overall Rank
IGOV Sharpe Ratio Rank: 99
Sharpe Ratio Rank
IGOV Sortino Ratio Rank: 99
Sortino Ratio Rank
IGOV Omega Ratio Rank: 99
Omega Ratio Rank
IGOV Calmar Ratio Rank: 1010
Calmar Ratio Rank
IGOV Martin Ratio Rank: 99
Martin Ratio Rank
SWAGX
SWAGX Risk / Return Rank: 2121
Overall Rank
SWAGX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
SWAGX Sortino Ratio Rank: 2323
Sortino Ratio Rank
SWAGX Omega Ratio Rank: 1919
Omega Ratio Rank
SWAGX Calmar Ratio Rank: 2121
Calmar Ratio Rank
SWAGX Martin Ratio Rank: 1919
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

IGOVSWAGXDifference
Sharpe ratioReturn per unit of total volatility
0.07
1.31

-1.24

Sortino ratioReturn per unit of downside risk
0.16
2.00

-1.84

Omega ratioGain probability vs. loss probability

1.02

1.23

-0.21

Calmar ratioReturn relative to maximum drawdown

0.10

1.73

-1.63

Martin ratioReturn relative to average drawdown

0.23

5.25

-5.01

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGOV vs. SWAGX - Sharpe Ratio Comparison

The current IGOV Sharpe Ratio is 0.07, which is lower than the SWAGX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of IGOV and SWAGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IGOVSWAGXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.07

1.31

-1.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.45

0.00

-0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

0.32

-0.30

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

IGOVSWAGXDifference

Max Drawdown

Largest 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

-33.17%

-18.76%

-14.41%

Max Drawdown (10Y)

Largest decline over 10 years

-35.88%

—

—

Current Drawdown

Current decline from peak

-24.01%

-3.38%

-20.63%

Average Drawdown

Average peak-to-trough decline

-11.02%

-5.68%

-5.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.42%

1.00%

+1.42%

Volatility

IGOV vs. SWAGX - Volatility Comparison

iShares International Treasury Bond ETF (IGOV) has a higher volatility of 2.80% compared to Schwab U.S. Aggregate Bond Index Fund (SWAGX) at 1.35%. 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

IGOVSWAGXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

1.35%

+1.45%

Volatility (6M)

Calculated over the trailing 6-month period

6.19%

2.93%

+3.26%

Volatility (1Y)

Calculated over the trailing 1-year period

8.11%

4.02%

+4.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.96%

6.08%

+3.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.59%

5.12%

+3.47%

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 1.42%, less than SWAGX's 4.13% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SWAGX
Schwab U.S. Aggregate Bond Index Fund		4.13%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 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IGOV has higher volatility (2.80%) compared to SWAGX (1.35%). In terms of maximum drawdown, IGOV dropped -35.88% vs SWAGX's -19.68%.

SWAGX currently has the higher Sharpe Ratio (1.31 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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