ISHG vs. GRNB
ISHG (iShares 1-3 Year International Treasury Bond ETF) and GRNB (VanEck Green Bond ETF) are both exchange-traded funds - ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while GRNB is a Global Bonds fund tracking the S&P Green Bond U.S. Dollar Select Index. Both are passively managed. Over the past 5 years, ISHG returned -0.96%/yr vs 0.58%/yr for GRNB. At a 0.46 correlation, their price movements are largely independent. ISHG charges 0.35%/yr vs 0.20%/yr for GRNB.
Performance
ISHG vs. GRNB - Performance Comparison
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Returns By Period
In the year-to-date period, ISHG achieves a -1.71% return, which is significantly lower than GRNB's 0.30% return.
ISHG
- 1D
- -0.50%
- 1M
- -1.54%
- 6M
- -1.40%
- YTD
- -1.71%
- 1Y
- -1.04%
- 3Y*
- 2.52%
- 5Y*
- -0.96%
- 10Y*
- -0.20%
GRNB
- 1D
- -0.21%
- 1M
- -0.25%
- 6M
- 0.24%
- YTD
- 0.30%
- 1Y
- 3.71%
- 3Y*
- 4.94%
- 5Y*
- 0.58%
- 10Y*
- —
ISHG vs. GRNB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.71% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 9.48% |
GRNB VanEck Green Bond ETF | 0.30% | 7.09% | 3.31% | 7.08% | -11.93% | -2.36% | 7.98% | 5.40% | -4.07% | 9.87% |
Correlation
The correlation between ISHG and GRNB is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2017 | 0.46 |
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Return for Risk
ISHG vs. GRNB — Risk / Return Rank
ISHG
GRNB
ISHG vs. GRNB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year International Treasury Bond ETF (ISHG) and VanEck Green Bond ETF (GRNB). 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.
| ISHG | GRNB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -2.00 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.23 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 1.49 | -1.69 |
| Martin ratioReturn relative to average drawdown | -0.45 | 5.71 | -6.16 |
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Drawdowns
ISHG vs. GRNB - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, which is greater than GRNB's maximum drawdown of -18.08%. Use the drawdown chart below to compare losses from any high point for ISHG and GRNB.
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Drawdown Indicators
| ISHG | GRNB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -18.08% | -19.16% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -2.51% | -2.51% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -4.24% | -3.97% |
Max Drawdown (5Y)Largest decline over 5 years | -22.29% | -17.94% | -4.35% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | — | — |
Current DrawdownCurrent decline from peak | -23.56% | -0.74% | -22.82% |
Average DrawdownAverage peak-to-trough decline | -18.46% | -4.53% | -13.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 0.65% | +1.66% |
Volatility
ISHG vs. GRNB - Volatility Comparison
iShares 1-3 Year International Treasury Bond ETF (ISHG) has a higher volatility of 1.65% compared to VanEck Green Bond ETF (GRNB) at 0.90%. This indicates that ISHG's price experiences larger fluctuations and is considered to be riskier than GRNB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISHG | GRNB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 0.90% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 4.94% | 2.46% | +2.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.52% | 2.99% | +3.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 4.91% | +2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.92% | 4.86% | +2.06% |
ISHG vs. GRNB - Expense Ratio Comparison
ISHG has a 0.35% expense ratio, which is higher than GRNB's 0.20% expense ratio.
Dividends
ISHG vs. GRNB - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.48%, less than GRNB's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GRNB VanEck Green Bond ETF | 4.39% | 4.18% | 3.83% | 3.17% | 2.60% | 1.97% | 2.24% | 1.79% | 1.21% | 1.09% | 0.00% | 0.00% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.48% | 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
ISHG and GRNB have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISHG has higher volatility (1.65%) compared to GRNB (0.90%). In terms of maximum drawdown, ISHG dropped -37.24% vs GRNB's -18.08%.
On 5-year performance, GRNB leads with 0.58% vs -0.96% for ISHG. On fees, GRNB is cheaper at 0.20% per year. On volatility, GRNB has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GRNB has performed better with a 0.58% return vs -0.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRNB is cheaper with a 0.20% expense ratio, compared with 0.35% for ISHG.
GRNB has the higher dividend yield at 4.39%, compared with 1.48% for ISHG.
ISHG is categorized as International Government Bonds, while GRNB is Global Bonds. ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while GRNB tracks S&P Green Bond U.S. Dollar Select Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.35% for ISHG and 0.20% for GRNB.
GRNB currently has the higher Sharpe Ratio (1.25 vs -0.16), 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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