ISHG vs. IGOV
ISHG (iShares 1-3 Year International Treasury Bond ETF) and IGOV (iShares International Treasury Bond ETF) are both International Government Bonds funds from iShares - ISHG tracks the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year while IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. Both are passively managed. Over the past 10 years, ISHG returned -0.27%/yr vs -1.47%/yr for IGOV. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
ISHG vs. IGOV - Performance Comparison
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Returns By Period
In the year-to-date period, ISHG achieves a -1.37% return, which is significantly higher than IGOV's -1.54% return. Over the past 10 years, ISHG has outperformed IGOV with an annualized return of -0.27%, while IGOV has yielded a comparatively lower -1.47% annualized return.
ISHG
- 1D
- -0.24%
- 1M
- -1.45%
- YTD
- -1.37%
- 6M
- -1.13%
- 1Y
- 0.54%
- 3Y*
- 3.63%
- 5Y*
- -1.07%
- 10Y*
- -0.27%
IGOV
- 1D
- -0.44%
- 1M
- -0.99%
- YTD
- -1.54%
- 6M
- -1.25%
- 1Y
- -1.38%
- 3Y*
- 1.82%
- 5Y*
- -4.29%
- 10Y*
- -1.47%
ISHG vs. IGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.37% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
IGOV iShares International Treasury Bond ETF | -1.54% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
Correlation
The correlation between ISHG and IGOV is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2009 | 0.79 |
The correlation between ISHG and IGOV shifts across timeframes, from 0.79 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ISHG vs. IGOV — Risk / Return Rank
ISHG
IGOV
ISHG vs. IGOV - 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 iShares International Treasury Bond ETF (IGOV). 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 | IGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.98 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.24 | +0.35 |
| Martin ratioReturn relative to average drawdown | 0.26 | -0.54 | +0.79 |
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Drawdowns
ISHG vs. IGOV - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, roughly equal to the maximum IGOV drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for ISHG and IGOV.
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Drawdown Indicators
| ISHG | IGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -35.88% | -1.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -5.70% | +0.68% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -10.65% | +2.44% |
Max Drawdown (5Y)Largest decline over 5 years | -22.45% | -32.92% | +10.47% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -35.88% | +10.32% |
Current DrawdownCurrent decline from peak | -23.29% | -24.80% | +1.51% |
Average DrawdownAverage peak-to-trough decline | -18.44% | -11.05% | -7.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 2.56% | -0.45% |
Volatility
ISHG vs. IGOV - Volatility Comparison
The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.76%, while iShares International Treasury Bond ETF (IGOV) has a volatility of 2.28%. This indicates that ISHG experiences smaller price fluctuations and is considered to be less risky than IGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISHG | IGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 2.28% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 6.36% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.56% | 8.15% | -1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 9.97% | -2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 8.61% | -1.68% |
ISHG vs. IGOV - Expense Ratio Comparison
Both ISHG and IGOV have an expense ratio of 0.35%.
Dividends
ISHG vs. IGOV - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.47%, more than IGOV's 1.43% 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% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.47% | 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
With a correlation of 0.92, ISHG and IGOV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IGOV has higher volatility (2.28%) compared to ISHG (1.76%). In terms of maximum drawdown, ISHG dropped -37.24% vs IGOV's -35.88%.
On 10-year performance, ISHG leads with -0.27% vs -1.47% for IGOV. Both ETFs have the same 0.35% expense ratio. On volatility, ISHG has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ISHG has performed better with a -0.27% return vs -1.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISHG and IGOV have the same expense ratio: 0.35% per year.
ISHG has the higher dividend yield at 1.47%, compared with 1.43% for IGOV.
ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index.
ISHG currently has the higher Sharpe Ratio (0.08 vs -0.17), 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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