ISHG vs. SHY
ISHG (iShares 1-3 Year International Treasury Bond ETF) and SHY (iShares 1-3 Year Treasury 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 SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, ISHG returned -0.20%/yr vs 1.64%/yr for SHY. At a 0.27 correlation, their price movements are largely independent. ISHG charges 0.35%/yr vs 0.15%/yr for SHY.
Performance
ISHG vs. SHY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ISHG achieves a -1.71% return, which is significantly lower than SHY's 0.50% return. Over the past 10 years, ISHG has underperformed SHY with an annualized return of -0.20%, while SHY has yielded a comparatively higher 1.64% annualized 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%
SHY
- 1D
- -0.11%
- 1M
- -0.05%
- 6M
- 0.49%
- YTD
- 0.50%
- 1Y
- 2.86%
- 3Y*
- 4.05%
- 5Y*
- 1.75%
- 10Y*
- 1.64%
ISHG vs. SHY - 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% | 10.91% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.50% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between ISHG and SHY is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.27 |
Over the past year, ISHG and SHY have become more correlated (0.52) than their long-term average of 0.27, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ISHG vs. SHY — Risk / Return Rank
ISHG
SHY
ISHG vs. SHY - 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 1-3 Year Treasury Bond ETF (SHY). 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 | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.41 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 3.23 | -3.44 |
| Martin ratioReturn relative to average drawdown | -0.45 | 12.67 | -13.12 |
Loading charts...
Drawdowns
ISHG vs. SHY - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for ISHG and SHY.
Loading charts...
Drawdown Indicators
| ISHG | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -5.71% | -31.53% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -0.89% | -4.13% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -0.97% | -7.24% |
Max Drawdown (5Y)Largest decline over 5 years | -22.29% | -5.71% | -16.58% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -5.71% | -19.85% |
Current DrawdownCurrent decline from peak | -23.56% | -0.24% | -23.32% |
Average DrawdownAverage peak-to-trough decline | -18.46% | -0.52% | -17.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 0.23% | +2.08% |
Volatility
ISHG vs. SHY - Volatility Comparison
iShares 1-3 Year International Treasury Bond ETF (ISHG) has a higher volatility of 1.65% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.52%. This indicates that ISHG's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ISHG | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 0.52% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 4.94% | 1.04% | +3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.52% | 1.38% | +5.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 2.00% | +5.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.92% | 1.57% | +5.35% |
ISHG vs. SHY - Expense Ratio Comparison
ISHG has a 0.35% expense ratio, which is higher than SHY's 0.15% expense ratio.
Dividends
ISHG vs. SHY - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.48%, less than SHY's 3.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.66% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
ISHG and SHY have a correlation of 0.52, 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 SHY (0.52%). In terms of maximum drawdown, ISHG dropped -37.24% vs SHY's -5.71%.
On 10-year performance, SHY leads with 1.64% vs -0.20% for ISHG. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHY has performed better with a 1.64% return vs -0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHY is cheaper with a 0.15% expense ratio, compared with 0.35% for ISHG.
SHY has the higher dividend yield at 3.66%, compared with 1.48% for ISHG.
ISHG is categorized as International Government Bonds, while SHY is Government Bonds. ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while SHY tracks ICE US Treasury 1-3 Year Index. Their fees differ too: 0.35% for ISHG and 0.15% for SHY.
SHY currently has the higher Sharpe Ratio (2.08 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.
Find the right allocation for ISHG and SHY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer