ISHG vs. SPY
ISHG (iShares 1-3 Year International Treasury Bond ETF) and SPY (State Street SPDR S&P 500 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 SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ISHG returned -0.33%/yr vs 15.53%/yr for SPY. At a 0.18 correlation, their price movements are largely independent. ISHG charges 0.35%/yr vs 0.09%/yr for SPY.
Performance
ISHG vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, ISHG achieves a -1.89% return, which is significantly lower than SPY's 8.10% return. Over the past 10 years, ISHG has underperformed SPY with an annualized return of -0.33%, while SPY has yielded a comparatively higher 15.53% annualized return.
ISHG
- 1D
- -0.18%
- 1M
- -1.97%
- YTD
- -1.89%
- 6M
- -2.16%
- 1Y
- -0.93%
- 3Y*
- 3.45%
- 5Y*
- -1.17%
- 10Y*
- -0.33%
SPY
- 1D
- -0.05%
- 1M
- -1.41%
- YTD
- 8.10%
- 6M
- 6.77%
- 1Y
- 22.18%
- 3Y*
- 20.66%
- 5Y*
- 12.96%
- 10Y*
- 15.53%
ISHG vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.89% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
SPY State Street SPDR S&P 500 ETF | 8.10% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between ISHG and SPY is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.18 |
Over the past year, ISHG and SPY have become more correlated (0.43) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
ISHG vs. SPY — Risk / Return Rank
ISHG
SPY
ISHG vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.61 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.33 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 2.51 | -2.69 |
| Martin ratioReturn relative to average drawdown | -0.43 | 11.15 | -11.58 |
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Drawdowns
ISHG vs. SPY - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ISHG and SPY.
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Drawdown Indicators
| ISHG | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -55.19% | +17.95% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -8.88% | +3.86% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -18.76% | +10.55% |
Max Drawdown (5Y)Largest decline over 5 years | -22.45% | -24.50% | +2.05% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -33.72% | +8.16% |
Current DrawdownCurrent decline from peak | -23.69% | -3.22% | -20.47% |
Average DrawdownAverage peak-to-trough decline | -18.44% | -9.03% | -9.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 1.99% | +0.16% |
Volatility
ISHG vs. SPY - Volatility Comparison
The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.78%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.85%. This indicates that ISHG experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISHG | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 4.85% | -3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 9.81% | -4.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.55% | 12.47% | -5.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 17.15% | -9.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | 17.95% | -11.02% |
ISHG vs. SPY - Expense Ratio Comparison
ISHG has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
ISHG vs. SPY - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.48%, more than SPY's 1.03% 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% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
ISHG and SPY have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.85%) compared to ISHG (1.78%). In terms of maximum drawdown, ISHG dropped -37.24% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs -0.33% for ISHG. On fees, SPY is cheaper at 0.09% per year. On volatility, ISHG has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.53% return vs -0.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for ISHG.
ISHG has the higher dividend yield at 1.48%, compared with 1.03% for SPY.
ISHG is categorized as International Government Bonds, while SPY is S&P 500. ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.35% for ISHG and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.79 vs -0.14), 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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