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 -0.14%/yr vs 15.08%/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 -1.12% return, which is significantly lower than SPY's 10.67% return. Over the past 10 years, ISHG has underperformed SPY with an annualized return of -0.14%, while SPY has yielded a comparatively higher 15.08% annualized return.
ISHG
- 1D
- -0.27%
- 1M
- -1.31%
- 6M
- -0.38%
- YTD
- -1.12%
- 1Y
- -0.08%
- 3Y*
- 2.71%
- 5Y*
- -0.80%
- 10Y*
- -0.14%
SPY
- 1D
- -0.54%
- 1M
- 0.31%
- 6M
- 9.02%
- YTD
- 10.67%
- 1Y
- 21.60%
- 3Y*
- 20.01%
- 5Y*
- 13.24%
- 10Y*
- 15.08%
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 | -1.12% | 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 | 10.67% | 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 | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.31 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 2.44 | -2.46 |
| Martin ratioReturn relative to average drawdown | -0.03 | 10.63 | -10.67 |
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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 | -22.29% | -24.50% | +2.21% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -33.72% | +8.16% |
Current DrawdownCurrent decline from peak | -23.10% | -0.91% | -22.19% |
Average DrawdownAverage peak-to-trough decline | -18.46% | -9.02% | -9.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 2.04% | +0.30% |
Volatility
ISHG vs. SPY - Volatility Comparison
The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.69%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. 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 | 1.69% | 3.58% | -1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 4.97% | 10.02% | -5.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.51% | 12.58% | -6.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 17.17% | -9.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.92% | 17.93% | -11.01% |
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 1.47%, more than SPY's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 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 (3.58%) compared to ISHG (1.69%). In terms of maximum drawdown, ISHG dropped -37.24% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.08% vs -0.14% for ISHG. On fees, SPY is cheaper at 0.09% per year. On volatility, ISHG has been the lower-risk option at 1.69%. 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 15.08% return vs -0.14%. 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 1.47%, compared with 1.00% 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 (1.72 vs -0.01), 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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