OBIL vs. GGOV

Last updated Jun 24, 2026

OBIL (US Treasury 12 Month Bill ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - OBIL is a Government Bonds fund tracking the ICE BofA US 1-Year Treasury Bill Index - Benchmark TR Gross, while GGOV is a Global Bonds fund managed by iShares. At a 0.36 correlation, their price movements are largely independent. OBIL charges 0.15%/yr vs 0.39%/yr for GGOV.

Performance

OBIL vs. GGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 12 Month Bill ETF (OBIL) and iShares Global Government Bond USD Hedged Active ETF (GGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBIL achieves a 1.26% return, which is significantly lower than GGOV's 2.75% return.

OBIL

• 1D: 0.05%
• 1M: 0.21%
• YTD: 1.26%
• 6M: 1.38%
• 1Y: 3.60%
• 3Y*: 4.48%
• 5Y*: —
• 10Y*: —

GGOV

• 1D: 0.02%
• 1M: 0.60%
• YTD: 2.75%
• 6M: 2.61%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

OBIL vs. GGOV - Yearly Performance Comparison

	2026 (YTD)	2025
OBIL US Treasury 12 Month Bill ETF	1.26%	2.26%
GGOV iShares Global Government Bond USD Hedged Active ETF	2.75%	-2.80%

Correlation

The correlation between OBIL and GGOV is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.36

Return for Risk

OBIL vs. GGOV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OBIL

OBIL Risk / Return Rank: 99
OBIL Sharpe Ratio Rank: 99
OBIL Sortino Ratio Rank: 99
OBIL Omega Ratio Rank: 99
OBIL Calmar Ratio Rank: 99
OBIL Martin Ratio Rank: 99

GGOV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OBIL vs. GGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 12 Month Bill ETF (OBIL) and iShares Global Government Bond USD Hedged Active ETF (GGOV). 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.

	OBIL	GGOV	Difference
Sharpe ratio: Return per unit of total volatility	6.36	—	—
Sortino ratio: Return per unit of downside risk	12.70	—	—
Omega ratio: Gain probability vs. loss probability	3.25	—	—
Calmar ratio: Return relative to maximum drawdown	24.17	—	—
Martin ratio: Return relative to average drawdown	124.60	—	—

Drawdowns

OBIL vs. GGOV - Drawdown Comparison

The maximum OBIL drawdown since its inception was -0.33%, smaller than the maximum GGOV drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for OBIL and GGOV.

Drawdown Indicators

	OBIL	GGOV	Difference
Max Drawdown Largest peak-to-trough decline	-0.33%	-4.69%	+4.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.21%	—	—
Current Drawdown Current decline from peak	-0.07%	-1.06%	+0.99%
Average Drawdown Average peak-to-trough decline	-0.03%	-1.57%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	—	—

Volatility

Volatility by Period

	OBIL	GGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.38%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.57%	5.28%	-4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.82%	5.28%	-4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.82%	5.28%	-4.46%

OBIL vs. GGOV - Expense Ratio Comparison

OBIL has a 0.15% expense ratio, which is lower than GGOV's 0.39% expense ratio.

Dividends

OBIL vs. GGOV - Dividend Comparison

OBIL's dividend yield for the trailing twelve months is around 3.64%, while GGOV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GGOV iShares Global Government Bond USD Hedged Active ETF	0.00%	0.00%	0.00%	0.00%	0.00%
OBIL US Treasury 12 Month Bill ETF	3.64%	3.83%	4.56%	4.92%	0.52%

Frequently Asked Questions

Can I hold both OBIL and GGOV in my portfolio?

OBIL and GGOV have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OBIL or GGOV?

On fees, OBIL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OBIL or GGOV?

OBIL is cheaper with a 0.15% expense ratio, compared with 0.39% for GGOV.

Which ETF pays a higher dividend yield, OBIL or GGOV?

OBIL has the higher dividend yield at 3.64%, compared with 0.00% for GGOV.

What is the main difference between OBIL and GGOV?

OBIL is categorized as Government Bonds, while GGOV is Global Bonds. They also come from different issuers: US Benchmark Series and iShares. Their fees differ too: 0.15% for OBIL and 0.39% for GGOV.