SHY vs. GGOV
SHY (iShares 1-3 Year Treasury Bond ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while GGOV is a Global Bonds fund managed by iShares. A 0.56 correlation means they provide meaningful diversification when combined. SHY charges 0.15%/yr vs 0.39%/yr for GGOV.
Performance
SHY vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, SHY achieves a 0.43% return, which is significantly lower than GGOV's 2.30% return.
SHY
- 1D
- -0.05%
- 1M
- 0.08%
- YTD
- 0.43%
- 6M
- 0.69%
- 1Y
- 3.32%
- 3Y*
- 4.03%
- 5Y*
- 1.71%
- 10Y*
- 1.65%
GGOV
- 1D
- -0.16%
- 1M
- 0.60%
- YTD
- 2.30%
- 6M
- -1.11%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHY vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 0.43% | 2.20% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.30% | -2.81% |
Correlation
The correlation between SHY and GGOV is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025 | 0.56 |
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Return for Risk
SHY vs. GGOV — Risk / Return Rank
SHY
GGOV
SHY vs. GGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) 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.
| SHY | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.51 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.75 | — | — |
| Martin ratioReturn relative to average drawdown | 15.21 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHY | GGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.49 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.87 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.06 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.28 | -0.11 | +1.40 |
Drawdowns
SHY vs. GGOV - Drawdown Comparison
The maximum SHY drawdown since its inception was -5.71%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for SHY and GGOV.
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Drawdown Indicators
| SHY | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.71% | -4.69% | -1.02% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | — | — |
Current DrawdownCurrent decline from peak | -0.31% | -1.50% | +1.19% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -1.59% | +1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | — | — |
Volatility
SHY vs. GGOV - Volatility Comparison
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Volatility by Period
| SHY | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.92% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.34% | 5.38% | -4.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 5.38% | -3.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 5.38% | -3.81% |
SHY vs. GGOV - Expense Ratio Comparison
SHY has a 0.15% expense ratio, which is lower than GGOV's 0.39% expense ratio.
Dividends
SHY vs. GGOV - Dividend Comparison
SHY's dividend yield for the trailing twelve months is around 3.68%, while GGOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 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
SHY and GGOV have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SHY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SHY is cheaper with a 0.15% expense ratio, compared with 0.39% for GGOV.
SHY has the higher dividend yield at 3.68%, compared with 0.00% for GGOV.
SHY is categorized as Government Bonds, while GGOV is Global Bonds. Their fees differ too: 0.15% for SHY and 0.39% for GGOV.
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