UTRE vs. GGOV

Last updated Jun 25, 2026

UTRE (US Treasury 3 Year Note ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - UTRE is a Government Bonds fund tracking the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross, while GGOV is a Global Bonds fund managed by iShares. A 0.58 correlation means they provide meaningful diversification when combined. UTRE charges 0.15%/yr vs 0.39%/yr for GGOV.

Performance

UTRE vs. GGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Year Note ETF (UTRE) 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, UTRE achieves a 0.10% return, which is significantly lower than GGOV's 2.84% return.

UTRE

• 1D: 0.20%
• 1M: 0.37%
• YTD: 0.10%
• 6M: 0.21%
• 1Y: 2.48%
• 3Y*: 3.85%
• 5Y*: —
• 10Y*: —

GGOV

• 1D: 0.09%
• 1M: 0.69%
• YTD: 2.84%
• 6M: 2.61%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UTRE vs. GGOV - Yearly Performance Comparison

	2026 (YTD)	2025
UTRE US Treasury 3 Year Note ETF	0.10%	2.34%
GGOV iShares Global Government Bond USD Hedged Active ETF	2.84%	-2.80%

Correlation

The correlation between UTRE and GGOV is 0.58, 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 26, 2025	0.58

Return for Risk

UTRE vs. GGOV — Risk / Return Rank

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

UTRE

UTRE Risk / Return Rank: 37
UTRE Sharpe Ratio Rank: 38
UTRE Sortino Ratio Rank: 40
UTRE Omega Ratio Rank: 37
UTRE Calmar Ratio Rank: 38
UTRE Martin Ratio Rank: 34

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.

UTRE vs. GGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Year Note ETF (UTRE) 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.

	UTRE	GGOV	Difference
Sharpe ratio: Return per unit of total volatility	1.22	—	—
Sortino ratio: Return per unit of downside risk	1.87	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.73	—	—
Martin ratio: Return relative to average drawdown	4.58	—	—

Drawdowns

UTRE vs. GGOV - Drawdown Comparison

The maximum UTRE drawdown since its inception was -2.80%, smaller than the maximum GGOV drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for UTRE and GGOV.

Drawdown Indicators

	UTRE	GGOV	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-4.69%	+1.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.86%	—	—
Current Drawdown Current decline from peak	-0.89%	-0.98%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.78%	-1.56%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	—	—

Volatility

Volatility by Period

	UTRE	GGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	5.27%	-3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.70%	5.27%	-2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.70%	5.27%	-2.57%

UTRE vs. GGOV - Expense Ratio Comparison

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

Dividends

UTRE vs. GGOV - Dividend Comparison

UTRE's dividend yield for the trailing twelve months is around 3.49%, while GGOV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GGOV iShares Global Government Bond USD Hedged Active ETF	0.00%	0.00%	0.00%	0.00%
UTRE US Treasury 3 Year Note ETF	3.49%	3.60%	4.01%	3.14%

Frequently Asked Questions

Can I hold both UTRE and GGOV in my portfolio?

UTRE and GGOV have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UTRE or GGOV?

On fees, UTRE 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, UTRE or GGOV?

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

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

UTRE has the higher dividend yield at 3.49%, compared with 0.00% for GGOV.

What is the main difference between UTRE and GGOV?

UTRE 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 UTRE and 0.39% for GGOV.