UTWO vs. GGOV
UTWO (US Treasury 2 Year Note ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - UTWO is a Government Bonds fund tracking the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross, while GGOV is a Global Bonds fund managed by iShares. A 0.56 correlation means they provide meaningful diversification when combined. UTWO charges 0.15%/yr vs 0.39%/yr for GGOV.
Performance
UTWO vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, UTWO achieves a 0.33% return, which is significantly lower than GGOV's 2.30% return.
UTWO
- 1D
- -0.04%
- 1M
- 0.07%
- YTD
- 0.33%
- 6M
- 0.63%
- 1Y
- 3.13%
- 3Y*
- 3.78%
- 5Y*
- —
- 10Y*
- —
GGOV
- 1D
- -0.16%
- 1M
- 0.60%
- YTD
- 2.30%
- 6M
- -1.11%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UTWO vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
UTWO US Treasury 2 Year Note ETF | 0.33% | 2.17% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.30% | -2.81% |
Correlation
The correlation between UTWO 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
UTWO vs. GGOV — Risk / Return Rank
UTWO
GGOV
UTWO vs. GGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 2 Year Note ETF (UTWO) 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.
| UTWO | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.47 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | — | — |
| Martin ratioReturn relative to average drawdown | 12.89 | — | — |
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
| UTWO | GGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.33 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.45 | -0.11 | +1.56 |
Drawdowns
UTWO vs. GGOV - Drawdown Comparison
The maximum UTWO drawdown since its inception was -2.04%, smaller than the maximum GGOV drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for UTWO and GGOV.
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Drawdown Indicators
| UTWO | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.04% | -4.69% | +2.65% |
Max Drawdown (1Y)Largest decline over 1 year | -0.90% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.08% | — | — |
Current DrawdownCurrent decline from peak | -0.38% | -1.50% | +1.12% |
Average DrawdownAverage peak-to-trough decline | -0.49% | -1.59% | +1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.24% | — | — |
Volatility
UTWO vs. GGOV - Volatility Comparison
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Volatility by Period
| UTWO | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.36% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.92% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.35% | 5.38% | -4.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 5.38% | -3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.07% | 5.38% | -3.31% |
UTWO vs. GGOV - Expense Ratio Comparison
UTWO has a 0.15% expense ratio, which is lower than GGOV's 0.39% expense ratio.
Dividends
UTWO vs. GGOV - Dividend Comparison
UTWO's dividend yield for the trailing twelve months is around 3.50%, 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% |
UTWO US Treasury 2 Year Note ETF | 3.50% | 3.63% | 4.22% | 4.39% | 1.22% |
Frequently Asked Questions
UTWO 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, UTWO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UTWO is cheaper with a 0.15% expense ratio, compared with 0.39% for GGOV.
UTWO has the higher dividend yield at 3.50%, compared with 0.00% for GGOV.
UTWO 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 UTWO and 0.39% for GGOV.
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