VGSH vs. GGOV
VGSH (Vanguard Short-Term Treasury ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while GGOV is a Global Bonds fund actively managed by iShares. VGSH is passively managed, while GGOV is actively managed. Over the past year, VGSH returned 2.65% vs -0.42% for GGOV. Their 0.55 correlation means they have sometimes moved together and sometimes differently. VGSH charges 0.03%/yr vs 0.39%/yr for GGOV.
Performance
VGSH vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, VGSH achieves a 0.85% return, which is significantly lower than GGOV's 2.61% return.
VGSH
- 1D
- 0.07%
- 1M
- 0.11%
- 6M
- 0.67%
- YTD
- 0.85%
- 1Y
- 2.65%
- 3Y*
- 4.22%
- 5Y*
- 1.88%
- 10Y*
- 1.75%
- ALL TIME*
- 1.41%
GGOV
- 1D
- 0.12%
- 1M
- -0.10%
- 6M
- 3.17%
- YTD
- 2.61%
- 1Y
- -0.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $49.16M | $62.50M | $78.51M | |
| $149.43M | $165.20M | $192.79M |
VGSH vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.85% | 2.37% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
Correlation
The correlation between VGSH and GGOV is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.55 |
The correlation between VGSH and GGOV has been stable across timeframes, ranging from 0.54 to 0.55 - a consistent structural relationship.
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Return for Risk
VGSH vs. GGOV — Risk / Return Rank
VGSH
GGOV
VGSH vs. GGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) 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.
| VGSH | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +3.29 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 0.99 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | -0.09 | +3.10 |
| Martin ratioReturn relative to average drawdown | 11.57 | -0.19 | +11.76 |
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Drawdowns
VGSH vs. GGOV - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for VGSH and GGOV.
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Drawdown Indicators
| VGSH | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -4.69% | -1.01% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -4.69% | +3.81% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.20% | +1.20% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -1.54% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 2.15% | -1.92% |
Volatility
VGSH vs. GGOV - Volatility Comparison
The current volatility for Vanguard Short-Term Treasury ETF (VGSH) is 0.35%, while iShares Global Government Bond USD Hedged Active ETF (GGOV) has a volatility of 0.78%. This indicates that VGSH experiences smaller price fluctuations and is considered to be less risky than GGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGSH | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.78% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 1.01% | 3.57% | -2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.23% | 5.22% | -3.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 5.08% | -3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 5.08% | -3.50% |
VGSH vs. GGOV - Expense Ratio Comparison
VGSH has a 0.03% expense ratio, which is lower than GGOV's 0.39% expense ratio.
Dividends
VGSH vs. GGOV - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.82%, 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% |
VGSH Vanguard Short-Term Treasury ETF | 3.82% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
VGSH and GGOV have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GGOV has higher volatility (0.78%) compared to VGSH (0.35%). In terms of maximum drawdown, VGSH dropped -5.70% vs GGOV's -4.69%.
On 1-year performance, VGSH leads with 2.65% vs -0.42% for GGOV. On fees, VGSH is cheaper at 0.03% per year. On volatility, VGSH has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VGSH has performed better with a 2.65% return vs -0.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.39% for GGOV.
VGSH has the higher dividend yield at 3.82%, compared with 0.00% for GGOV.
VGSH is categorized as Government Bonds, while GGOV is Global Bonds. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VGSH and 0.39% for GGOV.
VGSH currently has the higher Sharpe Ratio (2.17 vs -0.08), 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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