ZCBC vs. GGOV

Last updated Jun 6, 2026

ZCBC (Global X Zero Coupon Bond 2032 ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - ZCBC is a Government Bonds fund tracking the FTSE Zero Coupon U.S. Treasury STRIPS 2032 Maturity Index, while GGOV is a Global Bonds fund managed by iShares. A 0.62 correlation means they provide meaningful diversification when combined. ZCBC charges 0.07%/yr vs 0.39%/yr for GGOV.

Performance

ZCBC vs. GGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Zero Coupon Bond 2032 ETF (ZCBC) and iShares Global Government Bond USD Hedged Active ETF (GGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZCBC

• 1D: -0.51%
• 1M: -1.15%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GGOV

• 1D: -0.28%
• 1M: -0.75%
• YTD: 1.87%
• 6M: -1.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZCBC vs. GGOV - Yearly Performance Comparison

	2026 (YTD)
ZCBC Global X Zero Coupon Bond 2032 ETF	-0.79%
GGOV iShares Global Government Bond USD Hedged Active ETF	1.95%

Correlation

The correlation between ZCBC and GGOV is 0.62, 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 Jan 8, 2026	0.62

Return for Risk

ZCBC vs. GGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Zero Coupon Bond 2032 ETF (ZCBC) 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.

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

Sharpe Ratios by Period

	ZCBC	GGOV	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-0.20	-0.23

Drawdowns

ZCBC vs. GGOV - Drawdown Comparison

The maximum ZCBC drawdown since its inception was -3.65%, smaller than the maximum GGOV drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for ZCBC and GGOV.

Drawdown Indicators

	ZCBC	GGOV	Difference
Max Drawdown Largest peak-to-trough decline	-3.65%	-4.69%	+1.04%
Current Drawdown Current decline from peak	-3.05%	-1.91%	-1.14%
Average Drawdown Average peak-to-trough decline	-1.46%	-1.59%	+0.13%

Volatility

Volatility by Period

	ZCBC	GGOV	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.59%	5.37%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.59%	5.37%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.59%	5.37%	-0.78%

ZCBC vs. GGOV - Expense Ratio Comparison

ZCBC has a 0.07% expense ratio, which is lower than GGOV's 0.39% expense ratio.

Dividends

ZCBC vs. GGOV - Dividend Comparison

ZCBC's dividend yield for the trailing twelve months is around 1.61%, while GGOV has not paid dividends to shareholders.

Position	TTM
GGOV iShares Global Government Bond USD Hedged Active ETF	0.00%
ZCBC Global X Zero Coupon Bond 2032 ETF	1.61%

Frequently Asked Questions

Can I hold both ZCBC and GGOV in my portfolio?

ZCBC and GGOV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZCBC or GGOV?

On fees, ZCBC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCBC or GGOV?

ZCBC is cheaper with a 0.07% expense ratio, compared with 0.39% for GGOV.

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

ZCBC has the higher dividend yield at 1.61%, compared with 0.00% for GGOV.

What is the main difference between ZCBC and GGOV?

ZCBC is categorized as Government Bonds, while GGOV is Global Bonds. They also come from different issuers: Global X and iShares. Their fees differ too: 0.07% for ZCBC and 0.39% for GGOV.