ZCBF vs. GGOV

Last updated Jun 6, 2026

ZCBF (Global X Zero Coupon Bond 2034 ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - ZCBF is a Government Bonds fund tracking the FTSE Zero Coupon U.S. Treasury STRIPS 2034 Maturity Index, while GGOV is a Global Bonds fund managed by iShares. A 0.62 correlation means they provide meaningful diversification when combined. ZCBF charges 0.07%/yr vs 0.39%/yr for GGOV.

Performance

ZCBF vs. GGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Zero Coupon Bond 2034 ETF (ZCBF) and iShares Global Government Bond USD Hedged Active ETF (GGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZCBF

• 1D: -0.59%
• 1M: -1.29%
• 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)

ZCBF vs. GGOV - Yearly Performance Comparison

	2026 (YTD)
ZCBF Global X Zero Coupon Bond 2034 ETF	-1.01%
GGOV iShares Global Government Bond USD Hedged Active ETF	1.95%

Correlation

The correlation between ZCBF 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

ZCBF vs. GGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Zero Coupon Bond 2034 ETF (ZCBF) 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

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

Drawdowns

ZCBF vs. GGOV - Drawdown Comparison

The maximum ZCBF drawdown since its inception was -4.66%, roughly equal to the maximum GGOV drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for ZCBF and GGOV.

Drawdown Indicators

	ZCBF	GGOV	Difference
Max Drawdown Largest peak-to-trough decline	-4.66%	-4.69%	+0.03%
Current Drawdown Current decline from peak	-3.67%	-1.91%	-1.76%
Average Drawdown Average peak-to-trough decline	-1.85%	-1.59%	-0.26%

Volatility

Volatility by Period

	ZCBF	GGOV	Difference
Volatility (1Y) Calculated over the trailing 1-year period	5.78%	5.37%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	5.37%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	5.37%	+0.41%

ZCBF vs. GGOV - Expense Ratio Comparison

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

Dividends

ZCBF vs. GGOV - Dividend Comparison

ZCBF's dividend yield for the trailing twelve months is around 1.70%, while GGOV has not paid dividends to shareholders.

Position	TTM
GGOV iShares Global Government Bond USD Hedged Active ETF	0.00%
ZCBF Global X Zero Coupon Bond 2034 ETF	1.70%

Frequently Asked Questions

Can I hold both ZCBF and GGOV in my portfolio?

ZCBF 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, ZCBF or GGOV?

On fees, ZCBF 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, ZCBF or GGOV?

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

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

ZCBF has the higher dividend yield at 1.70%, compared with 0.00% for GGOV.

What is the main difference between ZCBF and GGOV?

ZCBF 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 ZCBF and 0.39% for GGOV.