ZTWO vs. GVI
ZTWO (F/M 2-Year Investment Grade Corporate Bond ETF) and GVI (iShares Intermediate Government/Credit Bond ETF) are both Short-Term Bond funds - ZTWO tracks the ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross while GVI tracks the Bloomberg U.S. Intermediate Government/Credit Bond. Both are passively managed. Over the past year, ZTWO returned 3.94% vs 3.57% for GVI. Their correlation of 0.83 suggests significant overlap in exposure. ZTWO charges 0.15%/yr vs 0.20%/yr for GVI.
Performance
ZTWO vs. GVI - Performance Comparison
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Returns By Period
In the year-to-date period, ZTWO achieves a 0.93% return, which is significantly higher than GVI's 0.09% return.
ZTWO
- 1D
- 0.04%
- 1M
- 0.28%
- YTD
- 0.93%
- 6M
- 1.30%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GVI
- 1D
- 0.09%
- 1M
- 0.02%
- YTD
- 0.09%
- 6M
- 0.31%
- 1Y
- 3.57%
- 3Y*
- 4.23%
- 5Y*
- 1.00%
- 10Y*
- 1.81%
ZTWO vs. GVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF | 0.93% | 5.49% | 0.36% |
GVI iShares Intermediate Government/Credit Bond ETF | 0.09% | 6.66% | 0.33% |
Correlation
The correlation between ZTWO and GVI is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024 | 0.83 |
The correlation between ZTWO and GVI has been stable across timeframes, ranging from 0.83 to 0.83 - a consistent structural relationship.
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Return for Risk
ZTWO vs. GVI — Risk / Return Rank
ZTWO
GVI
ZTWO vs. GVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) and iShares Intermediate Government/Credit Bond ETF (GVI). 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.
| ZTWO | GVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.58 | ||
| Sortino ratioReturn per unit of downside risk | +2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.26 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 4.24 | 2.00 | +2.24 |
| Martin ratioReturn relative to average drawdown | 20.10 | 6.04 | +14.06 |
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
| ZTWO | GVI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.03 | 1.45 | +1.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.25 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.17 | 0.76 | +2.41 |
Drawdowns
ZTWO vs. GVI - Drawdown Comparison
The maximum ZTWO drawdown since its inception was -0.93%, smaller than the maximum GVI drawdown of -12.93%. Use the drawdown chart below to compare losses from any high point for ZTWO and GVI.
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Drawdown Indicators
| ZTWO | GVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.93% | -12.93% | +12.00% |
Max Drawdown (1Y)Largest decline over 1 year | -0.93% | -1.79% | +0.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -2.65% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.93% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.93% | — |
Current DrawdownCurrent decline from peak | -0.07% | -1.08% | +1.01% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -1.86% | +1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.59% | -0.39% |
Volatility
ZTWO vs. GVI - Volatility Comparison
The current volatility for F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) is 0.42%, while iShares Intermediate Government/Credit Bond ETF (GVI) has a volatility of 0.78%. This indicates that ZTWO experiences smaller price fluctuations and is considered to be less risky than GVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTWO | GVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 0.78% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | 1.78% | -0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.31% | 2.50% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.49% | 3.97% | -2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.49% | 3.53% | -2.04% |
ZTWO vs. GVI - Expense Ratio Comparison
ZTWO has a 0.15% expense ratio, which is lower than GVI's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZTWO vs. GVI - Dividend Comparison
ZTWO's dividend yield for the trailing twelve months is around 4.12%, more than GVI's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GVI iShares Intermediate Government/Credit Bond ETF | 3.62% | 3.48% | 3.40% | 2.75% | 1.86% | 1.46% | 1.84% | 2.29% | 2.16% | 1.91% | 1.77% | 1.75% |
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF | 4.12% | 4.31% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZTWO and GVI have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GVI has higher volatility (0.78%) compared to ZTWO (0.42%). In terms of maximum drawdown, ZTWO dropped -0.93% vs GVI's -12.93%.
On 1-year performance, ZTWO leads with 3.94% vs 3.57% for GVI. On fees, ZTWO is cheaper at 0.15% per year. On volatility, ZTWO has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZTWO has performed better with a 3.94% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZTWO is cheaper with a 0.15% expense ratio, compared with 0.20% for GVI.
ZTWO has the higher dividend yield at 4.12%, compared with 3.62% for GVI.
ZTWO tracks ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross, while GVI tracks Bloomberg U.S. Intermediate Government/Credit Bond. They also come from different issuers: F/m and iShares. Their fees differ too: 0.15% for ZTWO and 0.20% for GVI.
ZTWO currently has the higher Sharpe Ratio (3.03 vs 1.45), 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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