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Relative Intelligence · Treasury Bonds

How iShares U.S. Treasury Bond ETF (GOVT) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on GOVT alone. It places GOVT (iShares U.S. Treasury Bond ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where GOVT stands in the market, and of the alternatives worth a closer look.

Period covered: GOVT's full trading record, from February 2012 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against GOVT →Chart GOVT vs. 24 alternatives →
On this page12 sections

Key findings

How much would $10,000 in GOVT have grown?

This chart tracks a hypothetical $10,000 investment in GOVT over the past 14 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of GOVT over the same span and GOVT's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: GOVT began trading on February 24, 2012, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 14 years of GOVT's record, starting at the end of September 2012.

Choose a period

From the end of September 2012 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,975 of the 2,213 stocks and funds worth at least $500 million that traded the whole period ended ahead of GOVT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,00020122014201620182020202220242026$0$20,000$40,000$60,000$80,0002012201620202024
  • SPY (S&P 500)$67,346+573% total · +14.6% a year
  • LQD$13,766+37.7% total · +2.3% a year
  • SHV$12,633+26.3% total · +1.7% a year
  • AGG$12,310+23.1% total · +1.5% a year
  • TIP$12,192+21.9% total · +1.4% a year
  • SPTS$12,188+21.9% total · +1.4% a year
  • SCHO$12,157+21.6% total · +1.4% a year
  • SHY$11,985+19.8% total · +1.3% a year
  • MBB$11,719+17.2% total · +1.1% a year
  • GOVT$11,343+13.4% total · +0.9% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,682 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of GOVT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$8,000$10,000$12,000$14,000$16,000$18,000$20,000202120222023202420252026$5,000$10,000$15,000$20,000202120222023202420252026
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • NEAR$12,027+20.3% total · +3.8% a year
  • SGOV$12,000+20.0% total · +3.7% a year
  • SHV$11,908+19.1% total · +3.6% a year
  • LMBS$11,483+14.8% total · +2.8% a year
  • SPSB$11,418+14.2% total · +2.7% a year
  • SPTS$10,954+9.5% total · +1.8% a year
  • VGSH$10,923+9.2% total · +1.8% a year
  • SHY$10,863+8.6% total · +1.7% a year
  • GOVT$9,466−5.3% total · −1.1% a year
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GOVT at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: GOVT began trading on February 24, 2012, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The fund

Issuer
IShares
Began trading
February 2012
Expense ratio
0.05%per year
Assets
$42B
Category
Bonds

Returns

Past 1 year
−1.8%total return
Past 3 years
+12.7%+4.1% a year
Past 5 years
−3.5%−0.7% a year
Past 10 years
+7.1%+0.7% a year
Best calendar year
+7.4%2019
Worst calendar year
−13.4%2022
Losing years
3 of 13full calendar years

Risk

Volatility
6.0%typical yearly swing, 5 years
Sharpe ratio
-0.09return per unit of risk, 5 years
Worst decline ever
−19.1%Aug 2020 to Oct 2023
From its all-time high
−8.5%below the peak

GOVT against the whole market

Where GOVT ranks among every stock and fund, and what across the market has done better.

How does GOVT rank among all ETFs?

This section ranks GOVT on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how GOVT stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureGOVTRankStanding
1-year return−1.8%2,145 of 2,485bottom 15%
3-year return+12.7%1,832 of 1,949bottom 7%
5-year return−3.5%1,440 of 1,560bottom 9%
10-year return+7.1%919 of 958bottom 5%
Volatility, 5 years6.0%181 of 1,560top 12%
Sharpe ratio, 5 years-0.091,491 of 1,560bottom 5%
Worst decline, past 10 years−19.1%96 of 951top 10%

What has beaten GOVT on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). GOVT sits where the dashed lines cross. Anything in the green box above and to the left earned more than GOVT with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to GOVT; faint dots are 25 more of the 100 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−2.0%0.0%2.0%4.0%6.0%8.0%10.0%−1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than GOVTVNLA: +4.0% a year, volatility 1.1%FLDR: +3.9% a year, volatility 1.2%SUB: +1.4% a year, volatility 1.7%USTB: +3.6% a year, volatility 2.0%TBUX: +4.1% a year, volatility 1.1%VTIP: +2.7% a year, volatility 2.9%RAVI: +3.8% a year, volatility 1.4%MEAR: +2.4% a year, volatility 1.0%IAGG: +1.1% a year, volatility 4.5%FLUD: +3.9% a year, volatility 1.4%SCHO: +2.0% a year, volatility 2.0%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%JPIB: +2.5% a year, volatility 4.2%AVSF: +1.9% a year, volatility 2.7%FLRT: +6.0% a year, volatility 2.3%FLTR: +4.8% a year, volatility 2.1%BKLN: +5.4% a year, volatility 4.5%SRLN: +4.7% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%PREF: +2.5% a year, volatility 4.9%JMUB: +0.6% a year, volatility 3.5%NFLT: +2.7% a year, volatility 4.6%JCPB: +0.6% a year, volatility 5.4%KORP: +1.3% a year, volatility 5.5%GOVT: −0.7% a year, volatility 6.0%SGOV: +3.8% a year, volatility 0.3%VGSH: +1.9% a year, volatility 2.0%NEAR: +3.9% a year, volatility 1.4%SPSB: +2.8% a year, volatility 2.0%LMBS: +3.0% a year, volatility 2.6%BSCR: +1.7% a year, volatility 4.1%JAAA: +5.1% a year, volatility 1.7%BALT: +6.3% a year, volatility 3.3%VRIG: +4.7% a year, volatility 1.3%FLOT: +4.5% a year, volatility 1.8%IBHF: +4.0% a year, volatility 5.8%EP-PC: +5.2% a year, volatility 8.9%VTEB: +0.3% a year, volatility 4.1%BIL: +3.7% a year, volatility 0.3%SHV: +3.6% a year, volatility 0.3%GOVTSGOVVGSHNEARSPSBLMBSBSCRJAAABALTVRIGIBHFEP-PCVTEBBIL−2.0%0.0%2.0%4.0%6.0%8.0%10.0%−2.0%0.0%2.0%4.0%6.0%8.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than GOVTVNLA: +4.0% a year, volatility 1.1%FLDR: +3.9% a year, volatility 1.2%SUB: +1.4% a year, volatility 1.7%USTB: +3.6% a year, volatility 2.0%TBUX: +4.1% a year, volatility 1.1%VTIP: +2.7% a year, volatility 2.9%RAVI: +3.8% a year, volatility 1.4%MEAR: +2.4% a year, volatility 1.0%IAGG: +1.1% a year, volatility 4.5%FLUD: +3.9% a year, volatility 1.4%SCHO: +2.0% a year, volatility 2.0%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%JPIB: +2.5% a year, volatility 4.2%AVSF: +1.9% a year, volatility 2.7%FLRT: +6.0% a year, volatility 2.3%FLTR: +4.8% a year, volatility 2.1%BKLN: +5.4% a year, volatility 4.5%SRLN: +4.7% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%PREF: +2.5% a year, volatility 4.9%JMUB: +0.6% a year, volatility 3.5%NFLT: +2.7% a year, volatility 4.6%JCPB: +0.6% a year, volatility 5.4%KORP: +1.3% a year, volatility 5.5%GOVT: −0.7% a year, volatility 6.0%SGOV: +3.8% a year, volatility 0.3%VGSH: +1.9% a year, volatility 2.0%NEAR: +3.9% a year, volatility 1.4%SPSB: +2.8% a year, volatility 2.0%LMBS: +3.0% a year, volatility 2.6%BSCR: +1.7% a year, volatility 4.1%JAAA: +5.1% a year, volatility 1.7%BALT: +6.3% a year, volatility 3.3%VRIG: +4.7% a year, volatility 1.3%FLOT: +4.5% a year, volatility 1.8%IBHF: +4.0% a year, volatility 5.8%EP-PC: +5.2% a year, volatility 8.9%VTEB: +0.3% a year, volatility 4.1%BIL: +3.7% a year, volatility 0.3%SHV: +3.6% a year, volatility 0.3%GOVTSGOVVGSHNEARSPSBLMBSBSCRJAAABALTVRIGFLOTIBHFEP-PCVTEBBIL
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× GOVT's volatility is in the table only

Is there a better investment than GOVT?

Investments that beat GOVT over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat GOVT over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks GOVT's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than GOVT follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than GOVT's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× GOVT's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than GOVT's.

Screen the whole market against GOVT for any period in BetterThanSPYOpen these 14 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with GOVT?lower diversifies moreExpenseper year
GOVTiShares U.S. Treasury Bond ETF · this page
−0.7%6.0%-0.09−19.1%+7.1%1.000.05%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.520.09%
Popular alternativesbest 2 shownThe investments people most often weigh against GOVT. 8 of 24 passed at least one test.
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.8%0.3%13.25−0.3%—0.310.09%
VGSHVanguard Short-Term Treasury ETF · Treasury Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.9%2.0%0.95−5.6%+18.8%0.870.03%
Same and neighboring categories, and shared themesbest 4 shownEverything else in Treasury Bonds and the categories next to it (Investment Grade Bonds, Short-Term Bonds, Mortgage-Backed Securities), plus GOVT's specific themes. 21 of 37 passed at least one test.
NEARiShares Short Duration Bond Active ETF · Short-Term Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.9%1.4%2.71−9.6%+31.8%0.700.25%
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.8%2.0%1.38−11.8%+29.2%0.880.04%
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.0%2.6%1.14−6.5%+25.6%0.870.66%
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher return in most periods+1.7%4.1%0.44−17.3%—0.860.10%
The whole marketbest 7 shownEvery other stock and fund worth at least $500 million. 127 of 3,573 passed at least one test.
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.1%1.7%2.98−2.6%—0.210.20%
BALTInnovator Defined Wealth Shield ETF · Crypto
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.3%3.3%1.85−4.9%—0.530.69%
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.7%1.3%3.51−13.1%+40.5%0.240.30%
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.5%1.8%2.48−13.5%+35.9%0.160.15%
IBHFiShares iBonds 2026 Term High Yield and Income ETF · Bonds
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.0%5.8%0.71−11.2%—0.620.35%
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Higher return in most periods+5.2%8.9%0.61−25.4%+37.8%0.31—
VTEBVanguard Tax-Exempt Bond ETF · Municipal Bonds
Similar return, lower volatility+0.3%4.1%0.09−17.0%+18.6%0.860.03%
What these numbers mean for GOVT
Annual return
GOVT lost 0.7% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $9,650. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
GOVT's volatility over the past 5 years was 6.0%, 35% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GOVT's return lands within 6.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
GOVT's Sharpe ratio over the past 5 years was -0.09, against 0.79 for the S&P 500, so GOVT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
GOVT's worst fall from a peak to a low over the past 10 years was 19.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 19.1% fall takes a 23.6% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, GOVT's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against GOVT instead: the lower it is, the more that option would diversify a GOVT holding. Guide: Correlation and diversification →
Show all 100 stocks and funds worth at least $500 million that earned more than GOVT with less volatility

Out of 3,633 tested over 5 years. The strongest 34 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with GOVTExpense
1
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%—0.210.20%
2
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Popular alternative+3.8%0.3%13.25−0.3%—0.310.09%
3
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.530.69%
4
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+40.5%0.240.30%
5
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+35.9%0.160.15%
6
VNLAJanus Henderson Short Duration Income ETF · Bonds
Whole market+4.0%1.1%3.77−4.5%—0.630.25%
7
FLDRFidelity Low Duration Bond Factor ETF · Bonds
Whole market+3.9%1.2%3.09−12.2%—0.770.15%
8
NEARiShares Short Duration Bond Active ETF · Short-Term Bonds
Same or nearby category+3.9%1.4%2.71−9.6%+31.8%0.700.25%
9
SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds
Whole market+1.4%1.7%0.85−9.4%+15.6%0.790.07%
10
USTBVictoryShares Short-Term Bond ETF · Bonds
Whole market+3.6%2.0%1.73−5.3%—0.840.34%
11
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds
Whole market+4.1%1.1%3.85−1.8%—0.620.17%
12
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Same or nearby category+2.7%2.9%0.94−6.3%+32.7%0.680.03%
13
RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds
Whole market+3.8%1.4%2.61−3.7%+30.8%0.520.26%
14
MEARiShares Short Maturity Municipal Bond Active ETF · Bonds
Whole market+2.4%1.0%2.37−2.7%+19.3%0.680.26%
15
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+2.8%2.0%1.38−11.8%+29.2%0.880.04%
16
IAGGiShares Core International Aggregate Bond ETF · International Bonds
Whole market+1.1%4.5%0.27−13.9%+20.8%0.830.07%
17
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Same or nearby category+3.0%2.6%1.14−6.5%+25.6%0.870.66%
18
FLUDFranklin Ultra Short Bond ETF · Bonds
Whole market+3.9%1.4%2.74−1.7%—0.420.15%
19
SCHOSchwab Short-Term U.S. Treasury ETF · Treasury Bonds
Popular alternative+2.0%2.0%0.96−5.7%+18.9%0.840.03%
20
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds
Whole market+2.4%2.1%1.13−8.7%+26.7%0.780.54%
21
STOTState Street DoubleLine Short Duration Total Return Tactical ETF · Bonds
Whole market+2.9%1.7%1.65−6.1%+26.0%0.810.45%
22
JPIBJPMorgan International Bond Opportunities ETF · Bonds
Whole market+2.5%4.2%0.62−13.1%—0.790.50%
23
AVSFAvantis Short-Term Fixed Income ETF · Bonds
Whole market+1.9%2.7%0.71−8.8%—0.910.15%
24
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.340.60%
25
FLTRVanEck IG Floating Rate ETF · Multi-Asset
Whole market+4.8%2.1%2.20−17.8%+41.8%0.130.14%
26
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.4%4.5%1.19−24.1%+50.7%0.290.67%
27
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.7%3.9%1.18−22.3%+54.2%0.270.70%
28
FTSLFirst Trust Senior Loan Fund · Bonds
Whole market+5.0%3.4%1.49−22.7%+52.1%0.290.70%
29
PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds
Whole market+2.5%4.9%0.52−23.0%—0.640.55%
30
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+1.7%4.1%0.44−17.3%—0.860.10%
31
JMUBJPMorgan Municipal ETF · Municipal Bonds
Whole market+0.6%3.5%0.20−12.5%—0.860.18%
32
NFLTVirtus Newfleet Multi-Sector Bond ETF · Bonds
Whole market+2.7%4.6%0.61−15.1%+41.0%0.810.50%
33
JCPBJPMorgan Core Plus Bond ETF · Core Plus Bonds
Whole market+0.6%5.4%0.14−16.7%—0.950.40%
34
KORPAmerican Century Diversified Corporate Bond ETF · Bonds
Whole market+1.3%5.5%0.26−14.9%—0.920.29%

GOVT against its popular alternatives

The investments people most often weigh against GOVT, compared period by period and year by year.

How do GOVT's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at GOVT, which divides the map into what did better or worse on each measure.

Green points earned more than GOVT with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

0.0%5.0%10.0%15.0%20.0%25.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityGOVT: −0.7% a year, volatility 6.0%SPY (S&P 500): 12.7% a year, volatility 17.1%SHV: 3.6% a year, volatility 0.3%BIL: 3.7% a year, volatility 0.3%SCHO: 1.9% a year, volatility 2.0%SPTS: 2.0% a year, volatility 2.0%SHY: 1.8% a year, volatility 2.0%LQD: −0.9% a year, volatility 8.7%IEI: 0.1% a year, volatility 4.8%SCHR: −0.1% a year, volatility 5.4%IEF: −1.7% a year, volatility 7.7%SPTL: −6.6% a year, volatility 14.4%VGLT: −6.6% a year, volatility 14.4%TLT: −7.7% a year, volatility 15.7%EDV: −12.1% a year, volatility 21.5%ZROZ: −13.7% a year, volatility 23.8%TIP: −0.1% a year, volatility 6.2%AGG: −0.3% a year, volatility 6.1%MBB: −0.2% a year, volatility 7.0%GOVTSPY (S&P 500)SHVSCHOSPTSLQDIEIIEFSPTLVGLTTLTEDVZROZ0.0%5.0%10.0%15.0%20.0%25.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityGOVT: −0.7% a year, volatility 6.0%SPY (S&P 500): 12.7% a year, volatility 17.1%SHV: 3.6% a year, volatility 0.3%BIL: 3.7% a year, volatility 0.3%SCHO: 1.9% a year, volatility 2.0%SPTS: 2.0% a year, volatility 2.0%SHY: 1.8% a year, volatility 2.0%LQD: −0.9% a year, volatility 8.7%IEI: 0.1% a year, volatility 4.8%SCHR: −0.1% a year, volatility 5.4%IEF: −1.7% a year, volatility 7.7%SPTL: −6.6% a year, volatility 14.4%VGLT: −6.6% a year, volatility 14.4%TLT: −7.7% a year, volatility 15.7%EDV: −12.1% a year, volatility 21.5%ZROZ: −13.7% a year, volatility 23.8%TIP: −0.1% a year, volatility 6.2%AGG: −0.3% a year, volatility 6.1%MBB: −0.2% a year, volatility 7.0%GOVTSPY (S&P 500)SHVSCHOLQDIEISPTLVGLTEDVZROZMBB
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF+3.7%0.3%
SHV iShares Trust iShares 0-1 Year Treasury Bond ETF+3.6%0.3%
SPTS State Street SPDR Portfolio Short Term Treasury ETF+2.0%2.0%
SCHO Schwab Short-Term U.S. Treasury ETF+1.9%2.0%
SHY iShares 1-3 Year Treasury Bond ETF+1.8%2.0%
IEI iShares 3-7 Year Treasury Bond ETF+0.1%4.8%
TIP iShares TIPS Bond ETF−0.1%6.2%
SCHR Schwab Intermediate-Term U.S. Treasury ETF−0.1%5.4%
MBB iShares MBS ETF−0.2%7.0%
AGG iShares Core U.S. Aggregate Bond ETF−0.3%6.1%
GOVT This pageiShares U.S. Treasury Bond ETF−0.7%6.0%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF−0.9%8.7%
IEF iShares 7-10 Year Treasury Bond ETF−1.7%7.7%
SPTL State Street SPDR Portfolio Long Term Treasury ETF−6.6%14.4%
VGLT Vanguard Long-Term Treasury ETF−6.6%14.4%
TLT iShares 20+ Year Treasury Bond ETF−7.7%15.7%
EDV Vanguard Extended Duration Treasury ETF−12.1%21.5%
ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund−13.7%23.8%
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Has GOVT consistently beaten its popular alternatives?

This section compares GOVT with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than GOVT helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than GOVT over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
GOVT iShares U.S. Treasury Bond ETF (this page)—−0.2%−1.3%−2.2%−1.5%−1.8%+12.7%−3.5%+7.1%6.0%-0.09−19.1%0.05%$42B—
SHV QualifiediShares Trust iShares 0-1 Year Treasury Bond ETF5/5 short3/3 longAll-weather+0.3%+0.9%+1.8%+2.8%+3.6%+13.9%+19.4%+26.1%0.3%12.09−0.4%0.15%$23B—
BIL QualifiedState Street SPDR Bloomberg 1-3 Month T-Bill ETF5/5 short3/3 longAll-weather+0.3%+0.9%+1.8%+2.8%+3.7%+13.9%+19.9%+25.8%0.3%14.05−0.2%0.14%$51B—
SCHO QualifiedSchwab Short-Term U.S. Treasury ETF5/5 short2/3 long+0.3%+0.1%+0.2%+0.9%+1.5%+12.8%+10.1%+18.9%2.0%0.96−5.7%0.03%$16B—
VGSH QualifiedVanguard Short-Term Treasury ETF5/5 short2/3 long+0.3%−0.1%0.0%+0.6%+1.2%+12.5%+9.9%+18.8%2.0%0.95−5.6%0.03%$40B—
SPTS QualifiedState Street SPDR Portfolio Short Term Treasury ETF5/5 short2/3 long+0.3%+0.1%+0.2%+0.9%+1.6%+12.9%+10.2%+18.2%2.0%0.97−5.7%0.03%$7.2B—
SHY QualifiediShares 1-3 Year Treasury Bond ETF5/5 short2/3 long+0.3%−0.2%−0.1%+0.5%+1.1%+12.1%+9.3%+17.7%2.0%0.89−5.7%0.15%$27B—
BILS QualifiedState Street SPDR Bloomberg 3-12 Month T-Bill ETF5/5 short2/3 long+0.3%+0.9%+1.8%+2.7%+3.6%+13.9%+19.2%—0.3%11.25−0.4%0.14%$3.9B—
SGOV QualifiediShares 0-3 Month Treasury Bond ETF5/5 short2/3 long+0.3%+0.6%+1.5%+2.6%+3.4%+13.8%+20.3%—0.3%13.25−0.3%0.09%$116B—
TIP BondsiShares TIPS Bond ETF1/5 short3/3 long−0.2%−1.7%−2.1%−0.7%−1.5%+13.3%−0.3%+23.5%6.2%0.02−14.5%0.18%$14B—
AGG BondsiShares Core U.S. Aggregate Bond ETF0/5 short3/3 long−0.6%−1.7%−2.6%−1.7%−1.9%+16.2%−1.5%+13.3%6.1%-0.02−18.4%0.03%$139B—
BND BondsVanguard Total Bond Market ETF0/5 short3/3 long−0.6%−2.0%−2.8%−1.8%−2.1%+15.7%−1.8%+13.2%6.1%-0.03−18.6%0.03%$389B—
MBB BondsiShares MBS ETF0/5 short3/3 long−0.8%−2.6%−3.5%−2.1%−1.9%+18.5%−0.8%+9.5%7.0%0.01−17.7%0.04%$35B—
LQD BondsiShares iBoxx $ Investment Grade Corporate Bond ETF0/5 short2/3 long−1.4%−2.4%−3.9%−2.9%−3.9%+19.7%−4.3%+20.5%8.7%-0.06−25.0%0.14%$29B—
IEI BondsiShares 3-7 Year Treasury Bond ETF0/5 short2/3 long−0.1%−1.7%−2.6%−2.1%−1.9%+12.3%+0.6%+11.2%4.8%0.05−14.6%0.15%$17B—
SCHR BondsSchwab Intermediate-Term U.S. Treasury ETF0/5 short2/3 long−0.2%−1.6%−2.5%−2.0%−1.9%+13.1%−0.5%+10.8%5.4%0.01−16.1%0.03%$14B—
VGIT BondsVanguard Intermediate-Term Treasury ETF0/5 short2/3 long−0.2%−2.0%−2.9%−2.3%−2.3%+12.6%−0.7%+10.5%5.4%0.00−16.0%0.03%$48B—
IEF BondsiShares 7-10 Year Treasury Bond ETF0/5 short0/3 long−0.6%−2.8%−4.2%−3.5%−4.1%+12.4%−8.0%+3.0%7.7%-0.18−23.9%0.15%$42B—
SPTL BondsState Street SPDR Portfolio Long Term Treasury ETF0/5 short0/3 long−1.5%−3.2%−5.3%−4.4%−7.3%+11.8%−28.8%−15.0%14.4%-0.40−46.2%0.03%$11B—
VGLT BondsVanguard Long-Term Treasury ETF0/5 short0/3 long−1.5%−3.5%−5.7%−4.8%−7.7%+11.3%−29.0%−15.2%14.4%-0.41−46.2%0.03%$15B—
TLT BondsiShares 20+ Year Treasury Bond ETF0/5 short0/3 long−1.6%−3.7%−6.1%−5.1%−8.8%+9.0%−33.1%−20.1%15.7%-0.44−48.4%0.15%$47B—
EDV BondsVanguard Extended Duration Treasury ETF0/5 short0/3 long−2.9%−4.7%−8.3%−7.4%−13.8%+5.0%−47.4%−34.3%21.5%-0.49−60.4%0.05%$4.0B—
ZROZ BondsPIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund0/5 short0/3 long−2.7%−4.5%−8.4%−7.7%−14.8%−0.1%−52.2%−39.6%23.8%-0.50−65.5%0.15%$1.9B—
GOVZ BondsiShares 25+ Year Treasury STRIPS Bond ETF0/5 short0/3 long−2.6%−4.6%−8.3%−7.8%−15.0%0.0%−51.9%—23.8%-0.50−62.5%0.15%$390M—
SCHQ BondsSchwab Long-Term U.S. Treasury ETF0/5 short0/3 long−1.5%−3.2%−5.3%−4.4%−7.3%+11.9%−28.7%—14.3%-0.40−46.1%0.03%$979M—
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How did GOVT do year by year?

This table shows each investment's total return in every full calendar year since 2013, along with where GOVT ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with GOVT and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: GOVT began trading on February 24, 2012, so the table starts with 2013, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of GOVT; gray means the two finished within a fraction of a point. The rank row places GOVT among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of GOVT2025202420232022202120202019201820172016201520142013
GOVT This pageiShares U.S. Treasury Bond ETF—+3.8%+3.0%+4.2%−13.4%−1.1%+7.3%+7.3%+0.3%+2.2%+0.8%+0.9%+4.7%−2.5%
Rank among alternativesTop quarter in 0 of 1316 of 186 of 1810 of 1811 of 187 of 1811 of 1810 of 1810 of 1811 of 1815 of 186 of 1810 of 1810 of 18
SPY S&P 500State Street SPDR S&P 500 ETF10 of 13+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%
SHV iShares Trust iShares 0-1 Year Treasury Bond ETF6 of 13+4.2%+5.1%+5.0%+0.9%−0.1%+0.8%+2.4%+1.7%+0.7%+0.4%0.0%0.0%0.0%
BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF6 of 13+4.1%+5.2%+5.0%+1.4%−0.1%+0.4%+2.0%+1.7%+0.7%+0.1%−0.1%−0.1%−0.1%
SCHO Schwab Short-Term U.S. Treasury ETF5 of 13+5.5%+3.6%+4.3%−3.9%−0.6%+3.1%+3.4%+1.5%+0.4%+0.9%+0.4%+0.5%+0.4%
SPTS State Street SPDR Portfolio Short Term Treasury ETF5 of 13+5.1%+4.2%+4.3%−3.9%−0.7%+3.2%+3.5%+1.1%+0.6%+0.8%+0.9%+1.2%−0.3%
SHY iShares 1-3 Year Treasury Bond ETF5 of 13+5.0%+3.9%+4.2%−3.9%−0.7%+3.0%+3.4%+1.5%+0.3%+0.8%+0.4%+0.4%+0.2%
TIP iShares TIPS Bond ETF7 of 13+6.8%+1.7%+3.8%−12.3%+5.7%+10.8%+8.4%−1.4%+2.9%+4.7%−1.8%+3.6%−8.5%
AGG iShares Core U.S. Aggregate Bond ETF7 of 13+7.2%+1.3%+5.7%−13.0%−1.8%+7.5%+8.5%+0.1%+3.6%+2.4%+0.5%+6.0%−2.0%
MBB iShares MBS ETF6 of 13+8.4%+1.3%+5.0%−11.7%−1.6%+4.1%+6.2%+0.8%+2.5%+1.3%+1.1%+6.4%−1.9%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF8 of 13+7.9%+0.9%+9.4%−17.9%−1.8%+11.0%+17.4%−3.8%+7.0%+6.2%−1.3%+8.2%−2.0%
IEI iShares 3-7 Year Treasury Bond ETF5 of 13+7.0%+1.8%+4.4%−9.5%−2.5%+6.9%+5.7%+1.4%+1.2%+1.2%+1.6%+3.2%−1.8%
SCHR Schwab Intermediate-Term U.S. Treasury ETF4 of 13+7.4%+1.4%+4.2%−10.5%−2.6%+7.7%+6.2%+1.5%+1.6%+1.0%+1.6%+4.4%−2.7%
IEF iShares 7-10 Year Treasury Bond ETF6 of 13+8.0%−0.6%+3.6%−15.2%−3.3%+10.0%+8.0%+1.0%+2.6%+1.0%+1.5%+9.1%−6.1%
SPTL State Street SPDR Portfolio Long Term Treasury ETF5 of 13+5.3%−6.2%+3.3%−29.4%−5.0%+18.1%+13.8%−1.6%+9.0%+0.9%−1.6%+25.3%−12.2%
VGLT Vanguard Long-Term Treasury ETF5 of 13+5.3%−6.3%+3.3%−29.3%−5.0%+17.6%+14.3%−1.5%+8.6%+1.2%−1.0%+25.2%−12.4%
TLT iShares 20+ Year Treasury Bond ETF4 of 13+4.2%−8.1%+2.8%−31.2%−4.6%+18.1%+14.1%−1.6%+9.2%+1.2%−1.8%+27.3%−13.4%
EDV Vanguard Extended Duration Treasury ETF5 of 13+0.6%−12.8%+1.4%−39.1%−6.2%+23.6%+18.7%−3.4%+13.9%+1.6%−4.8%+44.6%−19.8%
ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund5 of 13−1.8%−16.2%+1.2%−41.3%−5.2%+24.6%+21.2%−4.6%+14.8%+2.1%−6.1%+48.8%−20.9%
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Risk and diversification

How GOVT has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were GOVT's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents GOVT's two deepest drawdowns since it began trading in 2012, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: GOVT began trading on February 24, 2012, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means GOVT fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringGOVT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−19.1%+35.6%Aug 2020Oct 20233.2 yearsNot yet—
No named crash−5.9%+7.2%Jul 2016Dec 20165 monthsMar 20192.3 years

How did GOVT do in stock market crashes?

This section measures how far GOVT, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: GOVT began trading on February 24, 2012, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than GOVT.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
GOVT This pageiShares U.S. Treasury Bond ETF—0.0%−13.0%−4.6%−0.9%−0.3%−2.1%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
SHV iShares Trust iShares 0-1 Year Treasury Bond ETF4 of 60.0%−0.3%−0.1%0.0%0.0%−0.1%−0.1%0.0%−0.4%—
BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF4 of 60.0%0.0%0.0%0.0%0.0%−0.1%0.0%0.0%−0.8%—
SCHO Schwab Short-Term U.S. Treasury ETF4 of 60.0%−4.7%−0.3%−0.3%−0.2%−0.7%−0.2%———
SPTS State Street SPDR Portfolio Short Term Treasury ETF4 of 60.0%−4.7%−0.5%−0.2%−0.3%−1.0%————
SHY iShares 1-3 Year Treasury Bond ETF4 of 60.0%−4.7%−0.7%−0.2%−0.1%−0.7%−0.2%−0.1%−2.2%—
TIP iShares TIPS Bond ETF0 of 60.0%−14.3%−11.2%−2.0%−1.1%−2.5%−3.8%−0.2%−14.4%—
AGG iShares Core U.S. Aggregate Bond ETF1 of 60.0%−14.5%−9.6%−1.1%−0.8%−1.5%−1.3%−0.4%−12.8%—
MBB iShares MBS ETF1 of 60.0%−14.4%−4.3%−1.1%−0.6%−1.0%−0.8%0.0%−3.8%—
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF0 of 6−0.1%−21.3%−21.8%−2.6%−1.2%−2.7%−3.2%0.0%−21.5%—
IEI iShares 3-7 Year Treasury Bond ETF2 of 60.0%−10.9%−1.8%−0.7%−0.4%−2.0%−0.8%0.0%−5.3%—
SCHR Schwab Intermediate-Term U.S. Treasury ETF2 of 60.0%−11.9%−2.2%−0.8%−0.6%−2.1%−1.1%———
IEF iShares 7-10 Year Treasury Bond ETF0 of 60.0%−16.1%−4.7%−1.2%−0.8%−2.9%−1.9%−0.3%−6.2%—
SPTL State Street SPDR Portfolio Long Term Treasury ETF0 of 60.0%−28.6%−15.0%−4.2%−2.5%−5.5%−4.3%−0.3%−11.5%—
VGLT Vanguard Long-Term Treasury ETF0 of 60.0%−28.6%−14.2%−4.1%−2.4%−5.5%−4.3%0.0%——
TLT iShares 20+ Year Treasury Bond ETF0 of 60.0%−30.0%−15.7%−4.3%−2.3%−5.8%−5.0%−1.3%−16.2%—
EDV Vanguard Extended Duration Treasury ETF0 of 6−0.1%−37.8%−18.5%−6.6%−3.5%−9.2%−8.5%−0.8%——
ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund0 of 6−0.4%−39.3%−21.2%−7.8%−3.8%−9.8%−9.1%−3.2%——
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How closely does GOVT move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares GOVT with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than GOVT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
GOVT This pageiShares U.S. Treasury Bond ETF6%8%0.710.06
IEI iShares 3-7 Year Treasury Bond ETF6%6%1.050.04
SCHR Schwab Intermediate-Term U.S. Treasury ETF6%7%0.920.05
TIP iShares TIPS Bond ETF15%17%0.870.18
AGG iShares Core U.S. Aggregate Bond ETF12%17%0.710.14
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF25%39%0.640.33
MBB iShares MBS ETF13%21%0.620.14
IEF iShares 7-10 Year Treasury Bond ETF7%14%0.510.08
SPTL State Street SPDR Portfolio Long Term Treasury ETF7%28%0.230.15
VGLT Vanguard Long-Term Treasury ETF7%29%0.230.15
TLT iShares 20+ Year Treasury Bond ETF6%32%0.190.16
EDV Vanguard Extended Duration Treasury ETF5%46%0.110.22
ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund4%50%0.080.24
SHV iShares Trust iShares 0-1 Year Treasury Bond ETF5%-5%—0.00
BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF5%-5%—0.00
SCHO Schwab Short-Term U.S. Treasury ETF5%-1%—0.01
SPTS State Street SPDR Portfolio Short Term Treasury ETF5%-1%—0.01
SHY iShares 1-3 Year Treasury Bond ETF5%-1%—0.01
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What diversifies GOVT?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with GOVT's. Because such investments tend not to fall at the same time, pairing GOVT with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which GOVT lost money. The last two columns show a portfolio that is 80% GOVT and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222021201380/20 mix volatility80/20 mix annual return
GOVT iShares U.S. Treasury Bond ETF (this page)1.00−3.5%-0.09−13.4%−1.1%−2.5%5.7%−1.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.45+119%1.48+3.8%+17.8%—5.7%+2.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.20+225%1.34+6.0%+18.0%+41.3%5.7%+4.2%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.35+101%1.04+10.4%+23.1%+16.6%6.2%+2.2%
HDV Dividend & IncomeiShares Core High Dividend ETF0.38+83.3%1.00+7.1%+19.6%+23.8%6.2%+1.6%
SMH TechnologyVanEck Semiconductor ETF0.46+323%0.97−33.5%+42.1%+33.4%9.9%+6.6%
GLD CommoditiesSPDR Gold Shares0.39+126%0.96−0.8%−4.2%−28.3%6.7%+2.7%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.33+136%0.93−10.4%+22.7%—7.1%+3.4%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.03+177%0.93+64.4%+53.3%+26.3%6.8%+3.9%

Stocks

InvestmentCorrelation5Y returnSharpe20222021201380/20 mix volatility80/20 mix annual return
GOVT iShares U.S. Treasury Bond ETF (this page)1.00−3.5%-0.09−13.4%−1.1%−2.5%5.7%−1.1%
CAH Medical - DistributionCardinal Health, Inc.0.19+479%1.55+54.1%−0.4%+66.0%7.6%+6.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.01+3,143%1.47+1.3%+37.9%+27.6%12.6%+18.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.13+1,636%1.46+17.0%+89.0%+61.7%10.6%+14.4%
MCK Medical - DistributionMcKesson Corporation0.07+413%1.44+51.8%+44.2%+67.7%7.0%+5.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.01+690%1.41+86.6%+61.0%+48.6%7.9%+8.3%
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Common questions

What was GOVT's worst drawdown?

GOVT's deepest decline since it began trading in 2012 was 19.1%, from August 2020 to October 2023. It has not yet climbed back to that peak. Because GOVT launched in February 2012, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were GOVT's best and worst years?

Over 13 full calendar years, GOVT's best year was 2019, when it returned 7.4%. Its worst was 2022, with a return of -13.4%.

Is there a better investment than GOVT?

Among GOVT's popular alternatives, SGOV and VGSH earned more than GOVT with less volatility over the past 5 years. SGOV returned 3.8% a year at 0.3% volatility, against a loss of 0.7% a year at 6.0%. Looking beyond its popular alternatives, NEAR (short-term bonds) and SPSB (investment grade bonds) earned more than GOVT with less volatility over the past 5 years. NEAR returned 3.9% a year at 1.4% volatility, against a loss of 0.7% a year at 6.0%.

Is GOVT more volatile than the S&P 500?

No. GOVT's volatility over the past 5 years was 6.0%, 35% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GOVT's return lands within 6.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is GOVT's Sharpe ratio?

GOVT's Sharpe ratio over the past 5 years was -0.09, against 0.79 for the S&P 500, so GOVT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is GOVT with the S&P 500?

Over the past 5 years, GOVT's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against GOVT instead: the lower it is, the more that option would diversify a GOVT holding.

What are the best alternatives to GOVT?

Of the 24 popular alternatives we compared, eight outperformed GOVT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SHV, BIL and SCHO.

Did GOVT outperform the S&P 500?

GOVT finished ahead of the S&P 500 (SPY) in two of 13 full calendar years. In 2025, it returned +3.8%, against +17.7% for the index.

How did GOVT do in stock market crashes?

GOVT fell less than the S&P 500 (SPY) in six of the six major crashes it has traded through, and further in no. The clearest case was the Covid crash, when GOVT fell 4.6% and the S&P 500 fell 33.7%.

What diversifies GOVT?

These had a low correlation with GOVT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.45), DXJ (correlation 0.20) and EMLP (correlation 0.35); among large stocks, CAH (correlation 0.19), CLS (correlation 0.01) and FIX (correlation 0.13). A correlation near zero means the two have moved largely independently.

How we measure

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