# IGOV alternatives: 7 similar ETFs compared

> ETFs similar to IGOV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IGOV. Updated daily.

The ETFs most like IGOV are BWX, BNDX and AGG. BWX and BNDX hold government and company bonds from outside the US, like IGOV. BNDX costs less: 0.07% a year against 0.35%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- 7 funds can stand in for IGOV: 2 of the same kind and 5 related funds.
- IGOV charges 0.35% a year (about $35 on $10,000). The cheapest alternative here, AGG, charges 0.03%.
- BWX moved most like IGOV: a daily correlation of 0.92 over about the last five years.
- Returns and drops for each pair use the same dates for both funds.

## IGOV alternatives at a glance

Each fund below can stand in for IGOV, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way.

| ETF | How close | Yearly fee | Fee on $10,000 | Tracks |
| --- | --- | --- | --- | --- |
| **IGOV** | This fund | 0.35% | $35 | FTSE World Government Bond Index - Developed Markets Capped Select Index |
| [BWX](https://tactfolio.com/etf/bwx.md) | Same kind of fund | 0.35% | $35 | Bloomberg Global Treasury ex-US Capped Index |
| [BNDX](https://tactfolio.com/etf/bndx.md) | Same kind of fund | 0.07% | $7 | Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged) |
| [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index |
| [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index |
| [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index |
| [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index |
| [EMB](https://tactfolio.com/etf/emb.md) | Related fund | 0.39% | $39 | J.P. Morgan Emerging Markets Bond Index Global Diversified Core |

Fees come from each fund company, checked on the dates shown on each fund's page.

## How IGOV and its alternatives did over the same dates

Each row measures the alternative and IGOV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

| ETF | Moves with IGOV | Per year | IGOV per year | Worst drop | IGOV worst drop | Since |
| --- | --- | --- | --- | --- | --- | --- |
| [BWX](https://tactfolio.com/etf/bwx.md) | 0.92 | 0.4% | 0.0% | −34.0% | −35.9% | January 2009 |
| [BNDX](https://tactfolio.com/etf/bndx.md) | 0.70 | 2.2% | −1.1% | −16.2% | −35.9% | June 2013 |
| [AGG](https://tactfolio.com/etf/agg.md) | 0.73 | 2.5% | 0.0% | −18.4% | −35.9% | January 2009 |
| [BND](https://tactfolio.com/etf/bnd.md) | 0.73 | 2.6% | 0.0% | −18.6% | −35.9% | January 2009 |
| [SCHZ](https://tactfolio.com/etf/schz.md) | 0.73 | 1.9% | −1.0% | −18.7% | −35.9% | July 2011 |
| [IUSB](https://tactfolio.com/etf/iusb.md) | 0.73 | 2.0% | −1.7% | −17.9% | −35.9% | June 2014 |
| [EMB](https://tactfolio.com/etf/emb.md) | 0.66 | 5.2% | 0.0% | −28.7% | −35.9% | January 2009 |

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## Each IGOV alternative, compared

### BWX: State Street SPDR Bloomberg International Treasury Bond ETF

BWX also holds government and company bonds from outside the US. It tracks the Bloomberg Global Treasury ex-US Capped Index, while IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index.

It charges 0.35% a year, about $35 on $10,000, against $35 for IGOV. It held 1,440 holdings, against 981 for IGOV.

From January 2009 to October 2026, BWX returned about 0.4% a year and IGOV returned about 0.0% a year. Over about the last five years they moved together on most days (correlation 0.92).

Read the [BWX fund page](https://tactfolio.com/etf/bwx.md) for its returns by year and worst drop.

### BNDX: Vanguard Total International Bond ETF

BNDX also holds government and company bonds from outside the US. It tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged), while IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index.

It charges 0.07% a year, about $7 on $10,000, against $35 for IGOV. It held 6,837 holdings, against 981 for IGOV.

From June 2013 to October 2026, BNDX returned about 2.2% a year and IGOV lost about 1.1% a year. Over about the last five years they often moved together, but not always (correlation 0.70).

Read the [BNDX fund page](https://tactfolio.com/etf/bndx.md) for its returns by year and worst drop.

### AGG: iShares Core U.S. Aggregate Bond ETF

AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IGOV holds government and company bonds from outside the US.

It charges 0.03% a year, about $3 on $10,000, against $35 for IGOV. It held 13,416 holdings, against 981 for IGOV.

From January 2009 to October 2026, AGG returned about 2.5% a year and IGOV returned about 0.0% a year. Over about the last five years they often moved together, but not always (correlation 0.73).

Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop.

### BND: Vanguard Total Bond Market ETF

BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IGOV holds government and company bonds from outside the US.

It charges 0.03% a year, about $3 on $10,000, against $35 for IGOV. It held 11,434 holdings, against 981 for IGOV.

From January 2009 to October 2026, BND returned about 2.6% a year and IGOV returned about 0.0% a year. Over about the last five years they often moved together, but not always (correlation 0.73).

Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop.

### SCHZ: Schwab U.S. Aggregate Bond ETF

SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IGOV holds government and company bonds from outside the US.

It charges 0.03% a year, about $3 on $10,000, against $35 for IGOV. It held 12,355 holdings, against 981 for IGOV.

From July 2011 to October 2026, SCHZ returned about 1.9% a year and IGOV lost about 1.0% a year. Over about the last five years they often moved together, but not always (correlation 0.73).

Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop.

### IUSB: iShares Core Universal USD Bond ETF

IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IGOV holds government and company bonds from outside the US.

It charges 0.06% a year, about $6 on $10,000, against $35 for IGOV. It held 18,251 holdings, against 981 for IGOV.

From June 2014 to October 2026, IUSB returned about 2.0% a year and IGOV lost about 1.7% a year. Over about the last five years they often moved together, but not always (correlation 0.73).

Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop.

### EMB: iShares J.P. Morgan USD Emerging Markets Bond ETF

EMB is a looser match. It holds bonds from governments and companies in emerging countries, while IGOV holds government and company bonds from outside the US.

It charges 0.39% a year, about $39 on $10,000, against $35 for IGOV. It held 616 holdings, against 981 for IGOV.

From January 2009 to October 2026, EMB returned about 5.2% a year and IGOV returned about 0.0% a year. Over about the last five years they often moved together, but not always (correlation 0.66).

Read the [EMB fund page](https://tactfolio.com/etf/emb.md) for its returns by year and worst drop.

## IGOV versions from other fund companies

Some people keep all their funds with one company. Here is the closest fund to IGOV from each other company on this page:

- **SPDR (State Street):** [BWX](https://tactfolio.com/etf/bwx.md), State Street SPDR Bloomberg International Treasury Bond ETF (same kind of fund, 0.35% a year)
- **Vanguard:** [BNDX](https://tactfolio.com/etf/bndx.md), Vanguard Total International Bond ETF (same kind of fund, 0.07% a year)
- **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (related fund, 0.03% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here.

## How to choose between IGOV and its alternatives

- **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix.
- **The fee.** The difference is often small. On $10,000, IGOV costs about $35 a year. AGG costs about $3.
- **History.** An older fund has been through more bad markets, so you can see how far it fell.
- **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

## Swapping IGOV to harvest a tax loss

Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting.

The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as BWX, BNDX or AGG, are less likely to.

Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550).

## Test IGOV and its alternatives in a backtest

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add IGOV and BWX, and see how each would have done on the same dates, or how a mix of both would have done.

## The details

Alternatives are picked from facts, not from returns. First come funds that track the same index as IGOV. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like IGOV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IGOV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in.
- [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What ETF is most similar to IGOV?

BWX is the closest. BWX also holds government and company bonds from outside the US. It tracks the Bloomberg Global Treasury ex-US Capped Index, while IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. Over about the last five years they moved together on most days.

### Is there a cheaper alternative to IGOV?

Yes. AGG charges 0.03% a year, BND charges 0.03% a year and SCHZ charges 0.03% a year, against 0.35% for IGOV. On $10,000 that is about $3 a year instead of $35.

### Is IGOV or BWX better?

Neither is better for everyone. From January 2009 to October 2026, IGOV returned about 0.0% a year and BWX returned about 0.4% a year. IGOV charges 0.35% a year and BWX charges 0.35%. Past returns do not tell you what comes next.

### What if I had put $10,000 in IGOV 10 years ago?

It would have grown to about $8,589 by October 16, 2026, with dividends reinvested. That is about −1.5% a year. Past returns do not tell you what comes next.

## Sources

- [iShares (BlackRock): iShares International Treasury Bond ETF fund page](https://www.ishares.com/us/products/239830/ishares-international-treasury-bond-etf)
- [SPDR (State Street): State Street SPDR Bloomberg International Treasury Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-international-treasury-bond-etf-bwx)
- [Vanguard: Vanguard Total International Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bndx)
- [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf)
- [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd)
- [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm)
- [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf)
- [iShares (BlackRock): iShares J.P. Morgan USD Emerging Markets Bond ETF fund page](https://www.ishares.com/us/products/239572/ishares-j-p-morgan-usd-emerging-markets-bond-etf)
- [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.