# IGOV ETF: fees, returns, drawdowns and holdings

> What IGOV holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

iShares International Treasury Bond ETF (IGOV) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund lends money to the governments of rich countries outside the US by owning their bonds. It charges 0.35% a year. From January 2009 to October 2026 it returned about 0.0% a year, and its worst drop was −35.9%.

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

## Key points

- Expense ratio: 0.35% a year (about $35 on $10,000).
- Started trading on January 21, 2009.
- Last close: $40.05 on October 16, 2026.
- Return over the last year: −5.1%.
- Worst drop since 2009: −35.9%.
- 1 Tactfolio classic strategy holds it.

## How has IGOV done since 2009?

From January 2009 to October 2026, IGOV returned about 0.0% a year. The S&P 500 returned about 15.4% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $10,014 at the end, with every dividend reinvested.

| Period | IGOV | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −0.7% | 1.5% |
| 3 months | −2.0% | 1.9% |
| 6 months | −4.3% | 9.3% |
| Year to date | −3.9% | 12.8% |
| 1 year | −5.1% | 16.8% |
| 3 years, per year | 3.2% | 22.0% |
| 5 years, per year | −4.4% | 12.8% |
| 10 years, per year | −1.5% | 15.4% |
| Since 2009, per year | 0.0% | 15.4% |

Periods longer than a year show the return per year (CAGR). 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.

## IGOV returns by month and year

IGOV rose in 117 of its 213 months (55%). Its best month was November 2022, at 7.9%. Its worst was April 2022, at −7.6%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 1.8% | 1.4% | −4.5% | 2.0% | 0.2% | −2.3% | −0.1% | 0.5% | −3.5% | 0.7% |  |  | −3.9% |
| 2025 | 0.4% | 0.7% | 1.4% | 6.3% | −0.4% | 3.2% | −3.9% | 2.3% | 0.4% | −1.0% | −0.2% | 0.4% | 10.0% |
| 2024 | −3.3% | −1.1% | 0.3% | −3.4% | 1.7% | −0.8% | 3.4% | 2.9% | 1.8% | −4.0% | 0.0% | −3.8% | −6.5% |
| 2023 | 3.7% | −5.4% | 4.7% | 0.5% | −3.0% | 1.0% | 0.1% | −2.0% | −4.4% | −1.1% | 6.4% | 5.7% | 5.6% |
| 2022 | −2.6% | −1.4% | −3.8% | −7.6% | −0.1% | −4.7% | 2.6% | −6.6% | −6.6% | 0.9% | 7.9% | −1.7% | −22.1% |
| 2021 | −1.6% | −2.7% | −2.5% | 1.7% | 1.1% | −2.1% | 1.8% | −0.9% | −2.6% | −0.5% | −0.5% | −0.8% | −9.3% |
| 2020 | 1.0% | 0.0% | −2.7% | 1.0% | 0.9% | 1.3% | 4.8% | 0.1% | −0.9% | 0.2% | 2.5% | 2.5% | 10.9% |
| 2019 | 1.4% | −1.1% | 0.9% | −0.8% | 1.4% | 3.0% | −1.3% | 2.0% | −1.5% | 0.8% | −1.8% | 0.7% | 3.8% |
| 2018 | 2.6% | −0.7% | 1.5% | −2.5% | −2.0% | −0.3% | −0.5% | −0.8% | −0.8% | −1.5% | 0.5% | 2.0% | −2.6% |
| 2017 | 1.4% | 0.0% | 0.5% | 1.8% | 2.3% | 0.6% | 3.2% | 1.1% | −1.3% | −1.0% | 1.6% | 0.8% | 11.4% |
| 2016 | 1.2% | 3.0% | 4.0% | 1.7% | −2.3% | 3.2% | 1.3% | −1.2% | 0.8% | −4.2% | −5.2% | −0.9% | 0.9% |
| 2015 | −2.8% | −0.8% | −1.8% | 2.3% | −3.5% | −0.5% | 0.0% | 0.6% | 0.8% | −0.4% | −2.5% | 1.5% | −7.1% |
| 2014 | 0.5% | 2.2% | 0.2% | 1.4% | 0.0% | 1.2% | −1.4% | 0.2% | −4.3% | −0.7% | −0.7% | −0.9% | −2.2% |
| 2013 | 0.2% | −2.7% | −0.5% | 2.3% | −3.1% | −2.2% | 2.5% | −0.7% | 2.9% | 1.4% | −1.1% | −0.1% | −1.4% |
| 2012 | −1.3% | 2.7% | −1.1% | 1.3% | −3.4% | 1.0% | 1.1% | 2.2% | 1.7% | 1.4% | −0.9% | 0.6% | 5.3% |
| 2011 | 1.0% | 0.8% | 0.8% | 4.2% | −1.7% | 0.3% | 1.8% | 2.0% | −4.5% | 0.6% | −4.8% | 1.6% | 1.6% |
| 2010 | −1.0% | 0.0% | −1.2% | −1.4% | −3.3% | 0.8% | 5.5% | 0.7% | 4.8% | 1.4% | −6.7% | 2.9% | 1.8% |
| 2009 (part) |  | −2.8% | 3.3% | 1.5% | 4.9% | 0.1% | 3.0% | 1.0% | 2.5% | −0.3% | 2.6% | −5.3% | 10.6% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is IGOV compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.17.** When the S&P 500 moved 1% in a day, IGOV tended to move about 0.17%.
- **Correlation 0.30.** IGOV moved mostly on its own, apart from the S&P 500.
- **Up and down months.** In months the S&P 500 rose, IGOV rose 26% as much on average. In months it fell, IGOV fell 72% as much.

| Measure | IGOV | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | −4.3% | 12.8% |
| Volatility | 10.0% | 17.1% |
| Worst drop | −30.9% | −24.5% |
| Sharpe ratio | -0.39 | 0.79 |
| Sortino ratio | -0.56 | 1.15 |
| Calmar ratio | -0.14 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is IGOV above its 200-day average?

IGOV closed 3.2% below its 200-day average on October 16, 2026. A rule that holds IGOV only above that average would be out of it today.

- Its 50-day average is 1.7% below its 200-day average.
- It closed 6.8% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for IGOV](https://tactfolio.com/builder) and backtest it in a minute.

## What was IGOV's worst drop?

A drawdown is how far a fund falls from its last high point. IGOV's worst fall was −35.9%, from January 5, 2021 to October 20, 2022. By October 16, 2026 it had not yet climbed back to that high. On October 16, 2026 it was 26.6% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −35.9% | Jan 5, 2021 | Oct 20, 2022 | Not yet | 21 months | n/a |
| −15.7% | Jul 1, 2014 | Nov 10, 2015 | Mar 26, 2018 | 16 months | 2.4 years |
| −14.6% | Dec 1, 2009 | Jun 7, 2010 | Oct 6, 2010 | 6 months | 4 months |
| −11.1% | Mar 9, 2020 | Mar 19, 2020 | Jul 27, 2020 | 10 days | 4 months |
| −10.9% | Aug 17, 2011 | Dec 14, 2011 | Apr 10, 2014 | 4 months | 2.3 years |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does IGOV hold?

This fund lends money to the governments of rich countries outside the US by owning their bonds. The bonds are in those countries' own currencies, so changes in exchange rates affect its value. Bond prices also fall when interest rates rise.

It tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. It had 981 holdings as of October 15, 2026, according to iShares (BlackRock).

| Fact | IGOV |
| --- | --- |
| Full name | iShares International Treasury Bond ETF |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.35% a year |
| Started trading | January 21, 2009 |
| Tracks | FTSE World Government Bond Index - Developed Markets Capped Select Index |
| Type | International bonds, ETF |
| Holdings | 981 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239830/ishares-international-treasury-bond-etf) |

## What is the IGOV expense ratio?

IGOV charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year. Of the 162 ETFs on Tactfolio, 19% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold IGOV?

One classic strategy holds IGOV at least some of the time. Each is a set of written rules you can open, test and copy.

- [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014

## How does IGOV compare with similar ETFs?

Funds that can stand in for IGOV:

- [BNDX](https://tactfolio.com/etf/BNDX.md): Vanguard Total International Bond ETF, 0.07% a year
- [BWX](https://tactfolio.com/etf/BWX.md): State Street SPDR Bloomberg International Treasury Bond ETF, 0.35% a year
- [EMB](https://tactfolio.com/etf/EMB.md): iShares J.P. Morgan USD Emerging Markets Bond ETF, 0.39% a year
- [AGG](https://tactfolio.com/etf/AGG.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year

See [all 7 IGOV alternatives](https://tactfolio.com/alternatives/IGOV.md), compared on the same dates as IGOV.

## Test IGOV in your own rules

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 see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for IGOV and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.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 is the expense ratio of IGOV?

IGOV charges 0.35% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $35 a year for every $10,000 you hold.

### When did IGOV start trading?

IGOV started trading on January 21, 2009. It is run by iShares (BlackRock).

### What does IGOV track?

IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. This fund lends money to the governments of rich countries outside the US by owning their bonds.

### How much has IGOV returned per year?

From January 2009 to October 2026, IGOV returned about 0.0% a year with dividends reinvested. Its worst drop was −35.9%. Past returns do not tell you what it will do next.

### Is IGOV above its 200-day moving average?

On October 16, 2026, IGOV closed 3.2% below its 200-day moving average. This page updates after each US market close.

### Which strategies use IGOV?

One of Tactfolio's classic strategies hold IGOV, including Paul Novell's Tactical Bond Strategy.

## Sources

- [iShares (BlackRock): iShares International Treasury Bond ETF fund page](https://www.ishares.com/us/products/239830/ishares-international-treasury-bond-etf)

> 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.