Data as of Oct 28, 2026.

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GOVT vs LQD: Differences, Returns & Fees

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GOVT's duration was 5.5 years on Jul 31, 2026 and LQD's 7.7 on Aug 31, 2026; GOVT charges 0.05% to LQD's 0.14%.

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Net assets on Oct 27, 2026: $42.8bn for iShares U.S. Treasury Bond ETF and $30.6bn for iShares iBoxx $ Investment Grade Corporate Bond ETF.

At a glance
−1.5%
GOVT total return, 1 year
−3.4%
LQD total return, 1 year
0.05%
GOVT expense ratio
0.14%
LQD expense ratio

Pair scorecard

GOVT costs 0.09 points a year less; their one-year returns differ by 1.9 points; GOVT is 1.4 times larger.

GOVT vs LQD: Differences, Returns & Fees
MeasureGOVTLQD
Return
Total return, 1 year−1.5%−3.4%
Drawdown
Below its high8.1%, high on Aug 4, 20206.3%, high on Sep 22, 2021
Benchmark
What it tracksICE U.S. Treasury Core Bond IndexMarkit iBoxx USD Liquid Investment Grade Index
Cost and size
Expense ratio0.05%0.14%
Net assets, as of Oct 27, 2026$42.8bn$30.6bn
Holdings
Holdings in common0%

Holdings in common uses holdings dated Jul 31, 2026 and Aug 31, 2026. Method

Risk and return

Mar 2, 2012 to Oct 23, 2026 · 764 weekly returns
GOVT LQD
Return
Total return edge LQD +18.4% +49.1%
Annualized edge LQD +1.2% +2.8%
Price return edge GOVT (slight) −10.6% −11.3%
Risk
Volatility edge GOVT 4.5% 8.9%
Max drawdown edge GOVT −18.7% −24.7%
Risk-adjusted
Sharpe edge LQD −0.11 0.15
Sortino edge LQD −0.15 0.22
Calmar edge LQD 0.06 0.11
Reading

LQD returned more: +49.1% to +18.4%. GOVT swung less: 4.5% to 8.9%. GOVT fell less at its worst: −18.7% to −24.7%.

Full scorecard

9 measures, with how each is measured
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Risk and return: GOVT vs LQD: Differences, Returns & Fees
MeasureGOVTLQDEdgeHow it is measured
Return
Total return+18.4%+49.1%LQDPrice change plus distributions, reinvested.
Annualized+1.2%+2.8%LQDTotal return as a yearly rate.
Price return−10.6%−11.3%GOVT (slight)Price change alone, distributions left out.
Risk
Volatility4.5%8.9%GOVTSpread of weekly returns, annualized. Lower is steadier.
Downside deviation3.3%6.3%GOVTLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−18.7%−24.7%GOVTDeepest fall from a high to the low after it.
Risk-adjusted
Sharpe−0.110.15LQDReturn above Treasury bills per unit of volatility.
Sortino−0.150.22LQDReturn above Treasury bills per unit of downside deviation.
Calmar0.060.11LQDAnnualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 764 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

0%

By the books each fund has filed, GOVT and LQD hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.

0 half 100%

half

0% in common

Positions both hold · largest shared weight first GOVT LQD
Only in one fund ↓
Only in GOVT
U.S. Treasury Notes, due Nov 15, 2031 5.28%
U.S. Treasury Notes, due Feb 15, 2029 2.95%
U.S. Treasury Notes, due Feb 15, 2028 2.63%
U.S. Treasury Notes, due Nov 15, 2028 2.08%
U.S. Treasury Notes, due May 15, 2028 1.62%
U.S. Treasury Bonds, due May 15, 2046 1.48%
U.S. Treasury Bonds, due Nov 15, 2042 1.46%
U.S. Treasury Bonds, due Feb 15, 2051 1.46%
Only in LQD
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc, due Feb 1, 2046 0.18%
CVS Health Corp, due Mar 25, 2048 0.17%
T-Mobile USA Inc, due Apr 15, 2030 0.17%
Space Exploration Technologies Corp, due Jul 15, 2031 0.17%
Meta Platforms Inc, due Nov 15, 2035 0.16%
Charter Communications Operating LLC / Charter Communications Operating Capital, due Sep 1, 2038 0.15%
Charter Communications Operating LLC / Charter Communications Operating Capital, due Sep 1, 2041 0.15%
Amazon.com Inc, due Mar 13, 2036 0.14%
Check overlap with more funds →

Side by side

GOVT iShares U.S. Treasury Bond ETF LQD iShares iBoxx $ Investment Grade Corporate Bond ETF
Where it sits Bond ETF Bond ETF
What it is Tracks an index of U.S. Treasury Bond Tracks an index of US investment grade bonds
Total return, 1 year −1.5% −3.4%
Its benchmark over the same days not measured −1.2% (IUSB)
Gap to its benchmark not measured −2.2 pts vs IUSB
Expense ratio 0.05% 0.14%
Holdings 229 3191
Net assets, as of Oct 27, 2026 $42.8bn $30.6bn

GOVT and LQD on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-0734069FDC

GOVT and LQD do different jobs. What does each one do in a portfolio?

  1. What each follows. GOVT follows ICE U.S. Treasury Core Bond Index and LQD follows Markit iBoxx USD Liquid Investment Grade Index.
  2. Holdings in common. 0% of the weight is in the same securities (holdings dated Jul 31, 2026 and Aug 31, 2026).
  3. Number of holdings. GOVT holds 229 positions and LQD holds 3191.

Data as of Oct 28, 2026.

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About each fund
GOVT

GOVT tracks an index of U.S. Treasury Bond. Over the year to Oct 28, 2026 it returned −1.5% with distributions reinvested. The prospectus expense ratio is 0.05% a year. It sat 8.1% below its high of Aug 4, 2020 on Oct 28, 2026.

LQD

LQD tracks an index of US investment grade bonds. Over the year to Oct 28, 2026 it returned −3.4% with distributions reinvested, against −1.2% for its benchmark, the Bloomberg U.S. Universal Index. The prospectus expense ratio is 0.14% a year. It sat 6.3% below its high of Sep 22, 2021 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, GOVT or LQD?
In the year to Oct 28, 2026, with distributions reinvested, GOVT returned −1.5% and LQD −3.4%.
Which is cheaper, GOVT or LQD?
GOVT is cheaper, by 0.09 percentage points a year. That is about $9 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, GOVT against LQD, data as of Oct 28, 2026. https://etfiq.com/compare/any/govt-vs-lqd

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