Data as of Oct 28, 2026.
GOVT vs LQD: Differences, Returns & Fees
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.
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.
| Measure | GOVT | LQD |
|---|---|---|
| Return | ||
| Total return, 1 year | −1.5% | −3.4% |
| Drawdown | ||
| Below its high | 8.1%, high on Aug 4, 2020 | 6.3%, high on Sep 22, 2021 |
| Benchmark | ||
| What it tracks | ICE U.S. Treasury Core Bond Index | Markit iBoxx USD Liquid Investment Grade Index |
| Cost and size | ||
| Expense ratio | 0.05% | 0.14% |
| Net assets, as of Oct 27, 2026 | $42.8bn | $30.6bn |
| Holdings | ||
| Holdings in common | 0% | |
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 returnsLQD 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 Open ↓
| Measure | GOVT | LQD | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +18.4% | +49.1% | LQD | Price change plus distributions, reinvested. |
| Annualized | +1.2% | +2.8% | LQD | Total return as a yearly rate. |
| Price return | −10.6% | −11.3% | GOVT (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 4.5% | 8.9% | GOVT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 3.3% | 6.3% | GOVT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −18.7% | −24.7% | GOVT | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −0.11 | 0.15 | LQD | Return above Treasury bills per unit of volatility. |
| Sortino | −0.15 | 0.22 | LQD | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.06 | 0.11 | LQD | Annualized 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
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.
half
0% in common
Only in one fund ↓
Side by side
GOVT and LQD on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
GOVT and LQD do different jobs. What does each one do in a portfolio?
- What each follows. GOVT follows ICE U.S. Treasury Core Bond Index and LQD follows Markit iBoxx USD Liquid Investment Grade Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Jul 31, 2026 and Aug 31, 2026).
- Number of holdings. GOVT holds 229 positions and LQD holds 3191.
Data as of Oct 28, 2026.
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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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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, GOVT against LQD, data as of Oct 28, 2026. https://etfiq.com/compare/any/govt-vs-lqd
ETFIQ. (Oct 28, 2026). GOVT against LQD. Retrieved from https://etfiq.com/compare/any/govt-vs-lqd
[GOVT against LQD (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/govt-vs-lqd)
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