IGOV vs WIP: Grades, Fees and Holdings Compared

iShares International Treasury Bond ETF

IGOVBNasdaq

SPDR FTSE International Government Inflation-Protected Bond ETF

WIPDNYSE Arca

Overlap

No data

Expense ratio

IGOV −0.15pt a year

IGOV0.35%WIP0.50%

Avg volume · 30D

IGOV 5.4×the volume

IGOV267KWIP49.4K

10Y return · a year

WIP +2.4pt

IGOV−1.4%WIP+1.0%

IGOV vs WIP Performance

Oct 29, 2021 – Oct 30, 2026

−19.3%IGOV−3.3%WIP

Expense ratio: IGOV 0.35%, better; WIP 0.50%
Fund size: IGOV $1.03B; WIP $464M
1Y total return: IGOV −3.3%; WIP +3.3%, better
Yield (12M): IGOV 1.46%; WIP 6.33%, better
Holdings: IGOV 950; WIP 195
Avg volume (30D): IGOV 267K sh, better; WIP 49.4K sh
NAV per share: IGOV $40.24; WIP $38.01
52W range

ETF.net Grade

Pillar letters and Scores for IGOV, WIP, with each pillar’s weight
Pillar	IGOV	WIP
Cost30% weight	C49Higher	F10
Mission25% weight	A99Higher	A83
Risk15% weight	D34	C41Higher
Tradability15% weight	B65Higher	F13
Holdings10% weight	A81Higher	C51
Durability5% weight	B61Higher	D36

Rank among International Sovereign funds

How we build Categories ›

Same Category. IGOV and WIP are both graded against the same 6 International Sovereign funds, so their Grades compare head to head.

International Sovereign⁠

Category · 6 funds

See all 6 ›

IGOV ranks 2nd and WIP 5th of 6 funds in the International Sovereign Category.

Rank 1BEBNDSPDR Bloomberg Emerging Markets Local Bond ETFScore 69
Rank 2BIGOViShares International Treasury Bond ETFScore 65
Rank 3BBWXSPDR Bloomberg International Treasury Bond ETFScore 62
Rank 5DGGOViShares Global Government Bond USD Hedged Active ETFScore 38
Rank 5DWIPSPDR FTSE International Government Inflation-Protected Bond ETFScore 38

Our read on each fund

ETF.net Research

IGOVBiShares International Treasury Bond ETF

WIPDSPDR FTSE International Government Inflation-Protected Bond ETF

In short

IGOV The world's other government bond market in one ticker. IGOV holds developed-market sovereign debt from outside the US, roughly a thousand bonds deep, and has been doing it since 2009.

WIP The ex-US inflation hedge that outlasted its rivals. WIP holds inflation-linked government bonds from developed and emerging markets outside the United States, in local currency, and has done it since 2008.

Stated mandate

IGOV The fund seeks to track an index containing government bonds from developed markets outside the United States.

WIP The fund seeks to track the FTSE International Inflation-Linked Securities Select Index, investing in inflation-linked government bonds from developed and emerging markets outside the United States.

Why people hold it

IGOV A pure ex-US sovereign sleeve: developed-market government bonds only, no US Treasuries mixed in.
Roughly a thousand bonds tracking the FTSE World Government Bond Developed Markets Capped Select index, so no single issuer runs the show.
Live since 2009 and a multi-billion-dollar fund, which is real staying power in a niche this small.
One of the stronger builds in a six-fund cohort, and it does exactly what the label says rather than drifting off-mandate.

WIP Fills a real gap: inflation-linked government debt issued outside the US, developed and emerging markets alike. iShares retired its versions in 2016. WIP has run since 2008.sec.gov
Its cohort (IGOV, BWX, ISHG, EBND) buys plain nominal government bonds. WIP buys the inflation-linked kind, where the coupon is tied to an inflation index.ssga.com
Spread across a couple hundred government issues, with cash paid out monthly rather than quarterly.
Sticks to its stated job: it follows the FTSE International Inflation-Linked Securities Select Index closely rather than freelancing around it.

Worth knowing

IGOV The 0.35% fee sits right at the cohort median, matching BWX and ISHG. EBND undercuts it at 0.30%, though on emerging-market local debt instead.
Income arrives annually or semiannually, not monthly, so the cash flow is lumpy by design.
Moderately traded rather than a high-volume name, so order size and spreads matter more here than in mega-cap bond funds.

WIP At 0.50% a year, the priciest ticket in its peer group, where 0.35% is the going rate.
The bonds sit in local currencies, so exchange-rate moves ride along with the inflation link, in both directions.ssga.com
A mid-size fund with moderate volume, so the bid-ask spread is worth checking before trading in size.

Full IGOV profile⁠

Full WIP profile⁠

IGOV vs WIP Holdings

How IGOV and WIP differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile52.9%
Asset classFixed Income100%

Sector

No Sector split for IGOV.

Country, concentration and asset class

Country by domicile

Country weights in IGOV and WIP, widest gap first
Country	More in IGOVMore in WIP	IGOV	WIP
United Kingdom	WIP +11.6 points	7.3%	18.9%
Slovakia	WIP +7.5 points	1.5%	9.0%
Brazil	WIP +7.6 points	0.0%	7.6%
Japan	IGOV +7.2 points	11.9%	4.7%
Mexico	WIP +5.5 points	0.0%	5.5%
Chile	WIP +4.7 points	0.0%	4.7%
Netherlands	IGOV +4.6 points	4.6%	0.0%
Austria	IGOV +4.6 points	4.6%	0.0%
Other countries (20)	IGOV +20.6 points	70.2%	49.6%

Outside the US: IGOV 90% developed, 10% emerging. WIP 62% developed, 38% emerging.

Concentration

Weight in the 10 largest Holdings

IGOV3.9%
WIP14.6%

Securities held

IGOV936
WIP181

Asset class

IGOV: Fixed Income
WIP: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. IGOV holds 936 securities, WIP 181.

All 940 IGOV holdings⁠All 233 WIP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IGOV vs WIP Cost

Overpaying WIP vs IGOV

$2,853

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IGOV 0.35%
$7,126
WIP 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

IGOV 0.35%
WIP 0.50%
Overpaying

Year by year

Year	IGOV	WIP	Overpaying
10	$634	$900	$266
20	$2,454	$3,460	$1,006
30	$7,126	$9,979	$2,853

Expense ratio

0.35%IGOV, cheaper
0.50%WIP

IGOV0.35%WIP0.50%

0.30%0.50%

Middle half of International Sovereign funds
Median 0.35%

IGOV 2nd cheapest of 6 funds

WIP 6th cheapest of 6 funds

IGOV vs WIP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IGOV 1.46%; WIP 6.33%, better
Payout (12M): IGOV $0.59; WIP $2.40
Last payment: IGOV $0.59; WIP $0.24
Ex-dividend: IGOV Dec 19, 2025; WIP Oct 1, 2026
Paid on: IGOV Dec 24, 2025; WIP Oct 6, 2026
Frequency: IGOV Annual; WIP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IGOVAnnual · 2 paymentsAll IGOV payments⁠

WIPMonthly · 45 paymentsAll WIP payments⁠

IGOV vs WIP Risk

Fall from peak · 5 years

IGOV
WIP

Risk facts

VolatilityStd dev, 3 years: IGOV 9.7%WIP 9.3%, better
Return per unit of riskSharpe ratio, 3 years: IGOV −0.03WIP 0.20, better
Worst fallMax drawdown, 5 years: IGOV −30.9%WIP −27.9%, better
Market sensitivityBeta, 5 years: IGOV 1.42WIP 1.44; Market = 1

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