ISHG vs WIP: Grades, Fees and Holdings Compared

iShares 1-3 Year International Treasury Bond ETF

ISHGBNasdaq

SPDR FTSE International Government Inflation-Protected Bond ETF

WIPDNYSE Arca

Overlap

No data

Expense ratio

ISHG −0.15pt a year

ISHG0.35%WIP0.50%

Avg volume · 30D

ISHG 1.4×the volume

ISHG70.2KWIP49.4K

10Y return · a year

WIP +1.1pt

ISHG−0.1%WIP+1.0%

ISHG vs WIP Performance

Oct 29, 2021 – Oct 30, 2026

−2.8%ISHG−3.3%WIP

Expense ratio: ISHG 0.35%, better; WIP 0.50%
Fund size: ISHG $832M; WIP $464M
1Y total return: ISHG −0.1%; WIP +3.3%, better
Yield (12M): ISHG 1.48%; WIP 6.33%, better
Holdings: ISHG 190; WIP 195
Avg volume (30D): ISHG 70.2K sh, better; WIP 49.4K sh
NAV per share: ISHG $73.95; WIP $38.01
52W range

ETF.net Grade

Pillar letters and Scores for ISHG, WIP, with each pillar’s weight
Pillar	ISHG	WIP
Cost30% weight	C49Higher	F10
Mission25% weight	A84Higher	A83
Risk15% weight	C53Higher	C41
Tradability15% weight	C50Higher	F13
Holdings10% weight	C52Higher	C51
Durability5% weight	C52Higher	D36

Rank among International Sovereign funds

How we build Categories ›

Same Category. ISHG 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 ›

ISHG ranks 4th 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 4BISHGiShares 1-3 Year International Treasury Bond ETFScore 59
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

ISHGBiShares 1-3 Year International Treasury Bond ETF

WIPDSPDR FTSE International Government Inflation-Protected Bond ETF

In short

ISHG Foreign government bonds with the rate risk dialed down. ISHG holds developed-market sovereigns maturing in one to three years, in local currency, so the dollar's direction does more of the talking than the yield curve does.

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

ISHG The fund seeks to track an index of non-U.S. developed-market government bonds with remaining maturities between one and three years.

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

ISHG The whole point is the short end: only non-US developed government bonds with one to three years left to run, which keeps interest-rate sensitivity modest.ishares.com
Index rules do real work: investment-grade sovereigns only, US excluded, and each country capped at 21% of the index, so no single government runs away with it.ftserussell.com
Running since 2009 under the iShares roof, spreading a couple hundred sovereign bonds across Japan, Europe and other developed issuers.
Tracking has been tight: the fund has hugged its FTSE benchmark closely rather than drifting from it.

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

ISHG The bonds are local-currency and unhedged, so exchange-rate moves flow straight through. At these maturities, the yen and euro can matter more than the coupons.ftserussell.com ishares.com
0.35% a year sits right at the median for international treasury funds, matching IGOV and BWX, so cost is not the tiebreaker here.
It is a mid-size, moderately traded fund, not a headline name, and it pays out only once or twice a year rather than monthly.

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 ISHG profile⁠

Full WIP profile⁠

ISHG vs WIP Holdings

How ISHG and WIP differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector2 Sectors0.0%
Countryby domicile51.2%
Asset classFixed Income100%

Sector

Sector weights in ISHG and WIP, widest gap first
Sector	More in ISHGMore in WIP	ISHG	WIP
Treasuries	ISHG +100.0 points	100.0%	0.0%
Government	WIP +100.0 points	0.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in ISHG and WIP, widest gap first
Country	More in ISHGMore in WIP	ISHG	WIP
United Kingdom	WIP +12.3 points	6.6%	18.9%
South Africa	WIP +9.0 points	0.0%	9.0%
Brazil	WIP +7.6 points	0.0%	7.6%
Mexico	WIP +5.5 points	0.0%	5.5%
Chile	WIP +4.7 points	0.0%	4.7%
Netherlands	ISHG +4.6 points	4.6%	0.0%
Austria	ISHG +4.6 points	4.6%	0.0%
Belgium	ISHG +4.6 points	4.6%	0.0%
Other countries (20)	ISHG +25.3 points	79.6%	54.3%

Outside the US: ISHG 91% developed, 9% emerging. WIP 62% developed, 38% emerging.

Concentration

Weight in the 10 largest Holdings

ISHG15.2%
WIP14.6%

Securities held

ISHG182
WIP181

Asset class

ISHG: Fixed Income
WIP: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ISHG holds 182 securities, WIP 181.

All 182 ISHG 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.

ISHG vs WIP Cost

Overpaying WIP vs ISHG

$2,853

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

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

Amount$10,000

Years30 years

Cost over time

ISHG 0.35%
WIP 0.50%
Overpaying

Year by year

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

Expense ratio

0.35%ISHG, cheaper
0.50%WIP

ISHG0.35%WIP0.50%

0.30%0.50%

Middle half of International Sovereign funds
Median 0.35%

ISHG 2nd cheapest of 6 funds

WIP 6th cheapest of 6 funds

ISHG vs WIP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ISHG 1.48%; WIP 6.33%, better
Payout (12M): ISHG $1.09; WIP $2.40
Last payment: ISHG $1.09; WIP $0.24
Ex-dividend: ISHG Dec 19, 2025; WIP Oct 1, 2026
Paid on: ISHG Dec 24, 2025; WIP Oct 6, 2026
Frequency: ISHG Annual; WIP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ISHGAnnual · 3 paymentsAll ISHG payments⁠

WIPMonthly · 45 paymentsAll WIP payments⁠

ISHG vs WIP Risk

Fall from peak · 5 years

ISHG
WIP

Risk facts

VolatilityStd dev, 3 years: ISHG 7.7%, betterWIP 9.3%
Return per unit of riskSharpe ratio, 3 years: ISHG 0.05WIP 0.20, better
Worst fallMax drawdown, 5 years: ISHG −20.7%, betterWIP −27.9%
Market sensitivityBeta, 5 years: ISHG 0.87WIP 1.44; Market = 1

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