HIGH
Caution
High confidence
ETF Comparison
HIGH vs SGOV: Park Cash in T-Bills, or Harvest Option Premium?
A head-to-head of iShares 0-3 Month Treasury Bond and Simplify Enhanced Income covering wrapper, risk, cost, and cash.
Updated November 13, 2026
How these figures are calculated: methodology.
Best for
- HIGHInvestors who want extra cash from selling option premium and can accept overlay risk.
- SGOVInvestors who want 0-3 month T-bills as cash, with no options overlay.
Price and total return
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Distribution Safety Score™
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
SGOV
Generally safe
High confidence
Score snapshot as of .
Side-by-side snapshot
| Metric |  HIGH |  SGOV |
|---|---|---|
| Full name | Simplify Enhanced Income ETF | iShares 0-3 Month Treasury Bond ETF |
| Issuer | Simplify ETFs | iShares |
| Last Close | $20.64 as of November 13, 2026 | $100.56 as of November 13, 2026 |
| Distribution rate | 5.81% | 3.92% |
| Trailing 12-month yield | 6.35% | 3.63% |
| Distribution Safety Score™ | 49 | 79 |
| Safety-Adjusted Yield | 2.85% | 3.10% |
| Expense ratio | 0.56% | 0.09% |
| AUM | $53.9M | $117B |
| Distribution frequency | Monthly | Monthly |
| Underlying index | — | ICE 0-3 Month US Treasury Securities Index (USD) |
| Objective | Seeks to provide monthly distributions generated from harvesting equity, bond and commodity option premiums. | Seeks to track an index of U.S. Treasury obligations maturing in three months or less, investing at least 90% of assets in U.S. Treasury securities. |
| Asset class | Fixed Income | Fixed Income |
| Inception date | 10/27/2022 | 05/26/2020 |
| Beta | 0.03 | -0.0029 |
| Last dividend | $0.10 | $0.32858 |
| Ex-dividend date | 10/27/2026 | 11/02/2026 |
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
HIGH has lagged SGOV over the trailing twelve months, posting a -4.31% total return against 3.76%. The lead holds up over 3 years too: SGOV has compounded at 4.50% a year, against 1.17% for HIGH. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 10.7% for HIGH. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | Since Oct 2022 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|
| HIGH | -2.95% | -4.31% | 1.17% | 2.62% | 10.7% | -0.29 | -0.46 | -10.3% |
| SGOV | 3.22% | 3.76% | 4.50% | 4.59% | 0.2% | 0.83 | 1.43 | -0.0% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 13, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 2022” measures every fund from October 28, 2022 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Short T-bill ETFs, from our catalog
SGOV tracks ICE 0-3 Month US Treasury Securities Index and pays monthly at a forward distribution rate of 3.92% with an expense ratio of 0.09%.
BIL, another short Treasury ETF in this catalog, tracks Bloomberg 1-3 Month U.S. Treasury Bill Index at a forward distribution rate of 4.04% (Monthly) with an expense ratio of 0.1352%.
These are interest-like cash rates, not equity dividends. A covered-call or dividend ETF can pay more, and it can also lose principal.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose HIGH if you want extra cash from selling option premium and can accept overlay risk. Choose SGOV if you want 0-3 month T-bills as cash, with no options overlay. HIGH's extra yield comes from selling option premium, which adds market-path risk SGOV does not take. SGOV is the cash sleeve.
SGOV vs HIGH: T-bills or option premium?
SGOV is a 0-3 month Treasury bill fund. HIGH sells option premium across stocks, bonds, and commodities. They are not cash substitutes.
| HIGH | SGOV | |
|---|---|---|
| Job | Overlay income | Cash parking |
| What it owns | Option-premium overlay | 0-3 month US Treasuries |
| Expense ratio | 0.56% | 0.09% |
| Distribution rate | 5.81% | 3.92% |
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
- Capped upside and premium dependence. HIGH generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
Learn the mechanics: Return of capital, explained · NAV erosion, explained
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs37
Total AUM$11.3B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Simplify ETFs is known for offering sophisticated, strategy-driven funds that cater to investors seeking alternatives to traditional passive indexing. The issuer's lineup spans income-focused strategies including covered call and high-yield approaches, along with thematic and commodity-based funds, alternative investments, and fixed income products across bonds and money market instruments. The platform serves a niche audience interested in tactical and specialized strategies, with tickers like FOXY (covered calls on micro-cap stocks), HARD (physical commodities), and CTA (trend-following) exemplifying their focus on non-traditional investment approaches.
See our curated list of related YouTube videos on HIGH.
ETFs468
Total AUM$4.65T
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares, operated by BlackRock, is one of the largest and most established ETF providers globally, known for offering broad, liquid index-tracking funds across nearly all asset classes and investment styles. The lineup encompasses a comprehensive range of strategies including core equity and bond exposure, dividend and income-focused funds, covered call strategies, ESG and thematic investments, factor-based approaches, alternatives, commodities, and municipal bonds, serving both individual and institutional investors. With numerous popular ticker symbols and extensive diversification across geographies, sectors, and investment objectives, iShares provides one of the market's widest selections of ETFs for building diversified portfolios.
See our curated list of related YouTube videos on SGOV.
Quick verdict
HIGH (Simplify Enhanced Income ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both monthly-pay dividend ETFs, but they take different approaches.
HIGH offers the higher yield at 5.81% vs 3.92% for SGOV. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SGOV is cheaper with an expense ratio of 0.09% compared to 0.56%.
SGOV is the larger fund by assets ($117B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose HIGH
Simplify Enhanced Income ETF
- Want option-premium income — extra yield from selling options, not a safer T-bill sleeve.
- Want to maximize current income — HIGH distributes roughly 5.81% from selling options premium, vs 3.92% for SGOV.
- Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Choose SGOV
iShares 0-3 Month Treasury Bond ETF
- Want plain T-bill cash — no overlay, almost no mark-to-market.
- Want fixed-income ballast that cushions equity drawdowns.
- Want to keep costs low — a 0.09% expense ratio vs 0.56% for HIGH.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
— shared positions
HIGH top-10 holdings unavailable
SGOV 0.0% of its top-10 weight
Top-10 holdings unavailable for HIGH — cannot compute overlap.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, HIGH would pay about $581.00 a year (about $48.42 per monthly distribution), while SGOV would pay about $392.00 a year (about $32.67 per monthly distribution). Both pay monthly distributions.
HIGH yield5.81%
SGOV yield3.92%
Annual cash diff on $10K$189.00
Cost & efficiency
Over 10 years on $10,000, HIGH would cost approximately $560 in fees vs $90 for SGOV (simplified, not compounded). The $470.00 difference may be offset by yield or performance.
HIGH ER0.56%
SGOV ER0.09%
Strategy & risk
HIGH is an ETF built around an options income strategy, while SGOV tracks ICE 0-3 Month US Treasury Securities Index (USD) with a bonds approach.
HIGH beta0.03
SGOV beta-0.0029
Fund details
HIGH is managed by Simplify ETFs (launched 10/27/2022) with $53.9M in assets. SGOV is managed by iShares (launched 05/26/2020) with $117B in assets.
HIGH AUM$53.9M
SGOV AUM$117B
Frequently asked questions
What is the difference between SGOV and HIGH?
SGOV (iShares 0-3 Month Treasury Bond ETF) holds 0-3 month US Treasuries. HIGH (Simplify Enhanced Income ETF) sells option premium on stocks, bonds, and commodities for monthly cash. Extra yield is overlay income and market risk, not a safer cash sleeve. Cost is 0.56% versus 0.09%; distributions are 5.81% and 3.92% as of November 2026.
What is the current distribution rate for HIGH and SGOV?
HIGH currently distributes 5.81% and SGOV 3.92%, based on fund data updated November 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is HIGH or SGOV better for dividend income?
It depends on your goals. HIGH currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
Can I hold both HIGH and SGOV?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is HIGH or SGOV safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SGOV scores 79, HIGH scores 49, so SGOV's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, HIGH or SGOV?
HIGH has an expense ratio of 0.56% while SGOV charges 0.09%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in HIGH vs SGOV generate?
At current distribution rates, $10,000 in HIGH would pay about $581.00 a year (about $48.42 per monthly distribution). $10,000 in SGOV would pay about $392.00 a year (about $32.67 per monthly distribution).
Which has performed better historically, HIGH or SGOV?
HIGH has lagged SGOV over the trailing twelve months, posting a -4.31% total return against 3.76%. The lead holds up over 3 years too: SGOV has compounded at 4.50% a year, against 1.17% for HIGH. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 10.7% for HIGH. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Dividend dates and history
HIGH vs SGOV — at a glance
Generated November 7, 2026.
Overview
HIGH and SGOV are both fixed-income ETFs distributing monthly, but they target opposite ends of the income and risk spectrum. HIGH is an actively managed options-income fund that harvests premiums from equity, bond, and commodity derivatives to generate a 5.81% yield. SGOV is a passively managed Treasury fund holding U.S. bills maturing in three months or less, yielding 3.92%. The choice between them hinges on whether you prioritize income or stability.
How they differ
The most fundamental difference is strategy: HIGH sells options on multiple asset classes to harvest premium, while SGOV buys and holds ultra-short Treasury debt. HIGH's 5.81% distribution rate runs 1.89 percentage points higher than SGOV's 3.92%, but that extra income comes from options activity—not underlying bond yields or asset appreciation.
SGOV's expense ratio is 0.09%, versus HIGH's 0.56%, a 47-basis-point gap that reflects active management and derivatives complexity at HIGH. SGOV is far larger, with $117B in assets against HIGH's $53.9M, and it tracks a published Treasury index with minimal tracking error. HIGH's smaller asset base, combined with an options-income mandate, carries concentration risk and requires active market timing for rebalancing its premium capture.
Who each is best for
- HIGH: Fits investors willing to accept monthly NAV volatility and options-related drawdowns in exchange for elevated current income, with the flexibility to tolerate distributions that may include return of capital in certain periods.
- SGOV: Fits investors seeking a stable, near-risk-free vehicle for cash reserves or a bond allocation, prioritizing principal preservation and monthly income over yield maximization, and comfortable with Treasury market exposure.
Key risks to know
- Options and premium decay risk (HIGH). Options income depends on implied volatility and time decay. When volatility contracts or equity indices rally sharply, premium capture deteriorates, potentially forcing NAV compression to sustain distributions.
- Interest-rate and Treasury yield risk (SGOV). SGOV holds instruments with near-zero duration and is insulated from rate shocks, but in a declining-rate environment its yield will fall as shorter Treasury yields compress toward zero.
- Active management and rebalancing lag (HIGH). HIGH's premium-harvesting strategy requires continuous rebalancing of option positions across multiple underlyings. Execution costs and timing misses can drag returns versus the stated distribution target.
Bottom line
If you value maximum current income and tolerate NAV volatility and the possibility of return-of-capital distributions, HIGH's 5.81% yield is substantially higher than SGOV's 3.92%. If you prioritize stability, downside cushion, and predictable Treasury-backed cash flow, SGOV's simpler structure and $117B asset base offer lower friction and lower risk. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.