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ETF Comparison

SGOV vs HYSA: Treasury Bills, or Junk-Bond Credit?

A head-to-head of iShares 0-3 Month Treasury Bond and BondBloxx USD High Yield Bond Sector Rotation covering credit, cost, and cash. Not a bank HYSA.

Updated October 8, 2026

How these figures are calculated: methodology.

Best for

  • HYSAInvestors who want higher current income (6.17% vs 3.60% for SGOV).
  • SGOVInvestors who want fixed-income ballast that steadies the portfolio when stocks fall.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

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.

HYSA has lagged SGOV over the trailing twelve months, posting a 0.99% total return against 3.78%. The picture flips over 5 years, though — HYSA has compounded at 4.00% a year, ahead of SGOV at 3.80%. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 5.8% for HYSA. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualizedSince May 2020Volatility Sharpe Sortino Max drawdown
HYSA-0.32%0.99%7.42%4.00%3.84%5.8%0.460.69-4.9%
SGOV2.81%3.78%4.53%3.80%2.99%0.2%-0.21-0.34-0.0%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 9, 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 May 2020” measures every fund from May 28, 2020 — 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 3.60% 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 3.45% (Monthly) with an expense ratio of 0.1353%.

These are interest-like cash rates, not equity dividends. A covered-call or dividend ETF can pay more, and it can also lose principal.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricHYSASGOV
Full nameBondbloxx USD High Yield Bond Sector Rotation ETFiShares 0-3 Month Treasury Bond ETF
IssuerBondBloxxiShares
Last Close$14.42 as of October 8, 2026$100.47 as of October 8, 2026
Distribution rate6.17%3.60%
Trailing 12-month yield6.79%3.65%
Distribution Safety Score™ 8679
Safety-Adjusted Yield 5.31%2.84%
Expense ratio0.55%0.09%
AUM$99.7M$113B
Distribution frequencyMonthlyMonthly
Underlying index—ICE 0-3 Month US Treasury Securities Index
Objective—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 classFixed IncomeFixed Income
Inception date09/18/202305/26/2020
Beta0.69-0.0029
Last dividend$0.07416$0.301
Ex-dividend date10/01/202610/01/2026

Bottom lineChoose HYSA if you want higher current income (6.17% vs 3.60% for SGOV). Choose SGOV if you want fixed-income ballast that steadies the portfolio when stocks fall.

SGOV vs HYSA: T-bills or high-yield credit?

SGOV is 0-3 month Treasuries. BondBloxx HYSA rotates junk-bond sectors. Extra yield is credit risk, not a savings account or a cash sleeve.

HYSASGOV
CreditHigh-yield corporate sectorsUS Treasuries only
Expense ratio0.55%0.09%
Distribution rate6.17%3.60%
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

BondBloxx
ETFs20
Total AUM$8.50B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

BondBloxx is known for specializing in fixed-income ETFs with a focus on innovative bond strategies and income generation. The company operates a lean fund lineup of 2 ETFs (BBBL and XHLF) under its Bond and BondBloxx Investment Management families, targeting investors seeking exposure to bonds and fixed-income strategies. The issuer has carved out a niche in the bond ETF space by offering targeted, thematic fixed-income solutions rather than broad market offerings.

See our curated list of related YouTube videos on HYSA.

See all BondBloxx ETFs
iShares
ETFs467
Total AUM$4679B

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.

See all iShares ETFs

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Quick verdict

HYSA (Bondbloxx USD High Yield Bond Sector Rotation ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both monthly-pay dividend ETFs, but they take different approaches.

HYSA offers the higher yield at 6.17% vs 3.60% 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 0.55%.

SGOV is the larger fund by assets ($113B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose HYSA

Bondbloxx USD High Yield Bond Sector Rotation ETF

  • Want higher current income — HYSA yields 6.17% vs 3.60% for SGOV.
  • Want fixed-income ballast that cushions equity drawdowns.

Choose SGOV

iShares 0-3 Month Treasury Bond ETF

  • Want fixed-income ballast that cushions equity drawdowns.
  • Want to keep costs low — a 0.09% expense ratio vs 0.55% for HYSA.
  • Prefer lower volatility — a beta of -0.0 vs 0.7 for HYSA.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, HYSA would generate roughly $51.42 cash per distribution, while SGOV would produce $30.00 cash per distribution, at current distribution rates. Both pay monthly distributions.

HYSA yield6.17%
SGOV yield3.60%
Cash diff on $10K$21.42

Cost & efficiency

Over 10 years on $10,000, HYSA would cost approximately $550 in fees vs $90 for SGOV (simplified, not compounded). The $460.00 difference may be offset by yield or performance.

HYSA ER0.55%
SGOV ER0.09%

Strategy & risk

HYSA is an ETF built around a sector rotation strategy, while SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach. Beta is 0.69 for HYSA and -0.0029 for SGOV, making SGOV the less volatile of the two by this measure.

HYSA beta0.69
SGOV beta-0.0029

Fund details

HYSA is managed by BondBloxx (launched 09/18/2023) with $99.7M in assets. SGOV is managed by iShares (launched 05/26/2020) with $113B in assets.

HYSA AUM$99.7M
SGOV AUM$113B
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Frequently asked questions

What is the difference between SGOV and HYSA?

SGOV (iShares 0-3 Month Treasury Bond ETF) holds 0-3 month US Treasuries — essentially no credit risk. HYSA (Bondbloxx USD High Yield Bond Sector Rotation ETF) rotates high-yield bond sectors, so extra yield is credit and default risk. Cost is 0.55% versus 0.09%; distributions are 6.17% and 3.60% as of October 2026. They are not cash substitutes, and BondBloxx HYSA is not a high-yield savings account.

What is the current distribution rate for HYSA and SGOV?

HYSA currently distributes 6.17% and SGOV 3.60%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is HYSA or SGOV better for dividend income?

It depends on your goals. HYSA 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 HYSA 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 HYSA 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 — HYSA scores 86, SGOV scores 79, so HYSA's payout currently looks the more resilient of the two. SGOV has also shown lower price volatility (beta -0.00 vs 0.69 for HYSA). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, HYSA or SGOV?

HYSA has an expense ratio of 0.55% 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 HYSA vs SGOV generate?

At current rates, $10,000 in HYSA would generate roughly $51.42 cash per distribution ($617.00 annually). The same in SGOV would produce about $30.00 cash per distribution ($360.00 annually).

Which has performed better historically, HYSA or SGOV?

HYSA has lagged SGOV over the trailing twelve months, posting a 0.99% total return against 3.78%. The picture flips over 5 years, though — HYSA has compounded at 4.00% a year, ahead of SGOV at 3.80%. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 5.8% for HYSA. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

HYSA vs SGOV — at a glance

Generated October 3, 2026.

Overview

HYSA and SGOV are both fixed-income ETFs paying monthly distributions, but they occupy opposite ends of the income and risk spectrum. HYSA is a sector-rotation strategy in high-yield corporates launched in September 2023, while SGOV tracks an index of U.S. Treasury bills maturing within three months. The choice between them hinges on whether you prioritize yield or capital stability.

How they differ

The biggest difference is credit exposure: HYSA holds high-yield corporate bonds rotated across sectors, while SGOV invests exclusively in short-term U.S. Treasuries backed by the full faith of the federal government. That structural gap drives the yield gap — HYSA distributes 6.17%, more than double SGOV's 3.60%. HYSA's 0.69 beta reflects the volatility typical of corporate credit, while SGOV's interest-rate sensitivity is minimal given its holdings of bills maturing in three months or less.

Who each is best for

  • HYSA: Fits investors seeking higher current income from fixed-income allocations and comfortable holding corporate credit through credit cycles, with a moderate risk tolerance and the ability to absorb mark-to-market NAV fluctuations.
  • SGOV: Fits investors who view their fixed-income sleeve as a parking place for capital stability and near-cash liquidity, prioritize overnight safety and low volatility over yield, and want minimal expense drag on a core bond anchor.

Key risks to know

  • HYSA credit spread risk: High-yield bonds widen sharply in recession or market stress; NAV can contract 10%+ in a credit selloff, independent of interest-rate moves. A significant redemption wave or market dislocation could widen the bid-ask spread or force rapid portfolio rebalancing.
  • SGOV duration floor at zero: With bonds maturing in three months or less, SGOV has almost no interest-rate sensitivity, so if rates fall sharply, the fund's price and yield will move minimally. For investors betting on declining rates, this is a drag.
  • HYSA sector concentration: The "rotation" mechanic concentrates the portfolio in whoever the strategy deems favored; if that call diverges from credit fundamentals, NAV could deteriorate without a broad market decline.
  • Reinvestment risk in SGOV: Monthly distributions from a fund holding 0–3 month bills means you are constantly reinvesting at current rates; in a declining-rate environment, new distributions will be smaller.

Bottom line

If you value near-zero volatility and can live with 3.60% yield to eliminate credit risk, SGOV's massive scale and 0.09% cost make it a straightforward core fixed-income tool. If you need higher current income and can tolerate corporate credit cycles, HYSA offers roughly double the yield, though its smaller size, higher fees, and sector-rotation mechanic add operational and market risk. Past performance of either fund 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.

Bond fund basics How to read a fund's stats Why total return beats chasing yield T-bills vs. money market funds vs. CDs

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These comparisons follow the Dividend Vision methodology.