A head-to-head comparison of iShares Ultra Short Duration Bond Active ETF and iShares 0-3 Month Treasury Bond ETF covering yield, cost, risk, and income potential.
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iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.
See our curated list of related YouTube videos on ICSH and SGOV.
Active cash-bond strategy; benchmark: ICE BofA US 6-Month Treasury Bill Index (does not seek to track an index)
ICE 0-3 Month US Treasury Securities Index
Objective
Provide current income consistent with preservation of capital via actively managed ultra-short-duration, investment-grade bonds.
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
12/11/2013
05/26/2020
Beta
0.04
-0.0029
Last dividend
$0.1663
$0.3070
Ex-dividend date
08/03/2026
08/03/2026
Bottom lineICSH and SGOV are nearly interchangeable — both offer very similar ultra short duration bond exposure with very similar cost and risk. The clearest tie-breaker is cost: SGOV is cheaper at 0.07% vs 0.08%.
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
ICSH has outpaced SGOV over the trailing twelve months, posting a 4.06% total return against 3.86%. The lead holds up over 5 years too: ICSH has compounded at 3.80% a year, against 3.67% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 0.4% for ICSH. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 5, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since May 2020” measures every fund from May 28, 2020 — the youngest fund's first trading day — 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.
Quick verdict
ICSH (iShares Ultra Short Duration Bond Active ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both monthly-pay dividend ETFs, but they take different approaches.
ICSH offers the higher yield at 3.96% vs 3.67% 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 0.07% compared to 0.08%.
They track different benchmarks: ICSH is linked to Active cash-bond strategy; benchmark: ICE BofA US 6-Month Treasury Bill Index (does not seek to track an index) while SGOV tracks ICE 0-3 Month US Treasury Securities Index, which means their performance drivers differ.
SGOV is the larger fund by assets ($99.9B), which generally means tighter spreads and better liquidity.
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On a $10,000 investment, ICSH would generate roughly $33.00/month, while SGOV would produce $30.58/month, at current distribution rates. Both pay monthly distributions.
ICSH yield3.96%
SGOV yield3.67%
Monthly diff on $10K$2.42
Cost & efficiency
Over 10 years on $10,000, ICSH would cost approximately $80 in fees vs $70 for SGOV (simplified, not compounded). The $10.00 difference may be offset by yield or performance.
ICSH ER0.08%
SGOV ER0.07%
Strategy & risk
ICSH tracks Active cash-bond strategy; benchmark: ICE BofA US 6-Month Treasury Bill Index (does not seek to track an index) with a fixed income approach, while SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach. Beta is 0.04 for ICSH and -0.0029 for SGOV, indicating SGOV is less volatile relative to the market.
ICSH beta0.04
SGOV beta-0.0029
Fund details
ICSH is managed by iShares (launched 12/11/2013) with $8.14B in assets. SGOV is managed by iShares (launched 05/26/2020) with $99.9B in assets.
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Frequently asked questions
What is the current distribution yield for ICSH and SGOV?
ICSH currently distributes 3.96% and SGOV 3.67%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is ICSH or SGOV better for dividend income?
It depends on your goals. ICSH 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.
What is the difference between ICSH and SGOV?
ICSH (iShares Ultra Short Duration Bond Active ETF) tracks Active cash-bond strategy; benchmark: ICE BofA US 6-Month Treasury Bill Index (does not seek to track an index) with a fixed income approach, while SGOV (iShares 0-3 Month Treasury Bond ETF) tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach. They are issued by iShares and iShares respectively.
Can I hold both ICSH 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.
Which has lower fees, ICSH or SGOV?
ICSH has an expense ratio of 0.08% while SGOV charges 0.07%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in ICSH vs SGOV generate?
At current rates, $10,000 in ICSH would generate roughly $33.00 per month ($396.00 annually). The same in SGOV would produce about $30.58 per month ($367.00 annually).
Which has performed better historically, ICSH or SGOV?
ICSH has outpaced SGOV over the trailing twelve months, posting a 4.06% total return against 3.86%. The lead holds up over 5 years too: ICSH has compounded at 3.80% a year, against 3.67% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 0.4% for ICSH. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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