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ETF Comparison

SGOV vs SHV: Which Is the Better Pick in 2026?

A head-to-head comparison of iShares 0-3 Month Treasury Bond ETF and iShares Short Treasury Bond ETF covering yield, cost, risk, and income potential.

Data updated September 3, 2026

Best for

  • SGOVInvestors who want fixed-income ballast that steadies the portfolio when stocks fall.
  • SHVInvestors 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

SGOV has outpaced SHV over the trailing twelve months, posting a 3.49% total return against 3.40%. The lead holds up over 5 years too: SGOV has compounded at 3.66% a year, against 3.44% for SHV. 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.
SymbolYTD1Y3Y5YSince May 2020Volatility Sharpe Sortino Max drawdown
SGOV2.10%3.49%4.48%3.66%2.93%0.3%-0.35-0.45-0.3%
SHV2.01%3.40%4.41%3.44%2.73%0.3%-0.56-0.72-0.3%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 3, 2026. YTD and 1Y are cumulative; windows of one year or longer 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricSGOVSHV
Full nameiShares 0-3 Month Treasury Bond ETFiShares Short Treasury Bond ETF
IssueriSharesiShares
Underlying indexICE 0-3 Month US Treasury Securities IndexICE Short U.S. Treasury Securities Index
Last Close$100.43 as of September 3, 2026$110.08 as of September 3, 2026
Distribution yield3.67%3.68%
Distribution Safety Score™ 8163
Safety-Adjusted Yield 2.97%2.32%
Expense ratio0.09%0.15%
AUM$106B$20.8B
Distribution frequencyMonthlyMonthly
ObjectiveSeeks 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.Seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between one and twelve months. Provides ultra-safe, ultra-liquid short-term Treasury exposure.
Asset classFixed IncomeFixed Income
Inception date05/26/202001/05/2007
Beta-0.00290.01
Last dividend$0.307 declared, pays 09/04/2026$0.338 declared, pays 09/04/2026
Ex-dividend date09/01/202609/01/2026

Bottom lineSGOV and SHV are both for investors who want fixed-income ballast that steadies the portfolio when stocks fall — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Daily leverage reset. SHV targets a multiple of the index's DAILY move, resetting every session. Over weeks and months the compounding of daily resets (volatility decay) can drag returns far below the stated multiple, especially in choppy markets — and losses are magnified the same way gains are.

Learn the mechanics: Why daily-reset leverage decays

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Income calculator

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

iShares
ETFs466
Total AUM$4642B

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

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 SGOV and SHV.

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Quick verdict

SGOV (iShares 0-3 Month Treasury Bond ETF) and SHV (iShares Short Treasury Bond ETF) are both monthly-pay dividend ETFs, but they take different approaches.

SHV offers the higher yield at 3.68% 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 0.09% compared to 0.15%.

They have different reference exposures: SGOV is linked to ICE 0-3 Month US Treasury Securities Index while SHV is linked to ICE Short U.S. Treasury Securities Index, which means their performance drivers differ.

SGOV is the larger fund by assets ($106B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, SGOV would generate roughly $30.58/month, while SHV would produce $30.67/month, at current distribution rates. Both pay monthly distributions.

SGOV yield3.67%
SHV yield3.68%
Monthly diff on $10K$0.08

Cost & efficiency

Over 10 years on $10,000, SGOV would cost approximately $90 in fees vs $150 for SHV (simplified, not compounded). The $60.00 difference may be offset by yield or performance.

SGOV ER0.09%
SHV ER0.15%

Strategy & risk

SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach, while SHV tracks ICE Short U.S. Treasury Securities Index with a money market approach. Beta is -0.0029 for SGOV and 0.01 for SHV — effectively similar market sensitivity.

SGOV beta-0.0029
SHV beta0.01

Fund details

SGOV is managed by iShares (launched 05/26/2020) with $106B in assets. SHV is managed by iShares (launched 01/05/2007) with $20.8B in assets.

SGOV AUM$106B
SHV AUM$20.8B
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Frequently asked questions

What is the current distribution yield for SGOV and SHV?

SGOV currently distributes 3.67% and SHV 3.68%, based on fund data updated September 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is SGOV or SHV better for dividend income?

It depends on your goals. SHV 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 SGOV and SHV?

SGOV (iShares 0-3 Month Treasury Bond ETF) tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach, while SHV (iShares Short Treasury Bond ETF) tracks ICE Short U.S. Treasury Securities Index with a money market approach. They are issued by iShares and iShares respectively.

Can I hold both SGOV and SHV?

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 SGOV or SHV 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 81, SHV scores 63, 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.

Which has lower fees, SGOV or SHV?

SGOV has an expense ratio of 0.09% while SHV charges 0.15%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in SGOV vs SHV generate?

At current rates, $10,000 in SGOV would generate roughly $30.58 per month ($367.00 annually). The same in SHV would produce about $30.67 per month ($368.00 annually).

Which has performed better historically, SGOV or SHV?

SGOV has outpaced SHV over the trailing twelve months, posting a 3.49% total return against 3.40%. The lead holds up over 5 years too: SGOV has compounded at 3.66% a year, against 3.44% for SHV. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SGOV vs SHV — at a glance

Generated August 29, 2026.

Overview

SGOV and SHV are both Treasury ETFs that provide ultra-safe, highly liquid exposure to short-term U.S. government debt. SGOV tracks Treasury bills maturing in three months or less, while SHV tracks Treasury securities with maturities between one and twelve months. The key distinction is maturity range: SGOV's ultra-short duration makes it function almost like a money-market instrument, whereas SHV's longer maturity window—up to a full year—introduces modestly more interest-rate sensitivity and yield.

How they differ

The most significant difference is maturity exposure. SGOV holds only securities maturing within three months, making it the closest Treasury equivalent to cash, while SHV extends to twelve-month maturities, capturing a wider yield curve. This results in SHV carrying a slightly higher distribution rate (3.68% versus 3.67%) and marginally higher expense ratio (0.15% versus 0.09%). SGOV is substantially larger by assets under management ($106B versus $20.8B) and has a newer inception date (May 2020 versus January 2007). The price difference ($100.43 versus $110.08) reflects their differing average maturities—SGOV trades closer to par because its holdings are so short-dated.

Who each is best for

  • SGOV: Fits investors prioritizing maximum stability and minimal price fluctuation, such as those building a high-certainty emergency reserve or seeking near-cash yields with Treasury backing.
  • SHV: Fits investors willing to accept modest additional interest-rate sensitivity in exchange for slightly higher yield, or those who view the fuller one-year maturity ladder as a reasonable middle ground between money-market instruments and longer-term bonds.

Key risks to know

  • Interest-rate risk at different maturities. SHV's twelve-month maturity window exposes it to greater price volatility if rates rise or fall sharply; SGOV's three-month focus means its NAV will move far less in response to rate changes. This is a feature for SHV if you want additional yield, but a real constraint if you need predictability.
  • Reinvestment-rate pressure for both. With distributions arriving monthly and Treasury yields fluctuating, reinvested distributions may land at lower rates during periods of falling yields, reducing the compounding effect over time.
  • Minimal credit risk, but duration mismatch with true cash. Neither fund carries meaningful default risk, but SHV's average holding period is roughly six months versus SGOV's six weeks, which matters if you're treating either as an emergency reserve and need to redeem on short notice during market stress.

Bottom line

If you prioritize maximum price stability and true cash-equivalent behavior, SGOV's tighter three-month ceiling and lower expense ratio stand out. If you're comfortable trading small additional NAV fluctuation for a 4-basis-point higher yield and broader curve exposure, SHV's one-year maturity range may justify its slightly higher cost. Both are backed by U.S. Treasury obligations, and 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.

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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