SGOV targets Treasury securities with remaining maturities of up to three months; SHV covers up to one year. Both trade on an exchange. Their prices can change, and neither is an insured bank deposit or a promise to repay your purchase price.
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.
SGOV has outpaced SHV over the trailing twelve months, posting a 3.77% total return against 3.64%. The lead holds up over 5 years too: SGOV has compounded at 3.82% a year, against 3.60% 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 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 3.59% 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.
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.
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.
Bottom lineChoose SGOV if you want the shorter Treasury maturity range and accept ETF price changes. Choose SHV if you want Treasury exposure up to one year and accept ETF price changes. Short Treasury maturities limit interest-rate exposure but do not eliminate price changes. Review the bid-ask spread and settlement timing before relying on sale proceeds for a payment.
Two Treasury ETFs with different maturity ranges
SGOV targets Treasury securities with remaining maturities of up to three months; SHV covers up to one year. Both trade on an exchange. Their prices can change, and neither is an insured bank deposit or a promise to repay your purchase price.
SGOV
SHV
Approach
0-3 month U.S. Treasury securities
0-1 year U.S. Treasury securities
Risk review
Interest-rate changes, reinvestment rates, and trading costs
Interest-rate changes, reinvestment rates, and trading costs
Expense ratio
0.09%
0.15%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
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.
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 and SHV.
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.
SGOV offers the higher yield at 3.59% vs 3.25% for SHV. 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 ($116B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, SGOV would generate roughly $29.92 cash per distribution, while SHV would produce $27.08 cash per distribution, at current distribution rates. Both pay monthly distributions.
SGOV yield3.59%
SHV yield3.25%
Cash diff on $10K$2.83
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 targets Treasury securities with remaining maturities of up to three months; SHV covers up to one year. Both trade on an exchange. Their prices can change, and neither is an insured bank deposit or a promise to repay your purchase price. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
SGOV beta-0.0029
SHV beta0.01
Fund details
SGOV is managed by iShares (launched 05/26/2020) with $116B in assets. SHV is managed by iShares (launched 01/05/2007) with $23.6B in assets.
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Frequently asked questions
Does SHV always pay more than SGOV?
No. The yield curve, holdings, fees, and measurement date all matter. Compare 30-day SEC yields with matching dates, then check effective duration and trading costs. As securities mature, reinvestment yields can rise or fall. A trailing distribution rate is not a locked future rate.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
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