SGOV holds U.S. Treasury bills maturing in three months or less and trades on an exchange. SNAXX is the Ultra Shares class of Schwab Prime Advantage Money Fund, a prime money market fund that holds short-term corporate and bank debt as well as government paper, seeks a stable $1 price and requires a large minimum investment. The same fund's Investor Shares trade as SWVXX with a lower minimum and a higher expense ratio.
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 lagged SNAXX over the trailing twelve months, posting a 3.77% total return against 3.81%. The lead holds up over 5 years too: SNAXX has compounded at 3.85% a year, against 3.82% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 1.3% for SNAXX. 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.
Bottom lineSGOV and SNAXX are nearly interchangeable — both offer very similar treasury bills exposure with very similar cost and risk. The clearest tie-breaker is cost: SGOV is cheaper at 0.09% vs 0.1883%.
SGOV vs SNAXX: Treasury ETF or Prime Money Fund?
SGOV holds U.S. Treasury bills maturing in three months or less and trades on an exchange. SNAXX is the Ultra Shares class of Schwab Prime Advantage Money Fund, a prime money market fund that holds short-term corporate and bank debt as well as government paper, seeks a stable $1 price and requires a large minimum investment. The same fund's Investor Shares trade as SWVXX with a lower minimum and a higher expense ratio.
SGOV
SNAXX
Approach
0-3 month Treasury bill ETF
Prime money market fund, Ultra Shares
Risk review
Small market-price moves, bid-ask spread, reinvestment rates
Credit exposure to corporate and bank issuers; stable price not guaranteed
Expense ratio
0.09%
0.1883%
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. SNAXX 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.
SGOV holds U.S. Treasury bills maturing in three months or less and trades on an exchange. SNAXX is the Ultra Shares class of Schwab Prime Advantage Money Fund, a prime money market fund that holds short-term corporate and bank debt as well as government paper, seeks a stable $1 price and requires a large minimum investment. The same fund's Investor Shares trade as SWVXX with a lower minimum and a higher expense ratio.
Because it takes credit risk SGOV does not. A prime fund holds commercial paper, certificates of deposit and other short-term debt from banks and companies, which pay more than Treasury bills. SNAXX's Ultra Shares also carry a lower expense ratio than the Investor Shares, SWVXX, in exchange for the minimum investment. Compare SNAXX's 7-day yield with SGOV's 30-day SEC yield on the same date, and decide whether the difference is worth holding corporate credit instead of Treasuries.
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SNAXX and SWVXX hold the same portfolio. The share classes differ in minimum investment and expense ratio, so the Ultra Shares yield a little more for the same risk. If you qualify for SNAXX the comparison with SGOV is prime credit versus Treasury bills; if you do not, the relevant pair is SGOV vs SWVXX.
Current metrics use the dated snapshot above. Distributions can vary and may include return of capital; a distribution rate is not an expected total return.
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Frequently asked questions
Why does SNAXX usually yield more than SGOV?
Because it takes credit risk SGOV does not. A prime fund holds commercial paper, certificates of deposit and other short-term debt from banks and companies, which pay more than Treasury bills. SNAXX's Ultra Shares also carry a lower expense ratio than the Investor Shares, SWVXX, in exchange for the minimum investment. Compare SNAXX's 7-day yield with SGOV's 30-day SEC yield on the same date, and decide whether the difference is worth holding corporate credit instead of Treasuries.
How should I compare risk and ownership costs?
Compare current expense ratios on the issuer pages and note that SNAXX requires a minimum investment that SWVXX does not. SGOV adds a bid-ask spread on each trade. Prime money funds can also impose liquidity fees in stress, a cost that does not apply to a Treasury ETF; read the fund's current prospectus for the terms.
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