Short Treasuries. Exchange access.
iShares 0–3 Month Treasury Bond ETF
- Exposure
- U.S. Treasury securities
- Cash access
- Buy or sell on an exchange
- Share value
- Market price; bid-ask spread
Security Comparison
SWVXX vs SGOVYield, Taxes, and Cash Access
Two ways to put idle cash to work. Compare the exposure, the access, and what the income numbers actually mean.
Updated October 2, 2026
How these figures are calculated: methodology.
The practical difference
How do you want to hold your cash?
A money fund in your Schwab account.
Schwab Prime Advantage Money Fund
- Exposure
- Short-term debt from multiple issuers
- Cash access
- Place a mutual fund purchase or sale
- Share value
- Seeks $1 per share; not guaranteed
Neither is an FDIC-insured deposit. Check order cutoffs and cash availability; SWVXX is not an automatic cash sweep.
Put a dollar amount on the difference
Adjust your investment to illustrate income using the snapshot's distribution rates. Rates are held constant; this is not a forecast.
Distribution rates are not the same as SGOV’s 30-day SEC yield or SWVXX’s 7-day yield. Compare dated issuer measures above; these illustrations do not identify a yield winner.
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 SWVXX over the trailing twelve months, posting a 3.79% total return against 3.35%. The lead holds up over 5 years too: SGOV has compounded at 3.79% a year, against 3.64% for SWVXX. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 1.2% for SWVXX. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | 5Y annualized | Since May 2020 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|
| SGOV | 2.73% | 3.79% | 4.55% | 3.79% | 2.99% | 0.2% | -0.15 | -0.24 | -0.0% |
| SWVXX | 2.34% | 3.35% | 4.40% | 3.64% | 2.87% | 1.2% | -0.18 | -0.79 | 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 2, 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
| Metric |  SGOV |  SWVXX |
|---|---|---|
| Full name | iShares 0-3 Month Treasury Bond ETF | Schwab Value Advantage Money Fund - Investor Shares |
| Issuer | iShares | Schwab |
| Last Close | $100.44 as of October 2, 2026 | $1.00 as of October 2, 2026 |
| Distribution rate | 3.60% | 3.35% |
| Trailing 12-month yield | 3.65% | 3.29% |
| Distribution Safety Score™ | 79 | — |
| Safety-Adjusted Yield | 2.84% | — |
| Expense ratio | 0.09% | 0.34% |
| AUM | $112B | $249B |
| Distribution frequency | Monthly | Monthly |
| 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. | Seeks the highest current income consistent with stability of capital and liquidity. Invests in high-quality, short-term money market securities issued by U.S. and foreign entities — including commercial paper, certificates of deposit, and corporate debt obligations. Commonly used as a higher-yielding cash sweep alternative for Schwab brokerage accounts. |
| Asset class | Fixed Income | Fixed Income |
| Inception date | 05/26/2020 | 04/20/1992 |
| Beta | -0.0029 | 0.003 |
| Last dividend | $0.301 declared, pays 10/06/2026 | $0.00279 |
| Ex-dividend date | 10/01/2026 | 08/31/2026 |
Model this comparison:
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Deep dive
SGOV vs SWVXX yield: compare the right measures
Compare SGOV's 30-day SEC yield with SWVXX's 7-day yield using the issuer links below and nearby as-of dates. These annualized income measures use different lookback periods. Neither is a promised return. The distribution yields in the snapshot and calculator are not substitutes for these measures and cannot establish today's winner.
Trading and access to cash
SGOV trades on an exchange at market prices, with a bid-ask spread. SWVXX is a purchased money market mutual fund. Do not assume it automatically sweeps idle cash or sells to cover a withdrawal. Check your account's order cutoff and cash-availability rules.
Credit exposure and principal risk
SGOV tracks Treasury securities maturing in three months or less. SWVXX holds high-quality short-term debt from U.S. and foreign issuers, adding different credit exposures. SWVXX seeks a $1 share value but does not guarantee it. Neither fund is an FDIC-insured bank deposit. Short maturities reduce, but do not eliminate, investment risk.
SWVXX's current name
SWVXX is now Schwab Prime Advantage Money Fund - Investor Shares, formerly Schwab Value Advantage Money Fund. The ticker is unchanged; older data labels may retain the former name.
Sources checked September 5, 2026: SGOV issuer data · SWVXX issuer data · Schwab money funds and sweep eligibility
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Frequently asked questions
How do I compare SGOV yield vs SWVXX yield?
Compare SGOV's 30-day SEC yield with SWVXX's 7-day yield using the issuer links below and nearby as-of dates. These annualized income measures use different lookback periods. Neither is a promised return. The distribution yields in the snapshot and calculator are not substitutes for these measures and cannot establish today's winner.
Is SWVXX or SGOV better for cash?
SGOV fits a preference for short Treasury exposure and exchange trading. SWVXX fits a preference for a purchased prime money fund in a Schwab account. Choose by credit exposure and access needs before comparing recent income rates.
Does SWVXX automatically sweep cash at Schwab?
SGOV trades on an exchange at market prices, with a bid-ask spread. SWVXX is a purchased money market mutual fund. Do not assume it automatically sweeps idle cash or sells to cover a withdrawal. Check your account's order cutoff and cash-availability rules.
Can SGOV or SWVXX lose money?
SGOV tracks Treasury securities maturing in three months or less. SWVXX holds high-quality short-term debt from U.S. and foreign issuers, adding different credit exposures. SWVXX seeks a $1 share value but does not guarantee it. Neither fund is an FDIC-insured bank deposit. Short maturities reduce, but do not eliminate, investment risk.
Why is SWVXX called Prime Advantage instead of Value Advantage?
SWVXX is now Schwab Prime Advantage Money Fund - Investor Shares, formerly Schwab Value Advantage Money Fund. The ticker is unchanged; older data labels may retain the former name.
How do I estimate income on $10,000?
For a hypothetical constant annual income rate of r%, $10,000 produces $100 × r per year, or that amount divided by 12 per month. This is an illustration, not a forecast: rates and distributions change, and sale proceeds can differ from cost.
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Dividend dates and history
SGOV vs SWVXX — at a glance
Generated October 3, 2026.
Overview
SGOV is an ETF tracking short-term U.S. Treasury bills maturing in three months or less, while SWVXX is a money market fund investing across prime money market instruments—commercial paper, certificates of deposit, and corporate debt. The core distinction is asset composition: SGOV holds exclusively government securities with near-zero credit risk, while SWVXX blends corporate and bank obligations alongside government paper for higher yield. This drives SWVXX's higher distribution rate of 3.35% versus SGOV's 3.60%, a difference of 0.25 percentage points—the tradeoff for accepting credit risk on non-Treasury holdings. SGOV is substantially smaller, with $112B in assets compared to SWVXX's $249B, and carries a lower expense ratio of 0.09% versus 0.34%. Both distribute monthly and sit at very short duration (SGOV's negative beta of -0.0029 reflects minimal interest-rate sensitivity), but SWVXX has operated far longer—since 04/20/1992 versus SGOV's 05/26/2020.
Who each is best for
- SGOV: Investors prioritizing absolute safety and willing to accept lower yield for zero credit risk exposure, particularly those managing very short-term cash needs or seeking a Treasury-only allocation.
- SWVXX: Investors comfortable with modest credit exposure in commercial paper and bank CDs in exchange for 25 basis points of additional yield, especially those using a money market vehicle as a cash sweep or short-term reserve.
Key risks to know
- Credit risk in SWVXX: Exposure to commercial paper, certificates of deposit, and corporate debt introduces credit risk absent in SGOV's all-Treasury portfolio. While money market funds are designed to minimize default risk through issuer quality screens, weakness in the banking or corporate sectors could pressure fund stability.
- Rate sensitivity: Both funds have minimal duration risk, but in a declining-rate environment, SGOV's yield floor—already tight at 3.60%—has further downside. SWVXX's higher distribution rate provides more cushion, though its corporate holdings may see credit spreads widen during economic stress.
- Money market fund dynamics (SWVXX): Money market funds are designed to maintain $1.00 NAV through accounting conventions, but large redemptions or market stress can trigger prime fund restrictions or gates that temporarily limit liquidity.
- Reinvestment timing (SGOV): Monthly distributions from Treasury holdings mean investors roll cash into new short-term securities at prevailing rates, introducing mild reinvestment risk if rates fall sharply between distribution dates.
Bottom line
If you need uncompromised safety and are indifferent to an extra 25 basis points of yield, SGOV's all-Treasury exposure and lower fees stand out. If you can tolerate light credit exposure on commercial paper and bank CDs and value the yield lift, SWVXX's track record and size offer liquidity and a slightly higher current payout. Past performance does not predict future results, and both are sensitive to Federal Reserve policy and near-term money market conditions.
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.
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These comparisons follow the Dividend Vision methodology.