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 TBIL over the trailing twelve months, posting a 3.74% total return against 3.73%. The picture flips over 3 years, though — TBIL has compounded at 4.55% a year, ahead of SGOV at 4.54%. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 0.3% for TBIL. 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 September 30, 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 Aug 2022” measures every fund from August 9, 2022 — 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 3.66% 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 3.66% (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 TBIL 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.
TBIL vs SGOV: tenor is the real gap
Both hold short US T-bills with no options overlay. TBIL is the on-the-run 3-month bill. SGOV is a 0-3 month stack. Near-identical yields do not make the funds identical — fee and tenor still differ.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
F/m Investments operates a focused ETF lineup centered on fixed income and Treasury exposure, currently offering one fund under the U.S. Benchmark Series family. The firm's single offering, TBIL, targets investors seeking exposure to short-term Treasury bills and provides a straightforward approach to cash-equivalent and money market alternatives. As a specialized issuer with a narrow product range, F/m Investments concentrates on the short-duration fixed income niche rather than diversifying across multiple asset classes or strategies.
See our curated list of related YouTube videos on TBIL.
SGOV (iShares 0-3 Month Treasury Bond ETF) and TBIL (US Treasury 3 Month Bill ETF) are both monthly-pay dividend ETFs, but they take different approaches.
TBIL offers the higher yield at 3.77% vs 3.66% 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 TBIL is linked to Most recently auctioned 3-month U.S. Treasury Bill (on-the-run security; not an index), which means their performance drivers differ.
SGOV is the larger fund by assets ($112B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, SGOV would generate roughly $30.50 cash per distribution, while TBIL would produce $31.42 cash per distribution, at current distribution rates. Both pay monthly distributions.
SGOV yield3.66%
TBIL yield3.77%
Cash diff on $10K$0.92
Cost & efficiency
Over 10 years on $10,000, SGOV would cost approximately $90 in fees vs $150 for TBIL (simplified, not compounded). The $60.00 difference may be offset by yield or performance.
SGOV ER0.09%
TBIL ER0.15%
Strategy & risk
SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach, while TBIL tracks Most recently auctioned 3-month U.S. Treasury Bill (on-the-run security; not an index) with a t bills approach.
SGOV beta-0.0029
TBIL beta-0.0021
Fund details
SGOV is managed by iShares (launched 05/26/2020) with $112B in assets. TBIL is managed by F/m Investments (launched 08/09/2022) with $7.40B in assets.
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Frequently asked questions
What is the difference between TBIL and SGOV?
Both park cash in short US Treasury bills, so the yield gap is usually tiny. TBIL (US Treasury 3 Month Bill ETF) holds recently auctioned 3-month T-bills. SGOV (iShares 0-3 Month Treasury Bond ETF) holds 0-3 month Treasuries — a rolling stack of very short bills rather than a single on-the-run tenor. Cost is 0.15% for TBIL versus 0.09% for SGOV, with distribution yields of 3.77% and 3.66% as of September 2026. Neither has an options overlay, and neither is an insured bank account. The decision is tenor, fee, and which ticker your broker already carries.
What is the current distribution rate for SGOV and TBIL?
SGOV currently distributes 3.66% and TBIL 3.77%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is SGOV or TBIL better for dividend income?
It depends on your goals. TBIL 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.
Can I hold both SGOV and TBIL?
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 TBIL safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: SGOV scores 78, TBIL scores 78. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
Which has lower fees, SGOV or TBIL?
SGOV has an expense ratio of 0.09% while TBIL 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 TBIL generate?
At current rates, $10,000 in SGOV would generate roughly $30.50 cash per distribution ($366.00 annually). The same in TBIL would produce about $31.42 cash per distribution ($377.00 annually).
Which has performed better historically, SGOV or TBIL?
SGOV has outpaced TBIL over the trailing twelve months, posting a 3.74% total return against 3.73%. The picture flips over 3 years, though — TBIL has compounded at 4.55% a year, ahead of SGOV at 4.54%. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 0.3% for TBIL. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
SGOV and TBIL are both Treasury bill ETFs offering short-term fixed-income exposure with similar yield profiles, but they track different underlying securities. SGOV tracks an index of Treasury obligations maturing within three months; TBIL holds only the most recently auctioned ("on-the-run") 3-month Treasury bill. The core distinction is index-based diversification versus single-security simplicity. This structural difference means SGOV captures the roll-down and maturity ladder of the broader money-market Treasury space; TBIL resets to a single instrument each month, avoiding index methodology but accepting concentration in one security. SGOV's $112B in assets dwarfs TBIL's $7.40B, reflecting the wider adoption of the indexed approach. On cost, SGOV charges 0.09% while TBIL runs 0.15%, a modest 6-basis-point spread. Both distribute monthly and offer nearly identical yields—3.66% and 3.77%—because both track bills maturing in the same window. TBIL's share price of $49.85 reflects its shorter inception date (08/09/2022) and different accounting; SGOV trades at $100.68.
Who each is best for
SGOV: Fits investors seeking the simplest Treasury bill exposure through a low-cost, well-established indexed fund with substantial asset size and broad dealer support.
TBIL: Fits investors comfortable with a single on-the-run bill strategy who want to avoid index rebalancing mechanics and prefer a newer, tighter-focus approach to the 3-month maturity.
Key risks to know
Bill roll risk and auction timing:TBIL resets its single holding at each monthly rebalance, which can create timing gaps between the old bill's maturity and the new bill's purchase. This introduces minor price and reinvestment uncertainty absent in SGOV's diversified ladder. Investors should verify TBIL's rebalance schedule against their own cash-flow needs.
Single-security concentration:TBIL holds only one security; if that auction encounters unusual demand or settlement disruption, it lacks the diversification buffer SGOV's index provides. SGOV's multi-bill structure reduces this tail risk.
Index methodology and maturity heterogeneity:SGOV's index includes securities across the 0–3 month window, so its average maturity and roll characteristics differ from TBIL's fixed 3-month point. This can cause modest performance divergence during steep yield-curve rotations, though magnitude is typically small.
Expense ratio impact at near-zero yields: If short-term Treasury yields fall sharply, the 0.15% drag on TBIL becomes proportionally larger; SGOV's 0.09% fee cushions the same scenario slightly better.
Bottom line
If you prioritize a large, heavily traded fund with indexed diversification and the lowest possible fee, SGOV's 6-basis-point cost advantage and $112B in assets offer simplicity and depth. If you prefer the conceptual clarity of a single on-the-run bill and accept $7.40B in assets, TBIL's comparable yield and streamlined structure appeal. Both carry minimal credit risk (backing of the U.S. Treasury) and negligible equity beta; the choice hinges on whether indexed breadth or single-bill simplicity aligns with your cash-management workflow. Past performance does not guarantee future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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The metrics behind this comparison, explained in the Academy.
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