SGOV vs TTTXX: Treasury ETF or Treasury Trust Fund?
SGOV and TTTXX are both BlackRock products that hold U.S. Treasury securities. SGOV is an exchange-traded fund of bills maturing in three months or less, priced on the market. TTTXX is the Institutional share class of BlackRock Liquidity Funds Treasury Trust Fund, a money market fund that invests in direct Treasury obligations and seeks a stable $1 price. Its stated minimum is institutional, but some brokerages make it available to retail accounts at a lower minimum or as a sweep option.
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 TTTXX over the trailing twelve months, posting a 3.72% total return against 3.39%. The lead holds up over 5 years too: SGOV has compounded at 3.81% a year, against 3.63% for TTTXX. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 1.3% for TTTXX. 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 12, 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 TTTXX 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 0.1668%.
SGOV vs TTTXX: Treasury ETF or Treasury Trust Fund?
SGOV and TTTXX are both BlackRock products that hold U.S. Treasury securities. SGOV is an exchange-traded fund of bills maturing in three months or less, priced on the market. TTTXX is the Institutional share class of BlackRock Liquidity Funds Treasury Trust Fund, a money market fund that invests in direct Treasury obligations and seeks a stable $1 price. Its stated minimum is institutional, but some brokerages make it available to retail accounts at a lower minimum or as a sweep option.
SGOV
TTTXX
Approach
0-3 month Treasury bill ETF
Treasury-only money market fund, institutional class
Risk review
Small market-price moves, bid-ask spread, reinvestment rates
Stable price is an objective, not a guarantee; brokerage-specific access
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
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See our curated list of related YouTube videos on SGOV.
SGOV and TTTXX are both BlackRock products that hold U.S. Treasury securities. SGOV is an exchange-traded fund of bills maturing in three months or less, priced on the market. TTTXX is the Institutional share class of BlackRock Liquidity Funds Treasury Trust Fund, a money market fund that invests in direct Treasury obligations and seeks a stable $1 price. Its stated minimum is institutional, but some brokerages make it available to retail accounts at a lower minimum or as a sweep option.
Only where the brokerage offers it. TTTXX is an institutional share class with a high stated minimum, and it reaches retail investors through platforms that carry it at a reduced minimum or use it as a cash option. Check your broker's fund list and minimum before planning around it. SGOV has no such gate: it trades on an exchange like any ETF. If both are available, compare TTTXX's 7-day yield with SGOV's 30-day SEC yield on the same date and consider the settlement rules that apply to each.
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Treasury Trust Fund invests in direct Treasury obligations rather than repurchase agreements, which matters for investors who want only direct government paper or who track the state-tax-exempt share of a fund's income. SGOV also holds bills directly. Government money funds that include repos can have a lower exempt share; check each fund's annual state-tax letter.
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
Can I buy TTTXX in a regular brokerage account?
Only where the brokerage offers it. TTTXX is an institutional share class with a high stated minimum, and it reaches retail investors through platforms that carry it at a reduced minimum or use it as a cash option. Check your broker's fund list and minimum before planning around it. SGOV has no such gate: it trades on an exchange like any ETF. If both are available, compare TTTXX's 7-day yield with SGOV's 30-day SEC yield on the same date and consider the settlement rules that apply to each.
How should I compare risk and ownership costs?
Compare the current expense ratios on the issuer pages; both are low and already reflected in the published yields. SGOV adds a bid-ask spread per trade. TTTXX may carry a brokerage transaction fee or minimum depending on the platform, which the issuer page does not show.
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