AA vs. SGOV

Last updated Jun 4, 2026

AA (Alcoa Corporation) is a stock, while SGOV (iShares 0-3 Month Treasury Bond ETF) is Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Over the past 5 years, AA returned 16.94%/yr vs 3.54%/yr for SGOV. At a correlation of -0.06, they often move in opposite directions.

Performance

AA vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alcoa Corporation (AA) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AA achieves a 52.66% return, which is significantly higher than SGOV's 1.51% return.

AA

• 1D: -3.50%
• 1M: 29.67%
• YTD: 52.66%
• 6M: 83.95%
• 1Y: 195.08%
• 3Y*: 33.82%
• 5Y*: 16.94%
• 10Y*: —

SGOV

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.51%
• 6M: 1.80%
• 1Y: 3.95%
• 3Y*: 4.72%
• 5Y*: 3.54%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AA vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AA Alcoa Corporation	52.66%	42.46%	12.43%	-24.33%	-23.12%	159.05%	143.14%
SGOV iShares 0-3 Month Treasury Bond ETF	1.51%	4.24%	5.27%	5.12%	1.58%	0.04%	0.05%

Correlation

The correlation between AA and SGOV is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since May 29, 2020	-0.06

Return for Risk

AA vs. SGOV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AA

AA Risk / Return Rank: 95
AA Sharpe Ratio Rank: 97
AA Sortino Ratio Rank: 94
AA Omega Ratio Rank: 91
AA Calmar Ratio Rank: 98
AA Martin Ratio Rank: 98

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AA vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alcoa Corporation (AA) and iShares 0-3 Month Treasury Bond ETF (SGOV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AA	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	3.74	20.28	-16.54
Sortino ratio: Return per unit of downside risk	3.92	275.69	-271.77
Omega ratio: Gain probability vs. loss probability	1.47	195.55	-194.09
Calmar ratio: Return relative to maximum drawdown	12.43	398.20	-385.77
Martin ratio: Return relative to average drawdown	30.82	4,462.00	-4,431.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AA vs. SGOV - Sharpe Ratio Comparison

The current AA Sharpe Ratio is 3.74, which is lower than the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of AA and SGOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AA	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.74	20.28	-16.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	14.73	-14.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	12.48	-12.22

Drawdowns

AA vs. SGOV - Drawdown Comparison

The maximum AA drawdown since its inception was -90.90%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for AA and SGOV.

Drawdown Indicators

	AA	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-90.90%	-0.03%	-90.87%
Max Drawdown (1Y) Largest decline over 1 year	-15.80%	-0.01%	-15.79%
Max Drawdown (3Y) Largest decline over 3 years	-52.25%	-0.01%	-52.24%
Max Drawdown (5Y) Largest decline over 5 years	-75.46%	-0.03%	-75.43%
Current Drawdown Current decline from peak	-10.95%	0.00%	-10.95%
Average Drawdown Average peak-to-trough decline	-46.21%	-0.00%	-46.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.36%	0.00%	+6.36%

Volatility

AA vs. SGOV - Volatility Comparison

Alcoa Corporation (AA) has a higher volatility of 15.13% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that AA's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AA	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.13%	0.05%	+15.08%
Volatility (6M) Calculated over the trailing 6-month period	38.86%	0.13%	+38.73%
Volatility (1Y) Calculated over the trailing 1-year period	52.62%	0.20%	+52.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.96%	0.24%	+55.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.55%	0.24%	+55.31%

Dividends

AA vs. SGOV - Dividend Comparison

AA's dividend yield for the trailing twelve months is around 0.49%, less than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AA Alcoa Corporation	0.49%	0.75%	1.06%	1.18%	0.88%	0.17%	0.00%	0.00%	0.00%	0.00%	0.32%
SGOV iShares 0-3 Month Treasury Bond ETF	3.86%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AA and SGOV in my portfolio?

AA and SGOV have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AA or SGOV?

AA has higher volatility (15.13%) compared to SGOV (0.05%). In terms of maximum drawdown, AA dropped -90.90% vs SGOV's -0.03%.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 3.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.