BELT vs. SGOV

Last updated Jun 24, 2026

BELT (iShares U.S. Select Equity Active ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - BELT is a Large Cap Growth Equities fund actively managed by iShares, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. BELT is actively managed, while SGOV is passively managed. Over the past year, BELT returned 24.92% vs 3.92% for SGOV. At a correlation of -0.07, they often move in opposite directions. BELT charges 0.75%/yr vs 0.09%/yr for SGOV.

Performance

BELT vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Select Equity Active ETF (BELT) 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, BELT achieves a 16.21% return, which is significantly higher than SGOV's 1.72% return.

BELT

• 1D: -2.57%
• 1M: -0.29%
• YTD: 16.21%
• 6M: 15.03%
• 1Y: 24.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.72%
• 6M: 1.79%
• 1Y: 3.92%
• 3Y*: 4.69%
• 5Y*: 3.58%
• 10Y*: —

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

BELT vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BELT iShares U.S. Select Equity Active ETF	16.21%	12.42%	-1.87%
SGOV iShares 0-3 Month Treasury Bond ETF	1.72%	4.24%	2.73%

Correlation

The correlation between BELT and SGOV is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since Jun 18, 2024	-0.07

Return for Risk

BELT vs. SGOV — Risk / Return Rank

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

BELT

BELT Risk / Return Rank: 45
BELT Sharpe Ratio Rank: 43
BELT Sortino Ratio Rank: 43
BELT Omega Ratio Rank: 40
BELT Calmar Ratio Rank: 48
BELT Martin Ratio Rank: 53

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.

BELT vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Select Equity Active ETF (BELT) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BELT	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	1.39	20.32	-18.94
Sortino ratio: Return per unit of downside risk	1.99	273.56	-271.57
Omega ratio: Gain probability vs. loss probability	1.24	194.05	-192.81
Calmar ratio: Return relative to maximum drawdown	2.18	395.07	-392.89
Martin ratio: Return relative to average drawdown	8.42	4,426.92	-4,418.50

BELT vs. SGOV - Sharpe Ratio Comparison

The current BELT Sharpe Ratio is 1.39, which is lower than the SGOV Sharpe Ratio of 20.32. The chart below compares the historical Sharpe Ratios of BELT 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.

Drawdowns

BELT vs. SGOV - Drawdown Comparison

The maximum BELT drawdown since its inception was -23.05%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for BELT and SGOV.

Drawdown Indicators

	BELT	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-23.05%	-0.03%	-23.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-0.01%	-11.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.03%	—
Current Drawdown Current decline from peak	-3.02%	0.00%	-3.02%
Average Drawdown Average peak-to-trough decline	-3.49%	-0.00%	-3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	0.00%	+2.97%

Volatility

BELT vs. SGOV - Volatility Comparison

iShares U.S. Select Equity Active ETF (BELT) has a higher volatility of 6.90% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.04%. This indicates that BELT'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

	BELT	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	0.04%	+6.86%
Volatility (6M) Calculated over the trailing 6-month period	14.89%	0.13%	+14.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.07%	0.19%	+17.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.44%	0.24%	+21.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.44%	0.24%	+21.20%

BELT vs. SGOV - Expense Ratio Comparison

BELT has a 0.75% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

BELT vs. SGOV - Dividend Comparison

BELT's dividend yield for the trailing twelve months is around 0.02%, less than SGOV's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BELT iShares U.S. Select Equity Active ETF	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.85%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both BELT and SGOV in my portfolio?

BELT and SGOV have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BELT or SGOV?

BELT has higher volatility (6.90%) compared to SGOV (0.04%). In terms of maximum drawdown, BELT dropped -23.05% vs SGOV's -0.03%.

Which ETF is better, BELT or SGOV?

On 1-year performance, BELT leads with 24.92% vs 3.92% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BELT or SGOV?

Over the 1-year period, BELT has performed better with a 24.92% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BELT or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.75% for BELT.

Which ETF pays a higher dividend yield, BELT or SGOV?

SGOV has the higher dividend yield at 3.85%, compared with 0.02% for BELT.

What is the main difference between BELT and SGOV?

BELT is categorized as Large Cap Growth Equities, while SGOV is Ultrashort Bond. Their fees differ too: 0.75% for BELT and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.32 vs 1.39), 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.