CREMX vs. SGOV

Last updated Jun 4, 2026

CREMX (Redwood Real Estate Income Fund) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both funds - CREMX is a REIT fund actively managed by Redwood, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. CREMX is actively managed, while SGOV is passively managed. Over the past year, CREMX returned 7.56% vs 3.95% for SGOV. At a correlation of -0.03, they often move in opposite directions. CREMX charges 5.16%/yr vs 0.09%/yr for SGOV.

Performance

CREMX vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Redwood Real Estate Income Fund (CREMX) 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, CREMX achieves a 3.06% return, which is significantly higher than SGOV's 1.51% return.

CREMX

• 1D: 0.04%
• 1M: 0.56%
• YTD: 3.06%
• 6M: 3.67%
• 1Y: 7.56%
• 3Y*: —
• 5Y*: —
• 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)

CREMX vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CREMX Redwood Real Estate Income Fund	3.06%	7.72%	8.09%	1.95%
SGOV iShares 0-3 Month Treasury Bond ETF	1.51%	4.24%	5.27%	1.64%

Correlation

The correlation between CREMX and SGOV is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Sep 12, 2023	-0.03

Return for Risk

CREMX vs. SGOV — Risk / Return Rank

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

CREMX

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

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.

CREMX vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Redwood Real Estate Income Fund (CREMX) 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.

	CREMX	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	17.83	20.28	-2.45
Sortino ratio: Return per unit of downside risk	184.50	275.69	-91.19
Omega ratio: Gain probability vs. loss probability	184.40	195.55	-11.15
Calmar ratio: Return relative to maximum drawdown	192.57	398.20	-205.63
Martin ratio: Return relative to average drawdown	3,038.69	4,462.00	-1,423.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CREMX vs. SGOV - Sharpe Ratio Comparison

The current CREMX Sharpe Ratio is 17.83, which is comparable to the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of CREMX 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

	CREMX	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	17.83	20.28	-2.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	14.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	8.97	12.48	-3.51

Drawdowns

CREMX vs. SGOV - Drawdown Comparison

The maximum CREMX drawdown since its inception was -0.71%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for CREMX and SGOV.

Drawdown Indicators

	CREMX	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-0.71%	-0.03%	-0.68%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-0.01%	-0.03%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.00%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

CREMX vs. SGOV - Volatility Comparison

Redwood Real Estate Income Fund (CREMX) has a higher volatility of 0.13% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that CREMX'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

	CREMX	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.05%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	0.30%	0.13%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	0.43%	0.20%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.86%	0.24%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.86%	0.24%	+0.62%

CREMX vs. SGOV - Expense Ratio Comparison

CREMX has a 5.16% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

CREMX vs. SGOV - Dividend Comparison

CREMX's dividend yield for the trailing twelve months is around 7.14%, more than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CREMX Redwood Real Estate Income Fund	7.14%	7.38%	7.64%	1.98%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.86%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both CREMX and SGOV in my portfolio?

CREMX and SGOV have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CREMX or SGOV?

CREMX has higher volatility (0.13%) compared to SGOV (0.05%). In terms of maximum drawdown, CREMX dropped -0.71% vs SGOV's -0.03%.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 17.83), 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.