CRQ.NEO vs. SGOV

Last updated Jun 3, 2026

CRQ.NEO (iShares Canadian Fundamental Index ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - CRQ.NEO is a Canada Equities fund tracking the FTSE RAFI Canada Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, CRQ.NEO returned 17.68%/yr vs 6.35%/yr for SGOV. At a correlation of -0.38, they often move in opposite directions. CRQ.NEO charges 0.72%/yr vs 0.09%/yr for SGOV.

Performance

CRQ.NEO vs. SGOV - Performance Comparison

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

Different Trading Currencies

CRQ.NEO is traded in CAD, while SGOV is traded in USD. To make them comparable, the SGOV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CRQ.NEO achieves a 16.31% return, which is significantly higher than SGOV's 2.41% return.

CRQ.NEO

• 1D: 1.45%
• 1M: 3.92%
• YTD: 16.31%
• 6M: 19.63%
• 1Y: 43.77%
• 3Y*: 26.15%
• 5Y*: 17.68%
• 10Y*: 13.48%

SGOV

• 1D: 0.00%
• 1M: 2.20%
• YTD: 2.41%
• 6M: 0.92%
• 1Y: 4.95%
• 3Y*: 5.80%
• 5Y*: 6.35%
• 10Y*: —

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

CRQ.NEO vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CRQ.NEO iShares Canadian Fundamental Index ETF	16.31%	31.87%	22.17%	9.76%	0.89%	33.95%	19.55%
SGOV iShares 0-3 Month Treasury Bond ETF	2.37%	-0.54%	14.32%	2.80%	8.82%	-0.86%	-7.25%

Correlation

The correlation between CRQ.NEO and SGOV is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.26
Correlation (5Y) Calculated over the trailing 5-year period	-0.38
Correlation (All Time) Calculated using the full available price history since May 29, 2020	-0.38

The correlation between CRQ.NEO and SGOV shifts across timeframes, from -0.38 (5 years) to -0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CRQ.NEO vs. SGOV — Risk / Return Rank

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

CRQ.NEO

CRQ.NEO Risk / Return Rank: 96
CRQ.NEO Sharpe Ratio Rank: 97
CRQ.NEO Sortino Ratio Rank: 97
CRQ.NEO Omega Ratio Rank: 98
CRQ.NEO Calmar Ratio Rank: 93
CRQ.NEO Martin Ratio Rank: 95

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.

CRQ.NEO vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Fundamental Index ETF (CRQ.NEO) 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.

	CRQ.NEO	SGOV	Difference
Sharpe ratio Return per unit of total volatility	4.51	1.07	+3.44
Sortino ratio Return per unit of downside risk	6.28	1.49	+4.80
Omega ratio Gain probability vs. loss probability	2.03	1.19	+0.84
Calmar ratio Return relative to maximum drawdown	6.56	1.29	+5.27
Martin ratio Return relative to average drawdown	32.12	3.57	+28.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CRQ.NEO vs. SGOV - Sharpe Ratio Comparison

The current CRQ.NEO Sharpe Ratio is 4.51, which is higher than the SGOV Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of CRQ.NEO 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

	CRQ.NEO	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.51	1.07	+3.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.43	1.00	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.48	+0.21

Drawdowns

CRQ.NEO vs. SGOV - Drawdown Comparison

The maximum CRQ.NEO drawdown since its inception was -41.75%, which is greater than SGOV's maximum drawdown of -12.53%. Use the drawdown chart below to compare losses from any high point for CRQ.NEO and SGOV.

Drawdown Indicators

	CRQ.NEO	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-41.75%	-12.53%	-29.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-3.73%	-3.11%
Max Drawdown (3Y) Largest decline over 3 years	-11.70%	-5.17%	-6.53%
Max Drawdown (5Y) Largest decline over 5 years	-15.82%	-5.17%	-10.65%
Max Drawdown (10Y) Largest decline over 10 years	-41.75%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.63%	-3.62%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	1.35%	+0.05%

Volatility

CRQ.NEO vs. SGOV - Volatility Comparison

iShares Canadian Fundamental Index ETF (CRQ.NEO) has a higher volatility of 2.95% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.80%. This indicates that CRQ.NEO'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

	CRQ.NEO	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	0.80%	+2.15%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	3.48%	+4.56%
Volatility (1Y) Calculated over the trailing 1-year period	9.77%	4.64%	+5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	6.37%	+6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	6.40%	+9.87%

CRQ.NEO vs. SGOV - Expense Ratio Comparison

CRQ.NEO has a 0.72% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

CRQ.NEO vs. SGOV - Dividend Comparison

CRQ.NEO's dividend yield for the trailing twelve months is around 1.89%, less than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRQ.NEO iShares Canadian Fundamental Index ETF	1.89%	2.18%	2.72%	2.97%	2.90%	2.17%	2.98%	2.71%	2.46%	1.91%	1.89%	3.09%
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%	0.00%

Frequently Asked Questions

Can I hold both CRQ.NEO and SGOV in my portfolio?

CRQ.NEO and SGOV have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CRQ.NEO or SGOV?

On fees, SGOV is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CRQ.NEO or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.72% for CRQ.NEO.

What is the main difference between CRQ.NEO and SGOV?

CRQ.NEO is categorized as Canada Equities, while SGOV is Ultrashort Bond. CRQ.NEO tracks FTSE RAFI Canada Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.72% for CRQ.NEO and 0.09% for SGOV.