DHLAX vs. SGOV

Last updated Jun 4, 2026

DHLAX (Diamond Hill Large Cap Fund) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both funds - DHLAX is a Large Cap Value Equities fund managed by Diamond Hill, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Over the past 5 years, DHLAX returned 6.27%/yr vs 3.54%/yr for SGOV. At a correlation of -0.03, they often move in opposite directions. DHLAX charges 0.96%/yr vs 0.09%/yr for SGOV.

Performance

DHLAX vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Large Cap Fund (DHLAX) 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, DHLAX achieves a 0.22% return, which is significantly lower than SGOV's 1.51% return.

DHLAX

• 1D: -0.43%
• 1M: -0.53%
• YTD: 0.22%
• 6M: 1.63%
• 1Y: 3.08%
• 3Y*: 13.22%
• 5Y*: 6.27%
• 10Y*: 10.50%

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)

DHLAX vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DHLAX Diamond Hill Large Cap Fund	0.22%	5.34%	22.53%	13.36%	-13.67%	25.40%	26.21%
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 DHLAX and SGOV is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 29, 2020	-0.03

Return for Risk

DHLAX vs. SGOV — Risk / Return Rank

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

DHLAX

DHLAX Risk / Return Rank: 5
DHLAX Sharpe Ratio Rank: 5
DHLAX Sortino Ratio Rank: 5
DHLAX Omega Ratio Rank: 5
DHLAX Calmar Ratio Rank: 5
DHLAX Martin Ratio Rank: 5

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.

DHLAX vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Large Cap Fund (DHLAX) 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.

	DHLAX	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	0.38	20.28	-19.90
Sortino ratio: Return per unit of downside risk	0.63	275.69	-275.06
Omega ratio: Gain probability vs. loss probability	1.07	195.55	-194.48
Calmar ratio: Return relative to maximum drawdown	0.51	398.20	-397.68
Martin ratio: Return relative to average drawdown	1.32	4,462.00	-4,460.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHLAX vs. SGOV - Sharpe Ratio Comparison

The current DHLAX Sharpe Ratio is 0.38, which is lower than the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of DHLAX 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

	DHLAX	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	20.28	-19.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	14.73	-14.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	12.48	-12.03

Drawdowns

DHLAX vs. SGOV - Drawdown Comparison

The maximum DHLAX drawdown since its inception was -52.68%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for DHLAX and SGOV.

Drawdown Indicators

	DHLAX	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-52.68%	-0.03%	-52.65%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-0.01%	-8.35%
Max Drawdown (3Y) Largest decline over 3 years	-14.85%	-0.01%	-14.84%
Max Drawdown (5Y) Largest decline over 5 years	-23.36%	-0.03%	-23.33%
Max Drawdown (10Y) Largest decline over 10 years	-38.92%	—	—
Current Drawdown Current decline from peak	-4.15%	0.00%	-4.15%
Average Drawdown Average peak-to-trough decline	-7.56%	-0.00%	-7.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	0.00%	+3.24%

Volatility

DHLAX vs. SGOV - Volatility Comparison

Diamond Hill Large Cap Fund (DHLAX) has a higher volatility of 2.74% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that DHLAX'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

	DHLAX	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	0.05%	+2.69%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	0.13%	+7.91%
Volatility (1Y) Calculated over the trailing 1-year period	11.30%	0.20%	+11.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.42%	0.24%	+16.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	0.24%	+18.08%

DHLAX vs. SGOV - Expense Ratio Comparison

DHLAX has a 0.96% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

DHLAX vs. SGOV - Dividend Comparison

DHLAX's dividend yield for the trailing twelve months is around 6.04%, more than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHLAX Diamond Hill Large Cap Fund	6.04%	6.05%	19.46%	3.07%	6.34%	7.28%	3.01%	4.50%	4.28%	4.53%	6.30%	4.79%
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 DHLAX and SGOV in my portfolio?

DHLAX and SGOV have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHLAX or SGOV?

DHLAX has higher volatility (2.74%) compared to SGOV (0.05%). In terms of maximum drawdown, DHLAX dropped -52.68% vs SGOV's -0.03%.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 0.38), 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.