HFEQ vs. SGOV

Last updated Jun 23, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - HFEQ is a Long-Short fund actively managed by Unlimited, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. HFEQ is actively managed, while SGOV is passively managed. At a correlation of -0.13, they often move in opposite directions. HFEQ charges 1.00%/yr vs 0.09%/yr for SGOV.

Performance

HFEQ vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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, HFEQ achieves a 9.98% return, which is significantly higher than SGOV's 1.70% return.

HFEQ

• 1D: -3.97%
• 1M: -1.18%
• YTD: 9.98%
• 6M: 9.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.01%
• 1M: 0.27%
• YTD: 1.70%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: 4.68%
• 5Y*: 3.58%
• 10Y*: —

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

HFEQ vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	14.35%
SGOV iShares 0-3 Month Treasury Bond ETF	1.70%	1.93%

Correlation

The correlation between HFEQ and SGOV is -0.13, 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 (All Time) Calculated using the full available price history since Jul 15, 2025	-0.13

Return for Risk

HFEQ vs. SGOV — Risk / Return Rank

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

HFEQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

HFEQ vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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.

	HFEQ	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	—	20.38	—
Sortino ratio: Return per unit of downside risk	—	274.27	—
Omega ratio: Gain probability vs. loss probability	—	194.55	—
Calmar ratio: Return relative to maximum drawdown	—	396.11	—
Martin ratio: Return relative to average drawdown	—	4,438.60	—

Drawdowns

HFEQ vs. SGOV - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for HFEQ and SGOV.

Drawdown Indicators

	HFEQ	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-0.03%	-12.43%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.01%	—
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	-3.97%	0.00%	-3.97%
Average Drawdown Average peak-to-trough decline	-2.44%	-0.00%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	HFEQ	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.90%	0.19%	+21.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.90%	0.24%	+21.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	0.24%	+21.66%

HFEQ vs. SGOV - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

HFEQ vs. SGOV - Dividend Comparison

HFEQ has not paid dividends to shareholders, while SGOV's dividend yield for the trailing twelve months is around 3.85%.

Position	TTM	2025	2024	2023	2022	2021	2020
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%	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 HFEQ and SGOV in my portfolio?

HFEQ and SGOV have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ 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, HFEQ or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 1.00% for HFEQ.

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

HFEQ has the higher dividend yield at 9.59%, compared with 3.85% for SGOV.

What is the main difference between HFEQ and SGOV?

HFEQ is categorized as Long-Short, while SGOV is Ultrashort Bond. They also come from different issuers: Unlimited and iShares. Their fees differ too: 1.00% for HFEQ and 0.09% for SGOV.