HIGH vs. SGOV
HIGH (Simplify Enhanced Income ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. HIGH is actively managed, while SGOV is passively managed. Over the past 3 years, HIGH returned 2.43%/yr vs 4.64%/yr for SGOV. Their -0.04 correlation means they have often moved in opposite directions in the past. HIGH charges 0.50%/yr vs 0.09%/yr for SGOV.
Performance
HIGH vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH achieves a -1.00% return, which is significantly lower than SGOV's 2.11% return.
HIGH
- 1D
- 0.30%
- 1M
- -0.44%
- 6M
- -0.14%
- YTD
- -1.00%
- 1Y
- -1.25%
- 3Y*
- 2.43%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.43%
SGOV
- 1D
- 0.02%
- 1M
- 0.27%
- 6M
- 1.81%
- YTD
- 2.11%
- 1Y
- 3.83%
- 3Y*
- 4.64%
- 5Y*
- 3.66%
- 10Y*
- —
- ALL TIME*
- 2.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $264.89K | $245.02K | $537.34K | |
| $1.83B | $1.81B | $2.03B |
HIGH vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | -1.00% | 4.35% | 1.52% | 7.70% | 0.47% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.11% | 4.24% | 5.27% | 5.12% | 0.68% |
Correlation
The correlation between HIGH and SGOV is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.15 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | -0.04 |
The correlation between HIGH and SGOV shifts across timeframes, from -0.15 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HIGH vs. SGOV — Risk / Return Rank
HIGH
SGOV
HIGH vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) 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.
| HIGH | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -20.99 | ||
| Sortino ratioReturn per unit of downside risk | -382.07 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 382.06 | -381.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 389.90 | -390.12 |
| Martin ratioReturn relative to average drawdown | -0.34 | 6,177.21 | -6,177.55 |
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Drawdowns
HIGH vs. SGOV - Drawdown Comparison
The maximum HIGH drawdown since its inception was -9.50%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for HIGH and SGOV.
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Drawdown Indicators
| HIGH | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.50% | -0.03% | -9.47% |
Max Drawdown (1Y)Largest decline over 1 year | -7.08% | -0.01% | -7.07% |
Max Drawdown (3Y)Largest decline over 3 years | -9.50% | -0.01% | -9.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.03% | — |
Current DrawdownCurrent decline from peak | -7.69% | 0.00% | -7.69% |
Average DrawdownAverage peak-to-trough decline | -2.59% | 0.00% | -2.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 0.00% | +4.46% |
Volatility
HIGH vs. SGOV - Volatility Comparison
Simplify Enhanced Income ETF (HIGH) has a higher volatility of 2.16% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that HIGH'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.
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Volatility by Period
| HIGH | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.16% | 0.05% | +2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.90% | 0.13% | +3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 0.19% | +7.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.46% | 0.24% | +9.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.46% | 0.23% | +9.23% |
HIGH vs. SGOV - Expense Ratio Comparison
HIGH has a 0.50% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
HIGH vs. SGOV - Dividend Comparison
HIGH's dividend yield for the trailing twelve months is around 6.88%, more than SGOV's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 6.88% | 7.71% | 8.34% | 9.40% | 0.62% | 0.00% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.43% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
HIGH and SGOV have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIGH has higher volatility (2.16%) compared to SGOV (0.05%). In terms of maximum drawdown, HIGH dropped -9.50% vs SGOV's -0.03%.
On 3-year performance, SGOV leads with 4.64% vs 2.43% for HIGH. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SGOV has performed better with a 4.64% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.50% for HIGH.
HIGH has the higher dividend yield at 6.88%, compared with 3.43% for SGOV.
HIGH is categorized as Derivative Income, while SGOV is Ultrashort Bond. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.50% for HIGH and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.78 vs -0.21), 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.
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