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 3.00%/yr vs 4.68%/yr for SGOV. At a correlation of -0.03, they often move in opposite directions. HIGH charges 0.51%/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 0.03% return, which is significantly lower than SGOV's 1.70% return.
HIGH
- 1D
- 0.32%
- 1M
- 0.92%
- YTD
- 0.03%
- 6M
- -0.19%
- 1Y
- -0.59%
- 3Y*
- 3.00%
- 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*
- —
HIGH vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 0.03% | 4.35% | 1.52% | 7.70% | 0.47% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.70% | 4.24% | 5.27% | 5.12% | 0.68% |
Correlation
The correlation between HIGH and SGOV is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | -0.03 |
The correlation between HIGH and SGOV shifts across timeframes, from -0.14 (1 year) to -0.03 (3 years), 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 | -20.45 | ||
| Sortino ratioReturn per unit of downside risk | -274.30 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 194.55 | -193.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 396.11 | -396.17 |
| Martin ratioReturn relative to average drawdown | -0.09 | 4,438.60 | -4,438.68 |
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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 | -9.50% | -0.01% | -9.49% |
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 | -6.74% | 0.00% | -6.74% |
Average DrawdownAverage peak-to-trough decline | -2.44% | -0.00% | -2.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.71% | 0.00% | +6.71% |
Volatility
HIGH vs. SGOV - Volatility Comparison
Simplify Enhanced Income ETF (HIGH) has a higher volatility of 1.71% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. 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 | 1.71% | 0.06% | +1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 3.73% | 0.13% | +3.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.77% | 0.19% | +8.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.53% | 0.24% | +9.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.53% | 0.24% | +9.29% |
HIGH vs. SGOV - Expense Ratio Comparison
HIGH has a 0.51% 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 7.30%, more than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 7.30% | 7.71% | 8.34% | 9.40% | 0.62% | 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
HIGH and SGOV have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIGH has higher volatility (1.71%) compared to SGOV (0.06%). In terms of maximum drawdown, HIGH dropped -9.50% vs SGOV's -0.03%.
On 3-year performance, SGOV leads with 4.68% vs 3.00% for HIGH. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. 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 4.68% return vs 3.00%. 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 0.51% for HIGH.
HIGH has the higher dividend yield at 7.30%, compared with 3.85% 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: 0.51% for HIGH and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.38 vs -0.07), 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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