ICPI vs. SGOV

Last updated Jun 4, 2026

ICPI (iShares 0-1 Year TIPS Bond ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - ICPI is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.09% expense ratio.

Performance

ICPI vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-1 Year TIPS Bond ETF (ICPI) 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, ICPI achieves a 2.70% return, which is significantly higher than SGOV's 1.51% return.

ICPI

• 1D: 0.05%
• 1M: 0.44%
• YTD: 2.70%
• 6M: 2.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

ICPI vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025
ICPI iShares 0-1 Year TIPS Bond ETF	2.70%	0.32%
SGOV iShares 0-3 Month Treasury Bond ETF	1.51%	0.43%

Correlation

The correlation between ICPI and SGOV is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.32

Return for Risk

ICPI vs. SGOV — Risk / Return Rank

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

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.

ICPI vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year TIPS Bond ETF (ICPI) 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.

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

Sharpe Ratios by Period

	ICPI	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	20.28	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	14.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.20	12.48	-6.28

Drawdowns

ICPI vs. SGOV - Drawdown Comparison

The maximum ICPI drawdown since its inception was -0.22%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for ICPI and SGOV.

Drawdown Indicators

	ICPI	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-0.22%	-0.03%	-0.19%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.00%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	ICPI	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.95%	0.20%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.95%	0.24%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	0.24%	+0.71%

ICPI vs. SGOV - Expense Ratio Comparison

Both ICPI and SGOV have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ICPI vs. SGOV - Dividend Comparison

ICPI's dividend yield for the trailing twelve months is around 1.80%, less than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ICPI iShares 0-1 Year TIPS Bond ETF	1.80%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.86%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both ICPI and SGOV in my portfolio?

ICPI and SGOV have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICPI or SGOV?

Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICPI or SGOV?

ICPI and SGOV have the same expense ratio: 0.09% per year.

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

SGOV has the higher dividend yield at 3.86%, compared with 1.80% for ICPI.

What is the main difference between ICPI and SGOV?

ICPI is categorized as Inflation-Protected Bonds, while SGOV is Ultrashort Bond. ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index.