IQHI vs. SGOV

Last updated Jun 3, 2026

IQHI (IQ MacKay ESG High Income ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - IQHI is a High Yield Bonds fund actively managed by IndexIQ, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. IQHI is actively managed, while SGOV is passively managed. Over the past 3 years, IQHI returned 8.46%/yr vs 4.72%/yr for SGOV. At a correlation of -0.07, they often move in opposite directions. IQHI charges 0.40%/yr vs 0.09%/yr for SGOV.

Performance

IQHI vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay ESG High Income ETF (IQHI) 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, IQHI achieves a 1.95% return, which is significantly higher than SGOV's 1.50% return.

IQHI

• 1D: 0.02%
• 1M: 0.39%
• YTD: 1.95%
• 6M: 2.73%
• 1Y: 7.66%
• 3Y*: 8.46%
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.50%
• 6M: 1.80%
• 1Y: 3.95%
• 3Y*: 4.72%
• 5Y*: 3.53%
• 10Y*: —

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

IQHI vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IQHI IQ MacKay ESG High Income ETF	1.95%	8.59%	6.98%	12.40%	2.78%
SGOV iShares 0-3 Month Treasury Bond ETF	1.50%	4.24%	5.27%	5.12%	0.73%

Correlation

The correlation between IQHI and SGOV is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Oct 26, 2022	-0.07

Return for Risk

IQHI vs. SGOV — Risk / Return Rank

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

IQHI

IQHI Risk / Return Rank: 65
IQHI Sharpe Ratio Rank: 61
IQHI Sortino Ratio Rank: 66
IQHI Omega Ratio Rank: 67
IQHI Calmar Ratio Rank: 62
IQHI Martin Ratio Rank: 70

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.

IQHI vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay ESG High Income ETF (IQHI) 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.

	IQHI	SGOV	Difference
Sharpe ratio Return per unit of total volatility	2.08	20.28	-18.20
Sortino ratio Return per unit of downside risk	3.11	275.69	-272.58
Omega ratio Gain probability vs. loss probability	1.41	195.55	-194.14
Calmar ratio Return relative to maximum drawdown	3.13	399.50	-396.36
Martin ratio Return relative to average drawdown	13.49	4,485.48	-4,471.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQHI vs. SGOV - Sharpe Ratio Comparison

The current IQHI Sharpe Ratio is 2.08, which is lower than the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of IQHI 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

	IQHI	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	20.28	-18.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	14.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.87	12.48	-10.61

Drawdowns

IQHI vs. SGOV - Drawdown Comparison

The maximum IQHI drawdown since its inception was -4.19%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for IQHI and SGOV.

Drawdown Indicators

	IQHI	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-4.19%	-0.03%	-4.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-0.01%	-2.45%
Max Drawdown (3Y) Largest decline over 3 years	-3.97%	-0.01%	-3.96%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.03%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.00%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.00%	+0.57%

Volatility

IQHI vs. SGOV - Volatility Comparison

IQ MacKay ESG High Income ETF (IQHI) has a higher volatility of 1.74% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that IQHI'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

	IQHI	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	0.05%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	0.13%	+2.92%
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	0.20%	+3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.89%	0.24%	+4.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.89%	0.24%	+4.65%

IQHI vs. SGOV - Expense Ratio Comparison

IQHI has a 0.40% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

IQHI vs. SGOV - Dividend Comparison

IQHI's dividend yield for the trailing twelve months is around 7.56%, more than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
IQHI IQ MacKay ESG High Income ETF	7.56%	7.88%	8.83%	6.92%	1.29%	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 IQHI and SGOV in my portfolio?

IQHI and SGOV have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQHI or SGOV?

IQHI has higher volatility (1.74%) compared to SGOV (0.05%). In terms of maximum drawdown, IQHI dropped -4.19% vs SGOV's -0.03%.

Which ETF is better, IQHI or SGOV?

On 3-year performance, IQHI leads with 8.46% vs 4.72% for SGOV. 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.

Which ETF has performed better, IQHI or SGOV?

Over the 3-year period, IQHI has performed better with a 8.46% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQHI or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.40% for IQHI.

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

IQHI has the higher dividend yield at 7.56%, compared with 3.86% for SGOV.

What is the main difference between IQHI and SGOV?

IQHI is categorized as High Yield Bonds, while SGOV is Ultrashort Bond. They also come from different issuers: IndexIQ and iShares. Their fees differ too: 0.40% for IQHI and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 2.08), 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.