IWC vs. SGOV
IWC (iShares Micro-Cap ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, IWC returned 6.69%/yr vs 3.66%/yr for SGOV. Their -0.05 correlation means they have often moved in opposite directions in the past. IWC charges 0.60%/yr vs 0.09%/yr for SGOV.
Performance
IWC vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, IWC achieves a 19.50% return, which is significantly higher than SGOV's 2.11% return.
IWC
- 1D
- -0.70%
- 1M
- -5.03%
- 6M
- 12.92%
- YTD
- 19.50%
- 1Y
- 48.46%
- 3Y*
- 19.06%
- 5Y*
- 6.69%
- 10Y*
- 11.12%
- ALL TIME*
- 7.67%
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) |
|---|---|---|---|
| $9.94M | $13.29M | $20.50M | |
| $1.83B | $1.81B | $2.03B |
IWC vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IWC iShares Micro-Cap ETF | 19.50% | 22.45% | 13.63% | 8.99% | -21.93% | 18.67% | 41.12% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.11% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between IWC and SGOV is -0.14, 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. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.05 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | -0.05 |
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Return for Risk
IWC vs. SGOV — Risk / Return Rank
IWC
SGOV
IWC vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) 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.
| IWC | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.89 | ||
| Sortino ratioReturn per unit of downside risk | -379.26 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 382.06 | -380.75 |
| Calmar ratioReturn relative to maximum drawdown | 3.67 | 389.90 | -386.24 |
| Martin ratioReturn relative to average drawdown | 11.65 | 6,177.21 | -6,165.56 |
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Drawdowns
IWC vs. SGOV - Drawdown Comparison
The maximum IWC drawdown since its inception was -64.61%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for IWC and SGOV.
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Drawdown Indicators
| IWC | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.61% | -0.03% | -64.58% |
Max Drawdown (1Y)Largest decline over 1 year | -12.43% | -0.01% | -12.42% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -0.01% | -29.45% |
Max Drawdown (5Y)Largest decline over 5 years | -40.61% | -0.03% | -40.58% |
Max Drawdown (10Y)Largest decline over 10 years | -47.21% | — | — |
Current DrawdownCurrent decline from peak | -6.31% | 0.00% | -6.31% |
Average DrawdownAverage peak-to-trough decline | -15.18% | 0.00% | -15.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 0.00% | +3.91% |
Volatility
IWC vs. SGOV - Volatility Comparison
iShares Micro-Cap ETF (IWC) has a higher volatility of 4.63% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that IWC'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
| IWC | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 0.05% | +4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 18.22% | 0.13% | +18.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.13% | 0.19% | +23.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.46% | 0.24% | +24.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.48% | 0.23% | +24.25% |
IWC vs. SGOV - Expense Ratio Comparison
IWC has a 0.60% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
IWC vs. SGOV - Dividend Comparison
IWC's dividend yield for the trailing twelve months is around 1.01%, less than SGOV's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWC iShares Micro-Cap ETF | 1.01% | 1.10% | 1.06% | 1.17% | 1.18% | 0.78% | 0.98% | 1.19% | 1.01% | 1.09% | 1.16% | 1.49% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.43% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IWC 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.
IWC has higher volatility (4.63%) compared to SGOV (0.05%). In terms of maximum drawdown, IWC dropped -64.61% vs SGOV's -0.03%.
On 5-year performance, IWC leads with 6.69% vs 3.66% 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.
Over the 5-year period, IWC has performed better with a 6.69% return vs 3.66%. 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 0.60% for IWC.
SGOV has the higher dividend yield at 3.43%, compared with 1.01% for IWC.
IWC is categorized as Small Cap Blend Equities, while SGOV is Ultrashort Bond. IWC tracks Russell Microcap Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.60% for IWC and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.78 vs 1.89), 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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