KWT vs. SGOV

Last updated Jul 14, 2026

KWT (iShares MSCI Kuwait ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - KWT is a Financials Equities fund tracking the MSCI All Kuwait Select Size Liquidity Capped 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, KWT returned 8.57%/yr vs 3.62%/yr for SGOV. At a correlation of -0.05, they often move in opposite directions. KWT charges 0.74%/yr vs 0.09%/yr for SGOV.

Performance

KWT vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kuwait ETF (KWT) 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, KWT achieves a -3.40% return, which is significantly lower than SGOV's 1.92% return.

KWT

• 1D: -1.00%
• 1M: -3.28%
• 6M: -1.77%
• YTD: -3.40%
• 1Y: -2.09%
• 3Y*: 7.37%
• 5Y*: 8.57%
• 10Y*: —

SGOV

• 1D: 0.02%
• 1M: 0.30%
• 6M: 1.80%
• YTD: 1.92%
• 1Y: 3.88%
• 3Y*: 4.66%
• 5Y*: 3.62%
• 10Y*: —

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

KWT vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KWT iShares MSCI Kuwait ETF	-3.40%	25.38%	11.29%	-4.71%	5.16%	30.73%	7.37%
SGOV iShares 0-3 Month Treasury Bond ETF	1.92%	4.24%	5.27%	5.12%	1.58%	0.04%	0.03%

Correlation

The correlation between KWT and SGOV is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Sep 3, 2020	-0.05

Return for Risk

KWT vs. SGOV — Risk / Return Rank

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

KWT

KWT Risk / Return Rank: 7
KWT Sharpe Ratio Rank: 8
KWT Sortino Ratio Rank: 7
KWT Omega Ratio Rank: 7
KWT Calmar Ratio Rank: 8
KWT Martin Ratio Rank: 7

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.

KWT vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kuwait ETF (KWT) 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.

	KWT	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	20.83	-20.99
Sortino ratio: Return per unit of downside risk	-0.13	383.82	-383.95
Omega ratio: Gain probability vs. loss probability	0.98	384.06	-383.07
Calmar ratio: Return relative to maximum drawdown	-0.18	391.99	-392.17
Martin ratio: Return relative to average drawdown	-0.40	6,210.22	-6,210.62

KWT vs. SGOV - Sharpe Ratio Comparison

The current KWT Sharpe Ratio is -0.16, which is lower than the SGOV Sharpe Ratio of 20.83. The chart below compares the historical Sharpe Ratios of KWT 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.

Drawdowns

KWT vs. SGOV - Drawdown Comparison

The maximum KWT drawdown since its inception was -24.37%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for KWT and SGOV.

Drawdown Indicators

	KWT	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-24.37%	-0.03%	-24.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-0.01%	-11.53%
Max Drawdown (3Y) Largest decline over 3 years	-15.22%	-0.01%	-15.21%
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	-0.03%	-24.34%
Current Drawdown Current decline from peak	-8.07%	0.00%	-8.07%
Average Drawdown Average peak-to-trough decline	-7.29%	-0.00%	-7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	0.00%	+5.24%

Volatility

KWT vs. SGOV - Volatility Comparison

iShares MSCI Kuwait ETF (KWT) has a higher volatility of 3.44% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that KWT'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

	KWT	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	0.05%	+3.39%
Volatility (6M) Calculated over the trailing 6-month period	10.27%	0.13%	+10.14%
Volatility (1Y) Calculated over the trailing 1-year period	13.40%	0.19%	+13.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	0.24%	+13.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.92%	0.24%	+13.68%

KWT vs. SGOV - Expense Ratio Comparison

KWT has a 0.74% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

KWT vs. SGOV - Dividend Comparison

KWT's dividend yield for the trailing twelve months is around 5.70%, more than SGOV's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
KWT iShares MSCI Kuwait ETF	5.70%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%
SGOV iShares 0-3 Month Treasury Bond ETF	3.80%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both KWT and SGOV in my portfolio?

KWT and SGOV have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KWT or SGOV?

KWT has higher volatility (3.44%) compared to SGOV (0.05%). In terms of maximum drawdown, KWT dropped -24.37% vs SGOV's -0.03%.

Which ETF is better, KWT or SGOV?

On 5-year performance, KWT leads with 8.57% vs 3.62% 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, KWT or SGOV?

Over the 5-year period, KWT has performed better with a 8.57% return vs 3.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KWT or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.74% for KWT.

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

KWT has the higher dividend yield at 5.70%, compared with 3.80% for SGOV.

What is the main difference between KWT and SGOV?

KWT is categorized as Financials Equities, while SGOV is Ultrashort Bond. KWT tracks MSCI All Kuwait Select Size Liquidity Capped Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.74% for KWT and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.83 vs -0.16), 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.