LQDW vs. SGOV
LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - LQDW is a Corporate Bonds fund tracking the CBOE LQD BuyWrite 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 3 years, LQDW returned 3.87%/yr vs 4.72%/yr for SGOV. At a 0.01 correlation, their price movements are largely independent. LQDW charges 0.34%/yr vs 0.09%/yr for SGOV.
Performance
LQDW vs. SGOV - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with LQDW having a 1.45% return and SGOV slightly higher at 1.52%.
LQDW
- 1D
- 0.20%
- 1M
- 0.54%
- YTD
- 1.45%
- 6M
- 1.83%
- 1Y
- 6.76%
- 3Y*
- 3.87%
- 5Y*
- —
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.52%
- 6M
- 1.79%
- 1Y
- 3.95%
- 3Y*
- 4.72%
- 5Y*
- 3.54%
- 10Y*
- —
LQDW vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.45% | 9.05% | 2.60% | 3.99% | -6.78% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.52% | 4.24% | 5.27% | 5.12% | 1.15% |
Correlation
The correlation between LQDW and SGOV is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2022 | 0.01 |
The correlation between LQDW and SGOV shifts across timeframes, from -0.11 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LQDW vs. SGOV — Risk / Return Rank
LQDW
SGOV
LQDW vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) 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.
| LQDW | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.36 | ||
| Sortino ratioReturn per unit of downside risk | -272.96 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 195.55 | -194.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 398.20 | -395.58 |
| Martin ratioReturn relative to average drawdown | 9.79 | 4,462.00 | -4,452.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LQDW | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.92 | 20.28 | -18.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 14.74 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 12.49 | -12.02 |
Drawdowns
LQDW vs. SGOV - Drawdown Comparison
The maximum LQDW drawdown since its inception was -9.20%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for LQDW and SGOV.
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Drawdown Indicators
| LQDW | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.20% | -0.03% | -9.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -0.01% | -2.58% |
Max Drawdown (3Y)Largest decline over 3 years | -6.74% | -0.01% | -6.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.03% | — |
Current DrawdownCurrent decline from peak | -0.15% | 0.00% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -2.35% | -0.00% | -2.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.00% | +0.69% |
Volatility
LQDW vs. SGOV - Volatility Comparison
iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) has a higher volatility of 1.39% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that LQDW'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
| LQDW | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 0.05% | +1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 0.13% | +2.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.54% | 0.20% | +3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 0.24% | +5.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.49% | 0.24% | +5.25% |
LQDW vs. SGOV - Expense Ratio Comparison
LQDW has a 0.34% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
LQDW vs. SGOV - Dividend Comparison
LQDW's dividend yield for the trailing twelve months is around 12.55%, more than SGOV's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.55% | 16.02% | 15.74% | 19.28% | 8.85% | 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
LQDW and SGOV have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LQDW has higher volatility (1.39%) compared to SGOV (0.05%). In terms of maximum drawdown, LQDW dropped -9.20% vs SGOV's -0.03%.
On 3-year performance, SGOV leads with 4.72% vs 3.87% for LQDW. 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 3-year period, SGOV has performed better with a 4.72% return vs 3.87%. 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 0.34% for LQDW.
LQDW has the higher dividend yield at 12.55%, compared with 3.86% for SGOV.
LQDW is categorized as Corporate Bonds, while SGOV is Ultrashort Bond. LQDW tracks CBOE LQD BuyWrite Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.34% for LQDW and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 vs 1.92), 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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