NUSB vs. SGOV

Last updated Jun 23, 2026

NUSB (Nuveen Ultra Short Income ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both Ultrashort Bond funds. NUSB is actively managed, while SGOV is passively managed. Over the past year, NUSB returned 4.24% vs 3.93% for SGOV. At a 0.25 correlation, their price movements are largely independent. NUSB charges 0.17%/yr vs 0.09%/yr for SGOV.

Performance

NUSB vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Ultra Short Income ETF (NUSB) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NUSB having a 1.69% return and SGOV slightly higher at 1.70%.

NUSB

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.69%
• 6M: 1.77%
• 1Y: 4.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.01%
• 1M: 0.27%
• YTD: 1.70%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: 4.68%
• 5Y*: 3.58%
• 10Y*: —

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

NUSB vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUSB Nuveen Ultra Short Income ETF	1.69%	4.71%	4.48%
SGOV iShares 0-3 Month Treasury Bond ETF	1.70%	4.24%	4.30%

Correlation

The correlation between NUSB and SGOV is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	0.25

The correlation between NUSB and SGOV shifts across timeframes, from 0.15 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NUSB vs. SGOV — Risk / Return Rank

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

NUSB

NUSB Risk / Return Rank: 99
NUSB Sharpe Ratio Rank: 100
NUSB Sortino Ratio Rank: 99
NUSB Omega Ratio Rank: 99
NUSB Calmar Ratio Rank: 100
NUSB Martin Ratio Rank: 100

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.

NUSB vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Ultra Short Income ETF (NUSB) 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.

	NUSB	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	11.52	20.38	-8.86
Sortino ratio: Return per unit of downside risk	30.56	274.27	-243.71
Omega ratio: Gain probability vs. loss probability	8.46	194.55	-186.09
Calmar ratio: Return relative to maximum drawdown	71.59	396.11	-324.52
Martin ratio: Return relative to average drawdown	380.34	4,438.60	-4,058.26

NUSB vs. SGOV - Sharpe Ratio Comparison

The current NUSB Sharpe Ratio is 11.52, which is lower than the SGOV Sharpe Ratio of 20.38. The chart below compares the historical Sharpe Ratios of NUSB 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

NUSB vs. SGOV - Drawdown Comparison

The maximum NUSB drawdown since its inception was -0.16%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for NUSB and SGOV.

Drawdown Indicators

	NUSB	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-0.03%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-0.01%	-0.05%
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	-0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

NUSB vs. SGOV - Volatility Comparison

Nuveen Ultra Short Income ETF (NUSB) has a higher volatility of 0.09% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that NUSB'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

	NUSB	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	0.06%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.23%	0.13%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	0.37%	0.19%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.39%	0.24%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.39%	0.24%	+0.15%

NUSB vs. SGOV - Expense Ratio Comparison

NUSB has a 0.17% expense ratio, which is higher than SGOV's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NUSB vs. SGOV - Dividend Comparison

NUSB's dividend yield for the trailing twelve months is around 4.29%, more than SGOV's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
NUSB Nuveen Ultra Short Income ETF	4.29%	4.51%	3.61%	0.00%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.85%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both NUSB and SGOV in my portfolio?

NUSB and SGOV have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUSB or SGOV?

NUSB has higher volatility (0.09%) compared to SGOV (0.06%). In terms of maximum drawdown, NUSB dropped -0.16% vs SGOV's -0.03%.

Which ETF is better, NUSB or SGOV?

On 1-year performance, NUSB leads with 4.24% vs 3.93% for SGOV. On fees, SGOV is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUSB or SGOV?

Over the 1-year period, NUSB has performed better with a 4.24% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUSB or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.17% for NUSB.

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

NUSB has the higher dividend yield at 4.29%, compared with 3.85% for SGOV.

What is the main difference between NUSB and SGOV?

They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.17% for NUSB and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.38 vs 11.52), 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.