PMMF vs. SGOV

Last updated Jun 3, 2026

PMMF (iShares Prime Money Market ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - PMMF is a Money Market fund actively managed by BlackRock, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. PMMF is actively managed, while SGOV is passively managed. Over the past year, PMMF returned 4.01% vs 3.95% for SGOV. At a 0.14 correlation, their price movements are largely independent. PMMF charges 0.20%/yr vs 0.09%/yr for SGOV.

Performance

PMMF vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Prime Money Market ETF (PMMF) 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 stocks are quite close, with PMMF having a 1.51% return and SGOV slightly lower at 1.50%.

PMMF

• 1D: 0.01%
• 1M: 0.31%
• YTD: 1.51%
• 6M: 1.82%
• 1Y: 4.01%
• 3Y*: —
• 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)

PMMF vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025
PMMF iShares Prime Money Market ETF	1.51%	3.85%
SGOV iShares 0-3 Month Treasury Bond ETF	1.50%	3.80%

Correlation

The correlation between PMMF and SGOV is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Feb 7, 2025	0.14

Return for Risk

PMMF vs. SGOV — Risk / Return Rank

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

PMMF

PMMF Risk / Return Rank: 100
PMMF Sharpe Ratio Rank: 100
PMMF Sortino Ratio Rank: 100
PMMF Omega Ratio Rank: 100
PMMF Calmar Ratio Rank: 100
PMMF 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.

PMMF vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Prime Money Market ETF (PMMF) 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.

	PMMF	SGOV	Difference
Sharpe ratio Return per unit of total volatility	19.78	20.28	-0.49
Sortino ratio Return per unit of downside risk	95.43	275.69	-180.26
Omega ratio Gain probability vs. loss probability	38.46	195.55	-157.10
Calmar ratio Return relative to maximum drawdown	162.38	399.50	-237.12
Martin ratio Return relative to average drawdown	1,502.39	4,485.48	-2,983.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMMF vs. SGOV - Sharpe Ratio Comparison

The current PMMF Sharpe Ratio is 19.78, which is comparable to the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of PMMF 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

	PMMF	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.78	20.28	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	14.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	11.98	12.48	-0.50

Drawdowns

PMMF vs. SGOV - Drawdown Comparison

The maximum PMMF drawdown since its inception was -0.13%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for PMMF and SGOV.

Drawdown Indicators

	PMMF	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-0.03%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.01%	-0.01%
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	0.00%	0.00%	0.00%

Volatility

PMMF vs. SGOV - Volatility Comparison

iShares Prime Money Market ETF (PMMF) and iShares 0-3 Month Treasury Bond ETF (SGOV) have volatilities of 0.05% and 0.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMMF	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.05%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	0.13%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	0.20%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.34%	0.24%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.34%	0.24%	+0.10%

PMMF vs. SGOV - Expense Ratio Comparison

PMMF has a 0.20% 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

PMMF vs. SGOV - Dividend Comparison

PMMF's dividend yield for the trailing twelve months is around 3.76%, less than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
PMMF iShares Prime Money Market ETF	3.76%	3.59%	0.00%	0.00%	0.00%	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 PMMF and SGOV in my portfolio?

PMMF and SGOV have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMMF or SGOV?

SGOV has higher volatility (0.05%) compared to PMMF (0.05%). In terms of maximum drawdown, PMMF dropped -0.13% vs SGOV's -0.03%.

Which ETF is better, PMMF or SGOV?

On 1-year performance, PMMF leads with 4.01% vs 3.95% 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, PMMF or SGOV?

Over the 1-year period, PMMF has performed better with a 4.01% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMMF or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.20% for PMMF.

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

SGOV has the higher dividend yield at 3.86%, compared with 3.76% for PMMF.

What is the main difference between PMMF and SGOV?

PMMF is categorized as Money Market, while SGOV is Ultrashort Bond. They also come from different issuers: BlackRock and iShares. Their fees differ too: 0.20% for PMMF and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 19.78), 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.