SGOV vs. BIL

Last updated Jun 5, 2026

SGOV (iShares 0-3 Month Treasury Bond ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, SGOV returned 3.54%/yr vs 3.41%/yr for BIL. A 0.57 correlation means they provide meaningful diversification when combined. SGOV charges 0.09%/yr vs 0.14%/yr for BIL.

Performance

SGOV vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-3 Month Treasury Bond ETF (SGOV) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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 SGOV having a 1.52% return and BIL slightly lower at 1.49%.

SGOV

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.52%
• 6M: 1.79%
• 1Y: 3.95%
• 3Y*: 4.72%
• 5Y*: 3.54%
• 10Y*: —

BIL

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.49%
• 6M: 1.76%
• 1Y: 3.87%
• 3Y*: 4.64%
• 5Y*: 3.41%
• 10Y*: 2.18%

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

SGOV vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SGOV iShares 0-3 Month Treasury Bond ETF	1.52%	4.24%	5.27%	5.12%	1.58%	0.04%	0.05%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.49%	4.15%	5.19%	4.94%	1.40%	-0.10%	-0.01%

Correlation

The correlation between SGOV and BIL is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since May 29, 2020	0.57

The correlation between SGOV and BIL has been stable across timeframes, ranging from 0.53 to 0.57 - a consistent structural relationship.

Return for Risk

SGOV vs. BIL — Risk / Return Rank

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

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

BIL

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

SGOV vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.

	SGOV	BIL	Difference
Sharpe ratio: Return per unit of total volatility	20.28	19.71	+0.57
Sortino ratio: Return per unit of downside risk	275.69	174.16	+101.53
Omega ratio: Gain probability vs. loss probability	195.55	87.91	+107.64
Calmar ratio: Return relative to maximum drawdown	398.20	355.35	+42.84
Martin ratio: Return relative to average drawdown	4,462.00	2,817.77	+1,644.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGOV vs. BIL - Sharpe Ratio Comparison

The current SGOV Sharpe Ratio is 20.28, which is comparable to the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of SGOV and BIL, 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

	SGOV	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	20.28	19.71	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	14.74	13.15	+1.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	8.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	12.49	2.78	+9.71

Drawdowns

SGOV vs. BIL - Drawdown Comparison

The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum BIL drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SGOV and BIL.

Drawdown Indicators

	SGOV	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-0.78%	+0.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.01%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	-0.01%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-0.03%	-0.10%	+0.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.26%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

SGOV vs. BIL - Volatility Comparison

The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) has a volatility of 0.06%. This indicates that SGOV experiences smaller price fluctuations and is considered to be less risky than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGOV	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.06%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	0.13%	0.00%
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	0.24%	0.26%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	0.26%	-0.02%

SGOV vs. BIL - Expense Ratio Comparison

SGOV has a 0.09% expense ratio, which is lower than BIL's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SGOV vs. BIL - Dividend Comparison

SGOV's dividend yield for the trailing twelve months is around 3.86%, which matches BIL's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.86%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
SGOV iShares 0-3 Month Treasury Bond ETF	3.86%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SGOV and BIL in my portfolio?

SGOV and BIL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGOV or BIL?

BIL has higher volatility (0.06%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs BIL's -0.78%.

Which ETF is better, SGOV or BIL?

On 5-year performance, SGOV leads with 3.54% vs 3.41% for BIL. 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, SGOV or BIL?

Over the 5-year period, SGOV has performed better with a 3.54% return vs 3.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGOV or BIL?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.14% for BIL.

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

SGOV and BIL have nearly identical dividend yields, around 3.86%.

What is the main difference between SGOV and BIL?

SGOV is categorized as Ultrashort Bond, while BIL is Government Bonds. SGOV tracks ICE 0-3 Month US Treasury Securities Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.09% for SGOV and 0.14% for BIL.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 19.71), 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.