SGOV vs. CBOX

Last updated Aug 1, 2026

SGOV (iShares 0-3 Month Treasury Bond ETF) and CBOX (Calamos Tax-Aware Collateral ETF) are both exchange-traded funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index, while CBOX is a Options Trading fund actively managed by Calamos. SGOV is passively managed, while CBOX is actively managed. Their 0.01 correlation means their historical movements had little consistent relationship. SGOV charges 0.09%/yr vs 0.14%/yr for CBOX.

Performance

SGOV vs. CBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-3 Month Treasury Bond ETF (SGOV) and Calamos Tax-Aware Collateral ETF (CBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SGOV

• 1D: 0.02%
• 1M: 0.31%
• 6M: 1.81%
• YTD: 2.11%
• 1Y: 3.86%
• 3Y*: 4.64%
• 5Y*: 3.66%
• 10Y*: —
• ALL TIME*: 2.96%

CBOX

• 1D: 0.00%
• 1M: 0.40%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBOX Calamos Tax-Aware Collateral ETF	$7.89M	$8.89M	$7.14M
SGOV iShares 0-3 Month Treasury Bond ETF	$1.83B	$1.81B	$2.03B

SGOV vs. CBOX - Yearly Performance Comparison

	2026 (YTD)
SGOV iShares 0-3 Month Treasury Bond ETF	1.07%
CBOX Calamos Tax-Aware Collateral ETF	1.12%

Correlation

The correlation between SGOV and CBOX is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 17, 2026	0.01

Return for Risk

SGOV vs. CBOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

CBOX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SGOV vs. CBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) and Calamos Tax-Aware Collateral ETF (CBOX). 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.

	SGOV	CBOX	Difference
Sharpe ratio: Return per unit of total volatility	20.78	—	—
Sortino ratio: Return per unit of downside risk	381.82	—	—
Omega ratio: Gain probability vs. loss probability	382.06	—	—
Calmar ratio: Return relative to maximum drawdown	389.90	—	—
Martin ratio: Return relative to average drawdown	6,177.21	—	—

Drawdowns

SGOV vs. CBOX - Drawdown Comparison

The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum CBOX drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for SGOV and CBOX.

Drawdown Indicators

	SGOV	CBOX	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-2.90%	+2.87%
Max Drawdown (1Y) Largest decline over 1 year	-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%	-2.30%	+2.30%
Average Drawdown Average peak-to-trough decline	0.00%	-1.47%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	SGOV	CBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.13%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.19%	7.83%	-7.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.24%	7.83%	-7.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.23%	7.83%	-7.60%

SGOV vs. CBOX - Expense Ratio Comparison

SGOV has a 0.09% expense ratio, which is lower than CBOX'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. CBOX - Dividend Comparison

SGOV's dividend yield for the trailing twelve months is around 3.79%, while CBOX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
CBOX Calamos Tax-Aware Collateral ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.79%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both SGOV and CBOX in my portfolio?

SGOV and CBOX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SGOV or CBOX?

On fees, SGOV is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SGOV or CBOX?

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

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

SGOV has the higher dividend yield at 3.79%, compared with 0.00% for CBOX.

What is the main difference between SGOV and CBOX?

SGOV is categorized as Ultrashort Bond, while CBOX is Options Trading. They also come from different issuers: iShares and Calamos. Their fees differ too: 0.09% for SGOV and 0.14% for CBOX.