SGOV vs. CLIP

Last updated Jun 4, 2026

SGOV (iShares 0-3 Month Treasury Bond ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both Ultrashort Bond funds - SGOV tracks the ICE 0-3 Month US Treasury Securities Index while CLIP tracks the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past year, SGOV returned 3.95% vs 3.96% for CLIP. At a 0.33 correlation, their price movements are largely independent. SGOV charges 0.09%/yr vs 0.07%/yr for CLIP.

Performance

SGOV vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-3 Month Treasury Bond ETF (SGOV) and Global X 1-3 Month T-Bill ETF (CLIP). 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 1.51% return and CLIP slightly lower at 1.50%.

SGOV

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.51%
• 6M: 1.80%
• 1Y: 3.95%
• 3Y*: 4.72%
• 5Y*: 3.54%
• 10Y*: —

CLIP

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SGOV vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SGOV iShares 0-3 Month Treasury Bond ETF	1.51%	4.24%	5.27%	2.84%
CLIP Global X 1-3 Month T-Bill ETF	1.50%	4.23%	5.26%	2.82%

Correlation

The correlation between SGOV and CLIP is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.33

Over the past year, SGOV and CLIP have become more correlated (0.54) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

SGOV vs. CLIP — 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

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP 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. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) and Global X 1-3 Month T-Bill ETF (CLIP). 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	CLIP	Difference
Sharpe ratio Return per unit of total volatility	20.28	17.26	+3.02
Sortino ratio Return per unit of downside risk	275.69	72.02	+203.66
Omega ratio Gain probability vs. loss probability	195.55	20.66	+174.89
Calmar ratio Return relative to maximum drawdown	398.20	142.22	+255.97
Martin ratio Return relative to average drawdown	4,462.00	1,151.15	+3,310.85
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. CLIP - Sharpe Ratio Comparison

The current SGOV Sharpe Ratio is 20.28, which is comparable to the CLIP Sharpe Ratio of 17.26. The chart below compares the historical Sharpe Ratios of SGOV and CLIP, 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	CLIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	20.28	17.26	+3.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	14.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	12.48	10.71	+1.78

Drawdowns

SGOV vs. CLIP - Drawdown Comparison

The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum CLIP drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for SGOV and CLIP.

Drawdown Indicators

	SGOV	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-0.08%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.03%	+0.02%
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

SGOV vs. CLIP - Volatility Comparison

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

Volatility by Period

	SGOV	CLIP	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%	0.14%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	0.23%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.24%	0.44%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	0.44%	-0.20%

SGOV vs. CLIP - Expense Ratio Comparison

SGOV has a 0.09% expense ratio, which is higher than CLIP's 0.07% 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

SGOV vs. CLIP - Dividend Comparison

SGOV's dividend yield for the trailing twelve months is around 3.86%, less than CLIP's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CLIP Global X 1-3 Month T-Bill ETF	3.91%	4.14%	5.11%	2.75%	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 SGOV and CLIP in my portfolio?

SGOV and CLIP have a correlation of 0.54, 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 CLIP?

CLIP has higher volatility (0.06%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs CLIP's -0.08%.

Which ETF is better, SGOV or CLIP?

On 1-year performance, CLIP leads with 3.96% vs 3.95% for SGOV. On fees, CLIP is cheaper at 0.07% 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 CLIP?

Over the 1-year period, CLIP has performed better with a 3.96% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGOV or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.09% for SGOV.

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

CLIP has the higher dividend yield at 3.91%, compared with 3.86% for SGOV.

What is the main difference between SGOV and CLIP?

SGOV tracks ICE 0-3 Month US Treasury Securities Index, while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: iShares and Global X. Their fees differ too: 0.09% for SGOV and 0.07% for CLIP.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 17.26), 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.