SGOV vs. IAUM

Last updated Jun 13, 2026

SGOV (iShares 0-3 Month Treasury Bond ETF) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, SGOV returned 4.71%/yr vs 29.28%/yr for IAUM. At a 0.01 correlation, their price movements are largely independent. Both charge a 0.09% expense ratio.

Performance

SGOV vs. IAUM - Performance Comparison

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

Returns By Period

In the year-to-date period, SGOV achieves a 1.61% return, which is significantly higher than IAUM's -2.40% return.

SGOV

• 1D: 0.02%
• 1M: 0.30%
• YTD: 1.61%
• 6M: 1.78%
• 1Y: 3.95%
• 3Y*: 4.71%
• 5Y*: 3.56%
• 10Y*: —

IAUM

• 1D: 0.10%
• 1M: -10.19%
• YTD: -2.40%
• 6M: -2.08%
• 1Y: 24.22%
• 3Y*: 29.28%
• 5Y*: —
• 10Y*: —

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

SGOV vs. IAUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SGOV iShares 0-3 Month Treasury Bond ETF	1.61%	4.24%	5.27%	5.12%	1.58%	0.03%
IAUM iShares Gold Trust Micro	-2.40%	64.27%	27.04%	13.12%	-0.49%	3.87%

Correlation

The correlation between SGOV and IAUM is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021	0.01

Return for Risk

SGOV vs. IAUM — 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

IAUM

IAUM Risk / Return Rank: 27
IAUM Sharpe Ratio Rank: 28
IAUM Sortino Ratio Rank: 25
IAUM Omega Ratio Rank: 31
IAUM Calmar Ratio Rank: 24
IAUM Martin Ratio Rank: 25

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. IAUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) and iShares Gold Trust Micro (IAUM). 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	IAUM	Difference
Sharpe ratio: Return per unit of total volatility	20.28	0.90	+19.38
Sortino ratio: Return per unit of downside risk	275.69	1.26	+274.42
Omega ratio: Gain probability vs. loss probability	195.55	1.19	+194.36
Calmar ratio: Return relative to maximum drawdown	398.20	1.00	+397.20
Martin ratio: Return relative to average drawdown	4,461.98	2.87	+4,459.11

SGOV vs. IAUM - Sharpe Ratio Comparison

The current SGOV Sharpe Ratio is 20.28, which is higher than the IAUM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of SGOV and IAUM, 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

SGOV vs. IAUM - Drawdown Comparison

The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum IAUM drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for SGOV and IAUM.

Drawdown Indicators

	SGOV	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-24.37%	+24.34%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-24.37%	+24.36%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	-24.37%	+24.36%
Max Drawdown (5Y) Largest decline over 5 years	-0.03%	—	—
Current Drawdown Current decline from peak	0.00%	-21.99%	+21.99%
Average Drawdown Average peak-to-trough decline	-0.00%	-5.38%	+5.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	8.46%	-8.46%

Volatility

SGOV vs. IAUM - Volatility Comparison

The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while iShares Gold Trust Micro (IAUM) has a volatility of 7.71%. This indicates that SGOV experiences smaller price fluctuations and is considered to be less risky than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGOV	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	7.71%	-7.66%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	23.82%	-23.69%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	27.06%	-26.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.24%	18.05%	-17.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	18.05%	-17.81%

SGOV vs. IAUM - Expense Ratio Comparison

Both SGOV and IAUM have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SGOV vs. IAUM - Dividend Comparison

SGOV's dividend yield for the trailing twelve months is around 3.85%, while IAUM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
IAUM iShares Gold Trust Micro	0.00%	0.00%	0.00%	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 SGOV and IAUM in my portfolio?

SGOV and IAUM 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 is riskier, SGOV or IAUM?

IAUM has higher volatility (7.71%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs IAUM's -24.37%.

Which ETF is better, SGOV or IAUM?

On 3-year performance, IAUM leads with 29.28% vs 4.71% for SGOV. Both ETFs have the same 0.09% expense ratio. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGOV or IAUM?

Over the 3-year period, IAUM has performed better with a 29.28% return vs 4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGOV or IAUM?

SGOV and IAUM have the same expense ratio: 0.09% per year.

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

SGOV has the higher dividend yield at 3.85%, compared with 0.00% for IAUM.

What is the main difference between SGOV and IAUM?

SGOV is categorized as Ultrashort Bond, while IAUM is Gold. SGOV tracks ICE 0-3 Month US Treasury Securities Index, while IAUM tracks LBMA Gold Price PM.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 0.90), 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.