SGOV vs. RAVI
SGOV (iShares 0-3 Month Treasury Bond ETF) and RAVI (FlexShares Ultra-Short Income ETF) are both Ultrashort Bond funds. SGOV is passively managed, while RAVI is actively managed. Over the past 5 years, SGOV returned 3.56%/yr vs 3.52%/yr for RAVI. At a 0.23 correlation, their price movements are largely independent. SGOV charges 0.09%/yr vs 0.25%/yr for RAVI.
Performance
SGOV vs. RAVI - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SGOV having a 1.61% return and RAVI slightly higher at 1.66%.
SGOV
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.91%
- 3Y*
- 4.71%
- 5Y*
- 3.56%
- 10Y*
- —
RAVI
- 1D
- 0.07%
- 1M
- 0.40%
- YTD
- 1.66%
- 6M
- 1.94%
- 1Y
- 4.50%
- 3Y*
- 5.20%
- 5Y*
- 3.52%
- 10Y*
- 2.68%
SGOV vs. RAVI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 1.61% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
RAVI FlexShares Ultra-Short Income ETF | 1.66% | 4.98% | 5.67% | 5.55% | 0.15% | -0.04% | 1.15% |
Correlation
The correlation between SGOV and RAVI is 0.10, 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 | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.23 |
The correlation between SGOV and RAVI shifts across timeframes, from 0.10 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SGOV vs. RAVI — Risk / Return Rank
SGOV
RAVI
SGOV vs. RAVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) and FlexShares Ultra-Short Income ETF (RAVI). 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 | RAVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +9.09 | ||
| Sortino ratioReturn per unit of downside risk | +250.37 | ||
| Omega ratioGain probability vs. loss probability | 195.55 | 5.64 | +189.91 |
| Calmar ratioReturn relative to maximum drawdown | 398.20 | 38.65 | +359.54 |
| Martin ratioReturn relative to average drawdown | 4,461.98 | 231.44 | +4,230.54 |
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Drawdowns
SGOV vs. RAVI - Drawdown Comparison
The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum RAVI drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for SGOV and RAVI.
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Drawdown Indicators
| SGOV | RAVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.03% | -3.72% | +3.69% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.12% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -0.36% | +0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -0.03% | -3.28% | +3.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.72% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.17% | +0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.02% | -0.02% |
Volatility
SGOV vs. RAVI - Volatility Comparison
The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while FlexShares Ultra-Short Income ETF (RAVI) has a volatility of 0.10%. This indicates that SGOV experiences smaller price fluctuations and is considered to be less risky than RAVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGOV | RAVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.10% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 0.30% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.40% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.24% | 1.41% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.24% | 1.28% | -1.04% |
SGOV vs. RAVI - Expense Ratio Comparison
SGOV has a 0.09% expense ratio, which is lower than RAVI's 0.25% 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. RAVI - Dividend Comparison
SGOV's dividend yield for the trailing twelve months is around 3.85%, less than RAVI's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
RAVI FlexShares Ultra-Short Income ETF | 4.38% | 4.59% | 5.34% | 4.55% | 1.70% | 0.90% | 1.29% | 2.53% | 2.22% | 1.28% | 0.90% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SGOV and RAVI have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RAVI has higher volatility (0.10%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs RAVI's -3.72%.
On 5-year performance, SGOV leads with 3.56% vs 3.52% for RAVI. 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.
Over the 5-year period, SGOV has performed better with a 3.56% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.25% for RAVI.
RAVI has the higher dividend yield at 4.38%, compared with 3.85% for SGOV.
They also come from different issuers: iShares and FlexShares. Their fees differ too: 0.09% for SGOV and 0.25% for RAVI.
SGOV currently has the higher Sharpe Ratio (20.28 vs 11.19), 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.
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