SGOV vs. SHLD

Last updated Jun 14, 2026

SGOV (iShares 0-3 Month Treasury Bond ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, SGOV returned 3.91% vs 8.26% for SHLD. At a 0.00 correlation, their price movements are largely independent. SGOV charges 0.09%/yr vs 0.50%/yr for SHLD.

Performance

SGOV vs. SHLD - 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 Defense Tech ETF (SHLD). 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 SHLD's -1.50% return.

SGOV

• 1D: 0.02%
• 1M: 0.26%
• YTD: 1.61%
• 6M: 1.78%
• 1Y: 3.91%
• 3Y*: 4.71%
• 5Y*: 3.56%
• 10Y*: —

SHLD

• 1D: -2.04%
• 1M: 2.37%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 8.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SGOV vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SGOV iShares 0-3 Month Treasury Bond ETF	1.61%	4.24%	5.27%	1.63%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between SGOV and SHLD is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.00

Return for Risk

SGOV vs. SHLD — 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

SHLD

SHLD Risk / Return Rank: 16
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 17
SHLD Omega Ratio Rank: 16
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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. SHLD - 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 Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	20.28	0.43	+19.85
Sortino ratio: Return per unit of downside risk	275.69	0.78	+274.91
Omega ratio: Gain probability vs. loss probability	195.55	1.09	+194.46
Calmar ratio: Return relative to maximum drawdown	398.20	0.52	+397.68
Martin ratio: Return relative to average drawdown	4,461.98	1.28	+4,460.69

SGOV vs. SHLD - Sharpe Ratio Comparison

The current SGOV Sharpe Ratio is 20.28, which is higher than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of SGOV and SHLD, 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. SHLD - Drawdown Comparison

The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum SHLD drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for SGOV and SHLD.

Drawdown Indicators

	SGOV	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-20.10%	+20.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-20.10%	+20.09%
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%	-18.20%	+18.20%
Average Drawdown Average peak-to-trough decline	-0.00%	-3.34%	+3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	8.12%	-8.12%

Volatility

SGOV vs. SHLD - Volatility Comparison

The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.05%. This indicates that SGOV experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGOV	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	9.05%	-9.00%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	19.94%	-19.81%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	24.55%	-24.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.24%	21.29%	-21.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	21.29%	-21.05%

SGOV vs. SHLD - Expense Ratio Comparison

SGOV has a 0.09% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

SGOV vs. SHLD - Dividend Comparison

SGOV's dividend yield for the trailing twelve months is around 3.85%, more than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SGOV iShares 0-3 Month Treasury Bond ETF	3.85%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SGOV and SHLD in my portfolio?

SGOV and SHLD have a correlation of -0.08, 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 SHLD?

SHLD has higher volatility (9.05%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs SHLD's -20.10%.

Which ETF is better, SGOV or SHLD?

On 1-year performance, SHLD leads with 8.26% vs 3.91% for SGOV. On fees, SGOV is cheaper at 0.09% per year. 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 SHLD?

Over the 1-year period, SHLD has performed better with a 8.26% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGOV or SHLD?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.50% for SHLD.

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

SGOV has the higher dividend yield at 3.85%, compared with 0.56% for SHLD.

What is the main difference between SGOV and SHLD?

SGOV is categorized as Ultrashort Bond, while SHLD is Aerospace & Defense. SGOV tracks ICE 0-3 Month US Treasury Securities Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.09% for SGOV and 0.50% for SHLD.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 0.43), 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.