SGOV vs. SUB

Last updated Aug 1, 2026

SGOV (iShares 0-3 Month Treasury Bond ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both exchange-traded funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index, while SUB is a Municipal Bonds fund tracking the ICE Short Maturity AMT-Free US National Municipal Index. Both are passively managed. Over the past 5 years, SGOV returned 3.66%/yr vs 1.40%/yr for SUB. Their 0.07 correlation means their historical movements had little consistent relationship. SGOV charges 0.09%/yr vs 0.07%/yr for SUB.

Performance

SGOV vs. SUB - 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 Short-Term National Muni Bond ETF (SUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGOV achieves a 2.11% return, which is significantly higher than SUB's 0.76% return.

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%

SUB

• 1D: 0.01%
• 1M: -0.08%
• 6M: 0.19%
• YTD: 0.76%
• 1Y: 2.01%
• 3Y*: 3.00%
• 5Y*: 1.40%
• 10Y*: 1.42%
• ALL TIME*: 1.58%

*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)
SGOV iShares 0-3 Month Treasury Bond ETF	$1.83B	$1.81B	$2.03B
SUB iShares Short-Term National Muni Bond ETF	$44.46M	$43.86M	$47.41M

SGOV vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SGOV iShares 0-3 Month Treasury Bond ETF	2.11%	4.24%	5.27%	5.12%	1.58%	0.04%	0.04%
SUB iShares Short-Term National Muni Bond ETF	0.76%	3.64%	2.17%	2.91%	-2.05%	0.03%	0.86%

Correlation

The correlation between SGOV and SUB 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 (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (3Y) Balances recent behavior with more history.	0.04
Correlation (5Y) Shows whether the relationship held over a longer period.	0.08
Correlation (All Time) Calculated using the full available price history since May 28, 2020	0.07

Return for Risk

SGOV vs. SUB — 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

SUB

SUB Risk / Return Rank: 74
SUB Sharpe Ratio Rank: 79
SUB Sortino Ratio Rank: 78
SUB Omega Ratio Rank: 85
SUB Calmar Ratio Rank: 72
SUB Martin Ratio Rank: 58

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. SUB - 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 Short-Term National Muni Bond ETF (SUB). 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	SUB	Difference
Sharpe ratio: Return per unit of total volatility	20.78	1.80	+18.98
Sortino ratio: Return per unit of downside risk	381.82	2.50	+379.32
Omega ratio: Gain probability vs. loss probability	382.06	1.37	+380.69
Calmar ratio: Return relative to maximum drawdown	389.90	2.50	+387.40
Martin ratio: Return relative to average drawdown	6,177.21	6.88	+6,170.33

SGOV vs. SUB - Sharpe Ratio Comparison

The current SGOV Sharpe Ratio is 20.78, which is higher than the SUB Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of SGOV and SUB, 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. SUB - Drawdown Comparison

The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for SGOV and SUB.

Drawdown Indicators

	SGOV	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-9.46%	+9.43%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.81%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	-1.23%	+1.22%
Max Drawdown (5Y) Largest decline over 5 years	-0.03%	-4.33%	+4.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-9.46%	—
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	0.00%	-0.91%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.29%	-0.29%

Volatility

SGOV vs. SUB - Volatility Comparison

The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while iShares Short-Term National Muni Bond ETF (SUB) has a volatility of 0.51%. This indicates that SGOV experiences smaller price fluctuations and is considered to be less risky than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGOV	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.51%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	0.90%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	0.19%	1.12%	-0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.24%	1.65%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.23%	2.60%	-2.37%

SGOV vs. SUB - Expense Ratio Comparison

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

SGOV's dividend yield for the trailing twelve months is around 3.79%, more than SUB's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SGOV iShares 0-3 Month Treasury Bond ETF	3.79%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%
SUB iShares Short-Term National Muni Bond ETF	2.54%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both SGOV and SUB in my portfolio?

SGOV and SUB 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 SUB?

SUB has higher volatility (0.51%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs SUB's -9.46%.

Which ETF is better, SGOV or SUB?

On 5-year performance, SGOV leads with 3.66% vs 1.40% for SUB. On fees, SUB is cheaper at 0.07% 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 SUB?

Over the 5-year period, SGOV has performed better with a 3.66% return vs 1.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGOV or SUB?

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

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

SGOV has the higher dividend yield at 3.79%, compared with 2.54% for SUB.

What is the main difference between SGOV and SUB?

SGOV is categorized as Ultrashort Bond, while SUB is Municipal Bonds. SGOV tracks ICE 0-3 Month US Treasury Securities Index, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index. Their fees differ too: 0.09% for SGOV and 0.07% for SUB.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.78 vs 1.80), 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.