SGOV vs. TLT
SGOV (iShares 0-3 Month Treasury Bond ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 5 years, SGOV returned 3.66%/yr vs -8.10%/yr for TLT. Their 0.02 correlation means their historical movements had little consistent relationship. SGOV charges 0.09%/yr vs 0.15%/yr for TLT.
Performance
SGOV vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SGOV achieves a 2.14% return, which is significantly higher than TLT's -2.43% return.
SGOV
- 1D
- 0.01%
- 1M
- 0.30%
- 6M
- 1.81%
- YTD
- 2.14%
- 1Y
- 3.84%
- 3Y*
- 4.62%
- 5Y*
- 3.66%
- 10Y*
- —
- ALL TIME*
- 2.96%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.10B | $1.90B | $2.07B | |
| $2.59B | $2.11B | $2.22B |
SGOV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 2.14% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
TLT iShares 20+ Year Treasury Bond ETF | -2.43% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | -2.39% |
Correlation
The correlation between SGOV and TLT is -0.06, 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. | -0.06 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.02 |
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Return for Risk
SGOV vs. TLT — Risk / Return Rank
SGOV
TLT
SGOV vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +20.90 | ||
| Sortino ratioReturn per unit of downside risk | +379.43 | ||
| Omega ratioGain probability vs. loss probability | 379.49 | 0.98 | +378.51 |
| Calmar ratioReturn relative to maximum drawdown | 387.22 | -0.21 | +387.43 |
| Martin ratioReturn relative to average drawdown | 6,134.73 | -0.45 | +6,135.18 |
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Drawdowns
SGOV vs. TLT - Drawdown Comparison
The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SGOV and TLT.
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Drawdown Indicators
| SGOV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.03% | -48.35% | +48.32% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -7.74% | +7.73% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -14.79% | +14.78% |
Max Drawdown (5Y)Largest decline over 5 years | -0.03% | -43.70% | +43.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -41.73% | +41.73% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -14.00% | +14.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.63% | -3.63% |
Volatility
SGOV vs. TLT - Volatility Comparison
The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.04%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.67%. This indicates that SGOV experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGOV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.04% | 2.67% | -2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 6.88% | -6.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.19% | 9.25% | -9.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.24% | 15.75% | -15.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.23% | 14.83% | -14.60% |
SGOV vs. TLT - Expense Ratio Comparison
SGOV has a 0.09% expense ratio, which is lower than TLT's 0.15% 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. TLT - Dividend Comparison
SGOV's dividend yield for the trailing twelve months is around 3.75%, less than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.75% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.71% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
SGOV and TLT have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.67%) compared to SGOV (0.04%). In terms of maximum drawdown, SGOV dropped -0.03% vs TLT's -48.35%.
On 5-year performance, SGOV leads with 3.66% vs -8.10% for TLT. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.04%. 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 3.66% return vs -8.10%. 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 0.15% for TLT.
TLT has the higher dividend yield at 4.71%, compared with 3.75% for SGOV.
SGOV is categorized as Ultrashort Bond, while TLT is Government Bonds. SGOV tracks ICE 0-3 Month US Treasury Securities Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.09% for SGOV and 0.15% for TLT.
SGOV currently has the higher Sharpe Ratio (20.72 vs -0.18), 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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