SGOV vs. USDX

Last updated Jun 13, 2026

SGOV (iShares 0-3 Month Treasury Bond ETF) and USDX (SGI Enhanced Core ETF) are both exchange-traded funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index, while USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments. SGOV is passively managed, while USDX is actively managed. Over the past year, SGOV returned 3.95% vs 6.47% for USDX. At a 0.02 correlation, their price movements are largely independent. SGOV charges 0.09%/yr vs 0.98%/yr for USDX.

Performance

SGOV vs. USDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-3 Month Treasury Bond ETF (SGOV) and SGI Enhanced Core ETF (USDX). 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 lower than USDX's 2.26% return.

SGOV

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

USDX

• 1D: 0.19%
• 1M: 0.43%
• YTD: 2.26%
• 6M: 2.59%
• 1Y: 6.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SGOV vs. USDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SGOV iShares 0-3 Month Treasury Bond ETF	1.61%	4.24%	4.38%
USDX SGI Enhanced Core ETF	2.26%	6.25%	6.87%

Correlation

The correlation between SGOV and USDX is 0.09, 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	0.09
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.02

Return for Risk

SGOV vs. USDX — 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

USDX

USDX Risk / Return Rank: 96
USDX Sharpe Ratio Rank: 95
USDX Sortino Ratio Rank: 96
USDX Omega Ratio Rank: 97
USDX Calmar Ratio Rank: 95
USDX Martin Ratio Rank: 98

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. USDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) and SGI Enhanced Core ETF (USDX). 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	USDX	Difference
Sharpe ratio: Return per unit of total volatility	20.28	3.24	+17.04
Sortino ratio: Return per unit of downside risk	275.69	5.13	+270.55
Omega ratio: Gain probability vs. loss probability	195.55	1.81	+193.74
Calmar ratio: Return relative to maximum drawdown	398.20	6.93	+391.27
Martin ratio: Return relative to average drawdown	4,461.98	45.42	+4,416.56

SGOV vs. USDX - Sharpe Ratio Comparison

The current SGOV Sharpe Ratio is 20.28, which is higher than the USDX Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of SGOV and USDX, 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. USDX - Drawdown Comparison

The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum USDX drawdown of -0.94%. Use the drawdown chart below to compare losses from any high point for SGOV and USDX.

Drawdown Indicators

	SGOV	USDX	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-0.94%	+0.91%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-0.94%	+0.93%
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%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.06%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.14%	-0.14%

Volatility

SGOV vs. USDX - Volatility Comparison

The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while SGI Enhanced Core ETF (USDX) has a volatility of 1.04%. This indicates that SGOV experiences smaller price fluctuations and is considered to be less risky than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGOV	USDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	1.04%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	1.82%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	2.01%	-1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.24%	1.71%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	1.71%	-1.47%

SGOV vs. USDX - Expense Ratio Comparison

SGOV has a 0.09% expense ratio, which is lower than USDX's 0.98% expense ratio.

Dividends

SGOV vs. USDX - Dividend Comparison

SGOV's dividend yield for the trailing twelve months is around 3.85%, less than USDX's 5.88% 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%
USDX SGI Enhanced Core ETF	5.88%	5.88%	4.60%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SGOV and USDX in my portfolio?

SGOV and USDX have a correlation of 0.09, 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 USDX?

USDX has higher volatility (1.04%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs USDX's -0.94%.

Which ETF is better, SGOV or USDX?

On 1-year performance, USDX leads with 6.47% vs 3.95% 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 USDX?

Over the 1-year period, USDX has performed better with a 6.47% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGOV or USDX?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.98% for USDX.

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

USDX has the higher dividend yield at 5.88%, compared with 3.85% for SGOV.

What is the main difference between SGOV and USDX?

SGOV is categorized as Ultrashort Bond, while USDX is Intermediate Core Bond. They also come from different issuers: iShares and Summit Global Investments. Their fees differ too: 0.09% for SGOV and 0.98% for USDX.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 3.24), 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.