SGVT vs. BCLO

Last updated Jun 25, 2026

SGVT (Schwab Government Money Market ETF) and BCLO (iShares BBB-B CLO Active ETF) are both exchange-traded funds - SGVT is a Money Market fund actively managed by Charles Schwab, while BCLO is a CLO fund tracking the JP Morgan CLOIE High Quality Mezzanine Index. SGVT is actively managed, while BCLO is passively managed. Over the past year, SGVT returned 3.72% vs 6.85% for BCLO. At a correlation of -0.12, they often move in opposite directions. SGVT charges 0.28%/yr vs 0.45%/yr for BCLO.

Performance

SGVT vs. BCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Government Money Market ETF (SGVT) and iShares BBB-B CLO Active ETF (BCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGVT achieves a 1.60% return, which is significantly lower than BCLO's 3.04% return.

SGVT

• 1D: 0.02%
• 1M: 0.25%
• YTD: 1.60%
• 6M: 1.67%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCLO

• 1D: -0.04%
• 1M: 0.49%
• YTD: 3.04%
• 6M: 3.10%
• 1Y: 6.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SGVT vs. BCLO - Yearly Performance Comparison

	2026 (YTD)	2025
SGVT Schwab Government Money Market ETF	1.60%	2.22%
BCLO iShares BBB-B CLO Active ETF	3.04%	3.70%

Correlation

The correlation between SGVT and BCLO is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.12

Return for Risk

SGVT vs. BCLO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SGVT

SGVT Risk / Return Rank: 100
SGVT Sharpe Ratio Rank: 100
SGVT Sortino Ratio Rank: 100
SGVT Omega Ratio Rank: 100
SGVT Calmar Ratio Rank: 100
SGVT Martin Ratio Rank: 100

BCLO

BCLO Risk / Return Rank: 89
BCLO Sharpe Ratio Rank: 95
BCLO Sortino Ratio Rank: 97
BCLO Omega Ratio Rank: 97
BCLO Calmar Ratio Rank: 78
BCLO Martin Ratio Rank: 78

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.

SGVT vs. BCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Government Money Market ETF (SGVT) and iShares BBB-B CLO Active ETF (BCLO). 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.

	SGVT	BCLO	Difference
Sharpe ratio: Return per unit of total volatility	17.28	3.43	+13.85
Sortino ratio: Return per unit of downside risk	82.83	5.45	+77.38
Omega ratio: Gain probability vs. loss probability	29.17	1.91	+27.26
Calmar ratio: Return relative to maximum drawdown	137.94	3.59	+134.35
Martin ratio: Return relative to average drawdown	1,101.11	13.26	+1,087.86

SGVT vs. BCLO - Sharpe Ratio Comparison

The current SGVT Sharpe Ratio is 17.28, which is higher than the BCLO Sharpe Ratio of 3.43. The chart below compares the historical Sharpe Ratios of SGVT and BCLO, 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

SGVT vs. BCLO - Drawdown Comparison

The maximum SGVT drawdown since its inception was -0.03%, smaller than the maximum BCLO drawdown of -4.45%. Use the drawdown chart below to compare losses from any high point for SGVT and BCLO.

Drawdown Indicators

	SGVT	BCLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-4.45%	+4.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-1.92%	+1.89%
Current Drawdown Current decline from peak	-0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.39%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.52%	-0.52%

Volatility

SGVT vs. BCLO - Volatility Comparison

The current volatility for Schwab Government Money Market ETF (SGVT) is 0.09%, while iShares BBB-B CLO Active ETF (BCLO) has a volatility of 0.22%. This indicates that SGVT experiences smaller price fluctuations and is considered to be less risky than BCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGVT	BCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	0.22%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	0.15%	1.63%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	2.01%	-1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.22%	4.30%	-4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.22%	4.30%	-4.08%

SGVT vs. BCLO - Expense Ratio Comparison

SGVT has a 0.28% expense ratio, which is lower than BCLO's 0.45% expense ratio.

Dividends

SGVT vs. BCLO - Dividend Comparison

SGVT's dividend yield for the trailing twelve months is around 3.11%, less than BCLO's 6.57% yield.

Position	TTM	2025
BCLO iShares BBB-B CLO Active ETF	6.57%	6.45%
SGVT Schwab Government Money Market ETF	3.11%	1.73%

Frequently Asked Questions

Can I hold both SGVT and BCLO in my portfolio?

SGVT and BCLO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGVT or BCLO?

BCLO has higher volatility (0.22%) compared to SGVT (0.09%). In terms of maximum drawdown, SGVT dropped -0.03% vs BCLO's -4.45%.

Which ETF is better, SGVT or BCLO?

On 1-year performance, BCLO leads with 6.85% vs 3.72% for SGVT. On fees, SGVT is cheaper at 0.28% per year. On volatility, SGVT has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SGVT or BCLO?

Over the 1-year period, BCLO has performed better with a 6.85% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SGVT or BCLO?

SGVT is cheaper with a 0.28% expense ratio, compared with 0.45% for BCLO.

Which ETF pays a higher dividend yield, SGVT or BCLO?

BCLO has the higher dividend yield at 6.57%, compared with 3.11% for SGVT.

What is the main difference between SGVT and BCLO?

SGVT is categorized as Money Market, while BCLO is CLO. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.28% for SGVT and 0.45% for BCLO.

Which has better risk-adjusted returns?

SGVT currently has the higher Sharpe Ratio (17.28 vs 3.43), 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.