SHYD vs. SGOV
SHYD (VanEck Short High Yield Muni ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, SHYD returned 0.93%/yr vs 3.58%/yr for SGOV. At a correlation of -0.02, they often move in opposite directions. SHYD charges 0.35%/yr vs 0.09%/yr for SGOV.
Performance
SHYD vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 1.32% return, which is significantly lower than SGOV's 1.70% return.
SHYD
- 1D
- 0.35%
- 1M
- 1.59%
- YTD
- 1.32%
- 6M
- 1.40%
- 1Y
- 4.94%
- 3Y*
- 4.61%
- 5Y*
- 0.93%
- 10Y*
- 2.01%
SGOV
- 1D
- 0.01%
- 1M
- 0.27%
- YTD
- 1.70%
- 6M
- 1.80%
- 1Y
- 3.93%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
SHYD vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 1.32% | 5.58% | 4.85% | 2.39% | -9.11% | 4.04% | 9.17% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.70% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between SHYD and SGOV 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 (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | -0.02 |
The correlation between SHYD and SGOV shifts across timeframes, from -0.12 (1 year) to -0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHYD vs. SGOV — Risk / Return Rank
SHYD
SGOV
SHYD vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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.
| SHYD | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.70 | ||
| Sortino ratioReturn per unit of downside risk | -271.77 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 194.55 | -193.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 396.11 | -393.82 |
| Martin ratioReturn relative to average drawdown | 7.51 | 4,438.60 | -4,431.09 |
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Drawdowns
SHYD vs. SGOV - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SHYD and SGOV.
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Drawdown Indicators
| SHYD | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -0.03% | -31.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -0.01% | -2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -0.01% | -4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | -0.03% | -13.29% |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -0.00% | -3.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.00% | +0.66% |
Volatility
SHYD vs. SGOV - Volatility Comparison
VanEck Short High Yield Muni ETF (SHYD) has a higher volatility of 0.76% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that SHYD's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYD | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.06% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 0.13% | +1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.96% | 0.19% | +2.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.38% | 0.24% | +5.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.70% | 0.24% | +9.46% |
SHYD vs. SGOV - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
SHYD vs. SGOV - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.49%, less than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHYD VanEck Short High Yield Muni ETF | 3.49% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
Frequently Asked Questions
SHYD and SGOV 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.
SHYD has higher volatility (0.76%) compared to SGOV (0.06%). In terms of maximum drawdown, SHYD dropped -31.22% vs SGOV's -0.03%.
On 5-year performance, SGOV leads with 3.58% vs 0.93% for SHYD. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. 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 3.58% return vs 0.93%. 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 0.35% for SHYD.
SGOV has the higher dividend yield at 3.85%, compared with 3.49% for SHYD.
SHYD is categorized as Municipal Bonds, while SGOV is Ultrashort Bond. SHYD tracks Bloomberg Municipal High Yield Short Duration, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for SHYD and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.38 vs 1.68), 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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