SMB vs. SGOV
SMB (VanEck Short Muni ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - SMB is a Municipal Bonds fund tracking the Bloomberg AMT-Free Short Continuous, 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, SMB returned 1.24%/yr vs 3.58%/yr for SGOV. At a 0.04 correlation, their price movements are largely independent. SMB charges 0.20%/yr vs 0.09%/yr for SGOV.
Performance
SMB vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, SMB achieves a 0.76% return, which is significantly lower than SGOV's 1.71% return.
SMB
- 1D
- -0.03%
- 1M
- 0.79%
- YTD
- 0.76%
- 6M
- 0.76%
- 1Y
- 3.53%
- 3Y*
- 3.47%
- 5Y*
- 1.24%
- 10Y*
- 1.48%
SGOV
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.71%
- 6M
- 1.80%
- 1Y
- 3.92%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
SMB vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 0.76% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 2.18% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.71% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between SMB and SGOV is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.04 |
The correlation between SMB and SGOV shifts across timeframes, from -0.08 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMB vs. SGOV — Risk / Return Rank
SMB
SGOV
SMB vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short Muni ETF (SMB) 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.
| SMB | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.14 | ||
| Sortino ratioReturn per unit of downside risk | -270.36 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 194.05 | -192.62 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 395.07 | -392.03 |
| Martin ratioReturn relative to average drawdown | 8.52 | 4,426.92 | -4,418.40 |
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Drawdowns
SMB vs. SGOV - Drawdown Comparison
The maximum SMB drawdown since its inception was -12.64%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SMB and SGOV.
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Drawdown Indicators
| SMB | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -0.03% | -12.61% |
Max Drawdown (1Y)Largest decline over 1 year | -1.17% | -0.01% | -1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -0.01% | -1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -7.48% | -0.03% | -7.45% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | — | — |
Current DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -0.00% | -1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 0.00% | +0.42% |
Volatility
SMB vs. SGOV - Volatility Comparison
VanEck Short Muni ETF (SMB) has a higher volatility of 0.29% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that SMB'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
| SMB | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 0.06% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.16% | 0.13% | +1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.63% | 0.19% | +1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 0.24% | +2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 0.24% | +4.02% |
SMB vs. SGOV - Expense Ratio Comparison
SMB has a 0.20% expense ratio, which is higher than SGOV's 0.09% 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
SMB vs. SGOV - Dividend Comparison
SMB's dividend yield for the trailing twelve months is around 2.69%, 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% |
SMB VanEck Short Muni ETF | 2.69% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
Frequently Asked Questions
SMB and SGOV have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMB has higher volatility (0.29%) compared to SGOV (0.06%). In terms of maximum drawdown, SMB dropped -12.64% vs SGOV's -0.03%.
On 5-year performance, SGOV leads with 3.58% vs 1.24% for SMB. 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 1.24%. 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 0.20% for SMB.
SGOV has the higher dividend yield at 3.85%, compared with 2.69% for SMB.
SMB is categorized as Municipal Bonds, while SGOV is Ultrashort Bond. SMB tracks Bloomberg AMT-Free Short Continuous, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.20% for SMB and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.32 vs 2.18), 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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