SMCY vs. SGOV

Last updated Jun 23, 2026

SMCY (YieldMax SMCI Option Income Strategy ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - SMCY is a Derivative Income fund actively managed by YieldMax, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. SMCY is actively managed, while SGOV is passively managed. Over the past year, SMCY returned -26.44% vs 3.93% for SGOV. At a correlation of -0.02, they often move in opposite directions. SMCY charges 0.99%/yr vs 0.09%/yr for SGOV.

Performance

SMCY vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax SMCI Option Income Strategy ETF (SMCY) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCY achieves a 6.57% return, which is significantly higher than SGOV's 1.70% return.

SMCY

• 1D: 12.05%
• 1M: -3.80%
• YTD: 6.57%
• 6M: 2.62%
• 1Y: -26.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.01%
• 1M: 0.27%
• YTD: 1.70%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: 4.68%
• 5Y*: 3.58%
• 10Y*: —

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

SMCY vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCY YieldMax SMCI Option Income Strategy ETF	6.57%	-15.41%	-33.36%
SGOV iShares 0-3 Month Treasury Bond ETF	1.70%	4.24%	1.47%

Correlation

The correlation between SMCY and SGOV is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	-0.02

The correlation between SMCY and SGOV shifts across timeframes, from -0.14 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMCY vs. SGOV — Risk / Return Rank

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

SMCY

SMCY Risk / Return Rank: 6
SMCY Sharpe Ratio Rank: 6
SMCY Sortino Ratio Rank: 7
SMCY Omega Ratio Rank: 7
SMCY Calmar Ratio Rank: 5
SMCY Martin Ratio Rank: 5

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

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.

SMCY vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax SMCI Option Income Strategy ETF (SMCY) 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.

	SMCY	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	20.38	-20.75
Sortino ratio: Return per unit of downside risk	-0.04	274.27	-274.31
Omega ratio: Gain probability vs. loss probability	0.99	194.55	-193.56
Calmar ratio: Return relative to maximum drawdown	-0.44	396.11	-396.55
Martin ratio: Return relative to average drawdown	-0.73	4,438.60	-4,439.33

SMCY vs. SGOV - Sharpe Ratio Comparison

The current SMCY Sharpe Ratio is -0.37, which is lower than the SGOV Sharpe Ratio of 20.38. The chart below compares the historical Sharpe Ratios of SMCY and SGOV, 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

SMCY vs. SGOV - Drawdown Comparison

The maximum SMCY drawdown since its inception was -64.75%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SMCY and SGOV.

Drawdown Indicators

	SMCY	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-64.75%	-0.03%	-64.72%
Max Drawdown (1Y) Largest decline over 1 year	-60.43%	-0.01%	-60.42%
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	-48.62%	0.00%	-48.62%
Average Drawdown Average peak-to-trough decline	-37.24%	-0.00%	-37.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.12%	0.00%	+36.12%

Volatility

SMCY vs. SGOV - Volatility Comparison

YieldMax SMCI Option Income Strategy ETF (SMCY) has a higher volatility of 41.27% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that SMCY'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.

Volatility by Period

	SMCY	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.27%	0.06%	+41.21%
Volatility (6M) Calculated over the trailing 6-month period	67.03%	0.13%	+66.90%
Volatility (1Y) Calculated over the trailing 1-year period	72.73%	0.19%	+72.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.67%	0.24%	+80.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.67%	0.24%	+80.43%

SMCY vs. SGOV - Expense Ratio Comparison

SMCY has a 0.99% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

SMCY vs. SGOV - Dividend Comparison

SMCY's dividend yield for the trailing twelve months is around 190.02%, more than SGOV's 3.85% 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%
SMCY YieldMax SMCI Option Income Strategy ETF	190.02%	231.43%	38.43%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMCY and SGOV in my portfolio?

SMCY and SGOV have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMCY or SGOV?

SMCY has higher volatility (41.27%) compared to SGOV (0.06%). In terms of maximum drawdown, SMCY dropped -64.75% vs SGOV's -0.03%.

Which ETF is better, SMCY or SGOV?

On 1-year performance, SGOV leads with 3.93% vs -26.44% for SMCY. 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.

Which ETF has performed better, SMCY or SGOV?

Over the 1-year period, SGOV has performed better with a 3.93% return vs -26.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCY or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.99% for SMCY.

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

SMCY has the higher dividend yield at 190.02%, compared with 3.85% for SGOV.

What is the main difference between SMCY and SGOV?

SMCY is categorized as Derivative Income, while SGOV is Ultrashort Bond. They also come from different issuers: YieldMax and iShares. Their fees differ too: 0.99% for SMCY and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.38 vs -0.37), 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.