SPE vs. SGOV
SPE (Special Opportunities Fund Inc.) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both funds - SPE is a Multistrategy fund managed by Bulldog Investors, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Over the past 5 years, SPE returned 8.36%/yr vs 3.66%/yr for SGOV. Their -0.02 correlation means they have often moved in opposite directions in the past. SPE charges 1.11%/yr vs 0.09%/yr for SGOV.
Performance
SPE vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, SPE achieves a -3.76% return, which is significantly lower than SGOV's 2.11% return.
SPE
- 1D
- 0.08%
- 1M
- -2.03%
- 6M
- -5.61%
- YTD
- -3.76%
- 1Y
- 1.19%
- 3Y*
- 16.61%
- 5Y*
- 8.36%
- 10Y*
- 10.98%
- ALL TIME*
- 9.02%
SGOV
- 1D
- 0.02%
- 1M
- 0.27%
- 6M
- 1.81%
- YTD
- 2.11%
- 1Y
- 3.83%
- 3Y*
- 4.64%
- 5Y*
- 3.66%
- 10Y*
- —
- ALL TIME*
- 2.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.83B | $1.81B | $2.03B | |
| $510.01K | $480.11K | $478.95K |
SPE vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPE Special Opportunities Fund Inc. | -3.76% | 14.68% | 34.41% | 14.12% | -18.39% | 23.60% | 43.73% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.11% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between SPE and SGOV is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.00 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | -0.02 |
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Return for Risk
SPE vs. SGOV — Risk / Return Rank
SPE
SGOV
SPE vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Special Opportunities Fund Inc. (SPE) 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.
| SPE | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -20.81 | ||
| Sortino ratioReturn per unit of downside risk | -381.79 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 382.06 | -381.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 389.90 | -389.94 |
| Martin ratioReturn relative to average drawdown | -0.11 | 6,177.21 | -6,177.32 |
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Drawdowns
SPE vs. SGOV - Drawdown Comparison
The maximum SPE drawdown since its inception was -46.90%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SPE and SGOV.
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Drawdown Indicators
| SPE | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.90% | -0.03% | -46.87% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -0.01% | -9.32% |
Max Drawdown (3Y)Largest decline over 3 years | -13.69% | -0.01% | -13.68% |
Max Drawdown (5Y)Largest decline over 5 years | -24.18% | -0.03% | -24.15% |
Max Drawdown (10Y)Largest decline over 10 years | -46.90% | — | — |
Current DrawdownCurrent decline from peak | -6.99% | 0.00% | -6.99% |
Average DrawdownAverage peak-to-trough decline | -4.70% | 0.00% | -4.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 0.00% | +3.60% |
Volatility
SPE vs. SGOV - Volatility Comparison
Special Opportunities Fund Inc. (SPE) has a higher volatility of 2.80% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that SPE'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
| SPE | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 0.05% | +2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 8.59% | 0.13% | +8.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.28% | 0.19% | +11.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 0.24% | +13.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.35% | 0.23% | +17.12% |
SPE vs. SGOV - Expense Ratio Comparison
SPE has a 1.11% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
SPE vs. SGOV - Dividend Comparison
SPE's dividend yield for the trailing twelve months is around 17.45%, more than SGOV's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.43% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPE Special Opportunities Fund Inc. | 17.45% | 13.73% | 7.83% | 8.77% | 11.58% | 11.64% | 8.01% | 6.35% | 14.10% | 16.53% | 5.93% | 9.02% |
Frequently Asked Questions
SPE and SGOV have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPE has higher volatility (2.80%) compared to SGOV (0.05%). In terms of maximum drawdown, SPE dropped -46.90% vs SGOV's -0.03%.
SGOV currently has the higher Sharpe Ratio (20.78 vs -0.03), 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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