SPYG vs. SGOV
SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, 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, SPYG returned 14.92%/yr vs 3.56%/yr for SGOV. At a correlation of -0.01, they often move in opposite directions. SPYG charges 0.04%/yr vs 0.09%/yr for SGOV.
Performance
SPYG vs. SGOV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPYG achieves a 9.70% return, which is significantly higher than SGOV's 1.61% return.
SPYG
- 1D
- 0.41%
- 1M
- -1.62%
- YTD
- 9.70%
- 6M
- 10.60%
- 1Y
- 27.55%
- 3Y*
- 25.85%
- 5Y*
- 14.92%
- 10Y*
- 17.91%
SGOV
- 1D
- 0.02%
- 1M
- 0.30%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.95%
- 3Y*
- 4.71%
- 5Y*
- 3.56%
- 10Y*
- —
SPYG vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 9.70% | 22.09% | 35.99% | 30.02% | -29.41% | 32.01% | 29.62% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.61% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between SPYG and SGOV is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | -0.01 |
The correlation between SPYG and SGOV shifts across timeframes, from -0.16 (1 year) to -0.00 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPYG vs. SGOV — Risk / Return Rank
SPYG
SGOV
SPYG vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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.
| SPYG | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.63 | ||
| Sortino ratioReturn per unit of downside risk | -273.43 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 195.55 | -194.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 398.20 | -396.19 |
| Martin ratioReturn relative to average drawdown | 8.08 | 4,461.98 | -4,453.89 |
Loading charts...
Drawdowns
SPYG vs. SGOV - Drawdown Comparison
The maximum SPYG drawdown since its inception was -67.63%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SPYG and SGOV.
Loading charts...
Drawdown Indicators
| SPYG | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.63% | -0.03% | -67.60% |
Max Drawdown (1Y)Largest decline over 1 year | -13.76% | -0.01% | -13.75% |
Max Drawdown (3Y)Largest decline over 3 years | -22.14% | -0.01% | -22.13% |
Max Drawdown (5Y)Largest decline over 5 years | -32.67% | -0.03% | -32.64% |
Max Drawdown (10Y)Largest decline over 10 years | -32.67% | — | — |
Current DrawdownCurrent decline from peak | -4.65% | 0.00% | -4.65% |
Average DrawdownAverage peak-to-trough decline | -24.30% | -0.00% | -24.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.42% | 0.00% | +3.42% |
Volatility
SPYG vs. SGOV - Volatility Comparison
State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 6.33% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that SPYG'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.
Loading charts...
Volatility by Period
| SPYG | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.33% | 0.05% | +6.28% |
Volatility (6M)Calculated over the trailing 6-month period | 13.48% | 0.13% | +13.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.81% | 0.20% | +16.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.27% | 0.24% | +21.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.70% | 0.24% | +20.46% |
SPYG vs. SGOV - Expense Ratio Comparison
SPYG has a 0.04% expense ratio, which is lower than SGOV's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPYG vs. SGOV - Dividend Comparison
SPYG's dividend yield for the trailing twelve months is around 0.48%, 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% |
SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 0.48% | 0.52% | 0.60% | 1.15% | 1.03% | 0.62% | 0.90% | 1.37% | 1.51% | 1.41% | 1.55% | 1.57% |
Frequently Asked Questions
SPYG and SGOV have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYG has higher volatility (6.33%) compared to SGOV (0.05%). In terms of maximum drawdown, SPYG dropped -67.63% vs SGOV's -0.03%.
On 5-year performance, SPYG leads with 14.92% vs 3.56% for SGOV. On fees, SPYG is cheaper at 0.04% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPYG has performed better with a 14.92% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYG is cheaper with a 0.04% expense ratio, compared with 0.09% for SGOV.
SGOV has the higher dividend yield at 3.85%, compared with 0.48% for SPYG.
SPYG is categorized as S&P 500, while SGOV is Ultrashort Bond. SPYG tracks S&P 500 Growth Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.04% for SPYG and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 vs 1.65), 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.
Find the right allocation for SPYG and SGOV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer