SSG vs. SGOV

Last updated Jun 3, 2026

SSG (Proshares Ultrashort Semiconductors) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - SSG is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (-200%), 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, SSG returned -67.33%/yr vs 3.53%/yr for SGOV. At a 0.00 correlation, their price movements are largely independent. SSG charges 0.95%/yr vs 0.09%/yr for SGOV.

Performance

SSG vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Semiconductors (SSG) 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, SSG achieves a -61.47% return, which is significantly lower than SGOV's 1.50% return.

SSG

• 1D: -5.10%
• 1M: -34.47%
• YTD: -61.47%
• 6M: -61.93%
• 1Y: -82.39%
• 3Y*: -74.95%
• 5Y*: -67.33%
• 10Y*: -62.17%

SGOV

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.50%
• 6M: 1.80%
• 1Y: 3.95%
• 3Y*: 4.72%
• 5Y*: 3.53%
• 10Y*: —

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

SSG vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SSG Proshares Ultrashort Semiconductors	-61.47%	-70.03%	-77.59%	-78.69%	37.90%	-67.46%	-59.13%
SGOV iShares 0-3 Month Treasury Bond ETF	1.50%	4.24%	5.27%	5.12%	1.58%	0.04%	0.05%

Correlation

The correlation between SSG and SGOV is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (All Time) Calculated using the full available price history since May 29, 2020	0.00

The correlation between SSG and SGOV shifts across timeframes, from -0.00 (5 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SSG vs. SGOV — Risk / Return Rank

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

SSG

SSG Risk / Return Rank: 0
SSG Sharpe Ratio Rank: 0
SSG Sortino Ratio Rank: 0
SSG Omega Ratio Rank: 0
SSG Calmar Ratio Rank: 0
SSG Martin Ratio Rank: 1

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.

SSG vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Semiconductors (SSG) 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.

	SSG	SGOV	Difference
Sharpe ratio Return per unit of total volatility	-1.34	20.28	-21.61
Sortino ratio Return per unit of downside risk	-3.24	275.69	-278.92
Omega ratio Gain probability vs. loss probability	0.66	195.55	-194.89
Calmar ratio Return relative to maximum drawdown	-1.01	399.50	-400.51
Martin ratio Return relative to average drawdown	-1.58	4,485.48	-4,487.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSG vs. SGOV - Sharpe Ratio Comparison

The current SSG Sharpe Ratio is -1.34, which is lower than the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of SSG 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.

Sharpe Ratios by Period

	SSG	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.34	20.28	-21.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.87	14.72	-15.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	12.48	-13.27

Drawdowns

SSG vs. SGOV - Drawdown Comparison

The maximum SSG drawdown since its inception was -100.00%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SSG and SGOV.

Drawdown Indicators

	SSG	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-0.03%	-99.97%
Max Drawdown (1Y) Largest decline over 1 year	-81.36%	-0.01%	-81.35%
Max Drawdown (3Y) Largest decline over 3 years	-98.49%	-0.01%	-98.48%
Max Drawdown (5Y) Largest decline over 5 years	-99.64%	-0.03%	-99.61%
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	—	—
Current Drawdown Current decline from peak	-100.00%	0.00%	-100.00%
Average Drawdown Average peak-to-trough decline	-88.59%	-0.00%	-88.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.66%	0.00%	+52.66%

Volatility

SSG vs. SGOV - Volatility Comparison

Proshares Ultrashort Semiconductors (SSG) has a higher volatility of 21.32% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that SSG'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

	SSG	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.32%	0.05%	+21.27%
Volatility (6M) Calculated over the trailing 6-month period	47.37%	0.13%	+47.24%
Volatility (1Y) Calculated over the trailing 1-year period	61.85%	0.20%	+61.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.34%	0.24%	+77.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.98%	0.24%	+68.74%

SSG vs. SGOV - Expense Ratio Comparison

SSG has a 0.95% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

SSG vs. SGOV - Dividend Comparison

SSG's dividend yield for the trailing twelve months is around 13.55%, more than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SGOV iShares 0-3 Month Treasury Bond ETF	3.86%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%	0.00%	0.00%
SSG Proshares Ultrashort Semiconductors	13.55%	9.19%	7.67%	6.73%	0.75%	0.00%	0.34%	1.81%	0.62%

Frequently Asked Questions

Can I hold both SSG and SGOV in my portfolio?

SSG and SGOV have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSG or SGOV?

SSG has higher volatility (21.32%) compared to SGOV (0.05%). In terms of maximum drawdown, SSG dropped -100.00% vs SGOV's -0.03%.

Which ETF is better, SSG or SGOV?

On 5-year performance, SGOV leads with 3.53% vs -67.33% for SSG. On fees, SGOV is cheaper at 0.09% 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.

Which ETF has performed better, SSG or SGOV?

Over the 5-year period, SGOV has performed better with a 3.53% return vs -67.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSG or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.95% for SSG.

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

SSG has the higher dividend yield at 13.55%, compared with 3.86% for SGOV.

What is the main difference between SSG and SGOV?

SSG is categorized as Leveraged Equities, while SGOV is Ultrashort Bond. SSG tracks Dow Jones U.S. Semiconductors Index (-200%), while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SSG and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs -1.34), 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.