TFLO vs. SGOV
TFLO (iShares Treasury Floating Rate Bond ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate 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, TFLO returned 3.68%/yr vs 3.58%/yr for SGOV. At a 0.38 correlation, their price movements are largely independent. TFLO charges 0.15%/yr vs 0.09%/yr for SGOV.
Performance
TFLO vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, TFLO achieves a 1.79% return, which is significantly higher than SGOV's 1.70% return.
TFLO
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.79%
- 6M
- 1.91%
- 1Y
- 3.95%
- 3Y*
- 4.72%
- 5Y*
- 3.68%
- 10Y*
- 2.38%
SGOV
- 1D
- 0.01%
- 1M
- 0.27%
- YTD
- 1.70%
- 6M
- 1.80%
- 1Y
- 3.93%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
TFLO vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TFLO iShares Treasury Floating Rate Bond ETF | 1.79% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.02% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.70% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between TFLO and SGOV is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.38 |
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Return for Risk
TFLO vs. SGOV — Risk / Return Rank
TFLO
SGOV
TFLO vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Treasury Floating Rate Bond ETF (TFLO) 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.
| TFLO | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.52 | ||
| Sortino ratioReturn per unit of downside risk | -225.26 | ||
| Omega ratioGain probability vs. loss probability | 13.08 | 194.55 | -181.47 |
| Calmar ratioReturn relative to maximum drawdown | 200.18 | 396.11 | -195.93 |
| Martin ratioReturn relative to average drawdown | 818.95 | 4,438.60 | -3,619.65 |
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Drawdowns
TFLO vs. SGOV - Drawdown Comparison
The maximum TFLO drawdown since its inception was -5.01%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for TFLO and SGOV.
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Drawdown Indicators
| TFLO | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.01% | -0.03% | -4.98% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.01% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -0.01% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -0.03% | -0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -0.16% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.00% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
TFLO vs. SGOV - Volatility Comparison
iShares Treasury Floating Rate Bond ETF (TFLO) has a higher volatility of 0.08% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that TFLO'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
| TFLO | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 0.06% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 0.13% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 0.19% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.35% | 0.24% | +0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.46% | 0.24% | +0.22% |
TFLO vs. SGOV - Expense Ratio Comparison
TFLO has a 0.15% 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
TFLO vs. SGOV - Dividend Comparison
TFLO's dividend yield for the trailing twelve months is around 3.89%, more 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% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.89% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
TFLO and SGOV have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFLO has higher volatility (0.08%) compared to SGOV (0.06%). In terms of maximum drawdown, TFLO dropped -5.01% vs SGOV's -0.03%.
On 5-year performance, TFLO leads with 3.68% vs 3.58% for SGOV. On fees, SGOV is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TFLO has performed better with a 3.68% return vs 3.58%. 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 0.15% for TFLO.
TFLO has the higher dividend yield at 3.89%, compared with 3.85% for SGOV.
TFLO is categorized as Government Bonds, while SGOV is Ultrashort Bond. TFLO tracks Bloomberg U.S. Treasury Floating Rate Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.15% for TFLO and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.38 vs 13.86), 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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