TOPC vs. SGOV

Last updated Jun 30, 2026

TOPC (iShares S&P 500 3% Capped ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - TOPC is a Large Cap Blend Equities fund tracking the S&P 500 3% Capped 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 year, TOPC returned 22.63% vs 3.91% for SGOV. At a correlation of -0.09, they often move in opposite directions. Both charge a 0.09% expense ratio.

Performance

TOPC vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 3% Capped ETF (TOPC) 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, TOPC achieves a 11.31% return, which is significantly higher than SGOV's 1.77% return.

TOPC

• 1D: 1.05%
• 1M: 0.07%
• YTD: 11.31%
• 6M: 10.23%
• 1Y: 22.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.02%
• 1M: 0.30%
• YTD: 1.77%
• 6M: 1.79%
• 1Y: 3.91%
• 3Y*: 4.67%
• 5Y*: 3.59%
• 10Y*: —

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

TOPC vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025
TOPC iShares S&P 500 3% Capped ETF	11.31%	25.80%
SGOV iShares 0-3 Month Treasury Bond ETF	1.77%	2.99%

Correlation

The correlation between TOPC and SGOV is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	-0.09

Return for Risk

TOPC vs. SGOV — Risk / Return Rank

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

TOPC

TOPC Risk / Return Rank: 70
TOPC Sharpe Ratio Rank: 69
TOPC Sortino Ratio Rank: 67
TOPC Omega Ratio Rank: 68
TOPC Calmar Ratio Rank: 67
TOPC Martin Ratio Rank: 78

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.

TOPC vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped ETF (TOPC) 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.

	TOPC	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	1.91	20.43	-18.53
Sortino ratio: Return per unit of downside risk	2.61	272.85	-270.25
Omega ratio: Gain probability vs. loss probability	1.34	193.55	-192.21
Calmar ratio: Return relative to maximum drawdown	2.83	394.03	-391.20
Martin ratio: Return relative to average drawdown	12.77	4,415.26	-4,402.49

TOPC vs. SGOV - Sharpe Ratio Comparison

The current TOPC Sharpe Ratio is 1.91, which is lower than the SGOV Sharpe Ratio of 20.43. The chart below compares the historical Sharpe Ratios of TOPC 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

TOPC vs. SGOV - Drawdown Comparison

The maximum TOPC drawdown since its inception was -8.04%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for TOPC and SGOV.

Drawdown Indicators

	TOPC	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-8.04%	-0.03%	-8.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-0.01%	-8.03%
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	-0.63%	0.00%	-0.63%
Average Drawdown Average peak-to-trough decline	-0.96%	-0.00%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	0.00%	+1.78%

Volatility

TOPC vs. SGOV - Volatility Comparison

iShares S&P 500 3% Capped ETF (TOPC) has a higher volatility of 4.78% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.04%. This indicates that TOPC'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

	TOPC	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	0.04%	+4.74%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	0.12%	+9.40%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	0.19%	+11.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	0.24%	+12.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.54%	0.24%	+12.30%

TOPC vs. SGOV - Expense Ratio Comparison

Both TOPC and SGOV have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TOPC vs. SGOV - Dividend Comparison

TOPC's dividend yield for the trailing twelve months is around 1.04%, less 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%
TOPC iShares S&P 500 3% Capped ETF	1.04%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOPC and SGOV in my portfolio?

TOPC and SGOV have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOPC or SGOV?

TOPC has higher volatility (4.78%) compared to SGOV (0.04%). In terms of maximum drawdown, TOPC dropped -8.04% vs SGOV's -0.03%.

Which ETF is better, TOPC or SGOV?

On 1-year performance, TOPC leads with 22.63% vs 3.91% for SGOV. Both ETFs have the same 0.09% expense ratio. On volatility, SGOV has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPC or SGOV?

Over the 1-year period, TOPC has performed better with a 22.63% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPC or SGOV?

TOPC and SGOV have the same expense ratio: 0.09% per year.

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

SGOV has the higher dividend yield at 3.85%, compared with 1.04% for TOPC.

What is the main difference between TOPC and SGOV?

TOPC is categorized as Large Cap Blend Equities, while SGOV is Ultrashort Bond. TOPC tracks S&P 500 3% Capped Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.43 vs 1.91), 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.