UPAR vs. SGOV

Last updated Jun 24, 2026

UPAR (UPAR Ultra Risk Parity ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - UPAR is a Diversified Portfolio fund tracking the NONE, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 3 years, UPAR returned 9.14%/yr vs 4.68%/yr for SGOV. At a correlation of -0.01, they often move in opposite directions. UPAR charges 0.65%/yr vs 0.09%/yr for SGOV.

Performance

UPAR vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UPAR Ultra Risk Parity ETF (UPAR) 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, UPAR achieves a 6.27% return, which is significantly higher than SGOV's 1.71% return.

UPAR

• 1D: -1.50%
• 1M: -1.15%
• YTD: 6.27%
• 6M: 5.99%
• 1Y: 21.58%
• 3Y*: 9.14%
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.71%
• 6M: 1.80%
• 1Y: 3.92%
• 3Y*: 4.68%
• 5Y*: 3.58%
• 10Y*: —

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

UPAR vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UPAR UPAR Ultra Risk Parity ETF	6.27%	23.87%	-2.26%	5.73%	-30.99%
SGOV iShares 0-3 Month Treasury Bond ETF	1.71%	4.24%	5.27%	5.12%	1.58%

Correlation

The correlation between UPAR and SGOV is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jan 4, 2022	-0.01

The correlation between UPAR and SGOV shifts across timeframes, from -0.12 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UPAR vs. SGOV — Risk / Return Rank

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

UPAR

UPAR Risk / Return Rank: 43
UPAR Sharpe Ratio Rank: 46
UPAR Sortino Ratio Rank: 42
UPAR Omega Ratio Rank: 44
UPAR Calmar Ratio Rank: 41
UPAR Martin Ratio Rank: 40

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.

UPAR vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UPAR Ultra Risk Parity ETF (UPAR) 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.

	UPAR	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	1.51	20.32	-18.81
Sortino ratio: Return per unit of downside risk	2.04	273.56	-271.52
Omega ratio: Gain probability vs. loss probability	1.27	194.05	-192.78
Calmar ratio: Return relative to maximum drawdown	1.95	395.07	-393.12
Martin ratio: Return relative to average drawdown	5.94	4,426.92	-4,420.98

UPAR vs. SGOV - Sharpe Ratio Comparison

The current UPAR Sharpe Ratio is 1.51, which is lower than the SGOV Sharpe Ratio of 20.32. The chart below compares the historical Sharpe Ratios of UPAR 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

UPAR vs. SGOV - Drawdown Comparison

The maximum UPAR drawdown since its inception was -39.54%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for UPAR and SGOV.

Drawdown Indicators

	UPAR	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-39.54%	-0.03%	-39.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-0.01%	-11.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-0.01%	-18.72%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.03%	—
Current Drawdown Current decline from peak	-7.23%	0.00%	-7.23%
Average Drawdown Average peak-to-trough decline	-22.24%	-0.00%	-22.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	0.00%	+3.64%

Volatility

UPAR vs. SGOV - Volatility Comparison

UPAR Ultra Risk Parity ETF (UPAR) has a higher volatility of 5.61% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that UPAR'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

	UPAR	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	0.06%	+5.55%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	0.13%	+12.20%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	0.19%	+14.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.10%	0.24%	+17.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	0.24%	+17.86%

UPAR vs. SGOV - Expense Ratio Comparison

UPAR has a 0.65% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

UPAR vs. SGOV - Dividend Comparison

UPAR's dividend yield for the trailing twelve months is around 2.72%, 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%
UPAR UPAR Ultra Risk Parity ETF	2.72%	3.28%	3.32%	3.04%	4.73%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPAR and SGOV in my portfolio?

UPAR and SGOV have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPAR or SGOV?

UPAR has higher volatility (5.61%) compared to SGOV (0.06%). In terms of maximum drawdown, UPAR dropped -39.54% vs SGOV's -0.03%.

Which ETF is better, UPAR or SGOV?

On 3-year performance, UPAR leads with 9.14% vs 4.68% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPAR or SGOV?

Over the 3-year period, UPAR has performed better with a 9.14% return vs 4.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPAR or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.65% for UPAR.

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

SGOV has the higher dividend yield at 3.85%, compared with 2.72% for UPAR.

What is the main difference between UPAR and SGOV?

UPAR is categorized as Diversified Portfolio, while SGOV is Ultrashort Bond. UPAR tracks NONE, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: RPAR and iShares. Their fees differ too: 0.65% for UPAR and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.32 vs 1.51), 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.