USHY vs. SGOV
USHY (iShares Broad USD High Yield Corporate Bond ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained, 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, USHY returned 4.29%/yr vs 3.54%/yr for SGOV. At a correlation of -0.01, they often move in opposite directions. USHY charges 0.15%/yr vs 0.09%/yr for SGOV.
Performance
USHY vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 1.64% return, which is significantly higher than SGOV's 1.52% return.
USHY
- 1D
- 0.22%
- 1M
- 0.46%
- YTD
- 1.64%
- 6M
- 1.98%
- 1Y
- 6.99%
- 3Y*
- 9.01%
- 5Y*
- 4.29%
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.52%
- 6M
- 1.79%
- 1Y
- 3.95%
- 3Y*
- 4.72%
- 5Y*
- 3.54%
- 10Y*
- —
USHY vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.64% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 12.65% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.52% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.05% |
Correlation
The correlation between USHY and SGOV is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 29, 2020 | -0.01 |
The correlation between USHY and SGOV shifts across timeframes, from -0.14 (1 year) to 0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
USHY vs. SGOV — Risk / Return Rank
USHY
SGOV
USHY vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) 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.
| USHY | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.35 | ||
| Sortino ratioReturn per unit of downside risk | -272.79 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 195.55 | -194.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 398.20 | -395.31 |
| Martin ratioReturn relative to average drawdown | 12.99 | 4,462.00 | -4,449.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USHY | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 20.28 | -18.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 14.74 | -14.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 12.49 | -11.90 |
Drawdowns
USHY vs. SGOV - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for USHY and SGOV.
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Drawdown Indicators
| USHY | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -0.03% | -22.41% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -0.01% | -2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -0.01% | -4.65% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -0.03% | -15.53% |
Current DrawdownCurrent decline from peak | -0.06% | 0.00% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -0.00% | -2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.00% | +0.54% |
Volatility
USHY vs. SGOV - Volatility Comparison
iShares Broad USD High Yield Corporate Bond ETF (USHY) has a higher volatility of 1.14% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that USHY'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
| USHY | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.05% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 0.13% | +2.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.65% | 0.20% | +3.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 0.24% | +7.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.25% | 0.24% | +8.01% |
USHY vs. SGOV - Expense Ratio Comparison
USHY 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
USHY vs. SGOV - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.91%, more than SGOV's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.91% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
USHY and SGOV have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (1.14%) compared to SGOV (0.05%). In terms of maximum drawdown, USHY dropped -22.44% vs SGOV's -0.03%.
On 5-year performance, USHY leads with 4.29% vs 3.54% for SGOV. 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.
Over the 5-year period, USHY has performed better with a 4.29% return vs 3.54%. 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 USHY.
USHY has the higher dividend yield at 6.91%, compared with 3.86% for SGOV.
USHY is categorized as High Yield Bonds, while SGOV is Ultrashort Bond. USHY tracks ICE BofA US High Yield Constrained, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.15% for USHY and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 vs 1.93), 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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