VGHY vs. SGOV

Last updated Jun 24, 2026

VGHY (Vanguard High-Yield Active ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - VGHY is a High Yield Bonds fund actively managed by Vanguard, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. VGHY is actively managed, while SGOV is passively managed. At a correlation of -0.11, they often move in opposite directions. VGHY charges 0.22%/yr vs 0.09%/yr for SGOV.

Performance

VGHY vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High-Yield Active ETF (VGHY) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VGHY having a 1.72% return and SGOV slightly lower at 1.71%.

VGHY

• 1D: 0.24%
• 1M: 0.77%
• YTD: 1.72%
• 6M: 2.20%
• 1Y: —
• 3Y*: —
• 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)

VGHY vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025
VGHY Vanguard High-Yield Active ETF	1.72%	1.77%
SGOV iShares 0-3 Month Treasury Bond ETF	1.71%	1.16%

Correlation

The correlation between VGHY and SGOV is -0.11, 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 (All Time) Calculated using the full available price history since Sep 17, 2025	-0.11

Return for Risk

VGHY vs. SGOV — Risk / Return Rank

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

VGHY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

VGHY vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Active ETF (VGHY) 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.

	VGHY	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	—	20.32	—
Sortino ratio: Return per unit of downside risk	—	273.56	—
Omega ratio: Gain probability vs. loss probability	—	194.05	—
Calmar ratio: Return relative to maximum drawdown	—	395.07	—
Martin ratio: Return relative to average drawdown	—	4,426.92	—

Drawdowns

VGHY vs. SGOV - Drawdown Comparison

The maximum VGHY drawdown since its inception was -2.66%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for VGHY and SGOV.

Drawdown Indicators

	VGHY	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-2.66%	-0.03%	-2.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.01%	—
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	-0.08%	0.00%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.44%	-0.00%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	VGHY	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.25%	0.19%	+4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.25%	0.24%	+4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	0.24%	+4.01%

VGHY vs. SGOV - Expense Ratio Comparison

VGHY has a 0.22% 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

VGHY vs. SGOV - Dividend Comparison

VGHY's dividend yield for the trailing twelve months is around 3.97%, more 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%
VGHY Vanguard High-Yield Active ETF	3.97%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGHY and SGOV in my portfolio?

VGHY and SGOV have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGHY or SGOV?

On fees, SGOV is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGHY or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.22% for VGHY.

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

VGHY has the higher dividend yield at 3.97%, compared with 3.85% for SGOV.

What is the main difference between VGHY and SGOV?

VGHY is categorized as High Yield Bonds, while SGOV is Ultrashort Bond. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VGHY and 0.09% for SGOV.