VUSXX vs. SGOV

Last updated Jun 5, 2026

VUSXX (Vanguard Treasury Money Market Fund) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both funds - VUSXX is a Money Market fund actively managed by Vanguard, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. VUSXX is actively managed, while SGOV is passively managed. Over the past 5 years, VUSXX returned 1.56%/yr vs 3.54%/yr for SGOV. At a 0.04 correlation, their price movements are largely independent. VUSXX charges 0.07%/yr vs 0.09%/yr for SGOV.

Performance

VUSXX vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Treasury Money Market Fund (VUSXX) 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 investments are quite close, with VUSXX having a 1.51% return and SGOV slightly higher at 1.52%.

VUSXX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.51%
• 6M: 1.84%
• 1Y: 3.98%
• 3Y*: 2.61%
• 5Y*: 1.56%
• 10Y*: —

SGOV

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.52%
• 6M: 1.79%
• 1Y: 3.95%
• 3Y*: 4.72%
• 5Y*: 3.54%
• 10Y*: —

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

VUSXX vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VUSXX Vanguard Treasury Money Market Fund	1.51%	4.25%	1.65%	0.43%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	1.52%	4.24%	5.27%	5.12%	1.58%	0.02%

Correlation

The correlation between VUSXX and SGOV is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.04

Return for Risk

VUSXX vs. SGOV — Risk / Return Rank

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

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.

VUSXX vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Treasury Money Market Fund (VUSXX) 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.

	VUSXX	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	3.68	20.28	-16.60
Sortino ratio: Return per unit of downside risk	—	275.69	—
Omega ratio: Gain probability vs. loss probability	—	195.55	—
Calmar ratio: Return relative to maximum drawdown	—	398.20	—
Martin ratio: Return relative to average drawdown	—	4,462.00	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUSXX vs. SGOV - Sharpe Ratio Comparison

The current VUSXX Sharpe Ratio is 3.68, which is lower than the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of VUSXX 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.

Sharpe Ratios by Period

	VUSXX	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	20.28	-16.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.15	14.74	-12.59
Sharpe Ratio (All Time) Calculated using the full available price history	2.14	12.49	-10.35

Drawdowns

VUSXX vs. SGOV - Drawdown Comparison

The maximum VUSXX drawdown since its inception was 0.00%, smaller than the maximum SGOV drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for VUSXX and SGOV.

Drawdown Indicators

	VUSXX	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-0.03%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-0.01%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	-0.01%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-0.03%	+0.03%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

VUSXX vs. SGOV - Volatility Comparison

Vanguard Treasury Money Market Fund (VUSXX) has a higher volatility of 0.31% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that VUSXX'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

	VUSXX	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.05%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	0.13%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	0.20%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.75%	0.24%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.75%	0.24%	+0.51%

VUSXX vs. SGOV - Expense Ratio Comparison

VUSXX has a 0.07% expense ratio, which is lower than SGOV's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VUSXX vs. SGOV - Dividend Comparison

VUSXX's dividend yield for the trailing twelve months is around 3.89%, which matches SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SGOV iShares 0-3 Month Treasury Bond ETF	3.86%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%
VUSXX Vanguard Treasury Money Market Fund	3.89%	4.15%	1.63%	0.43%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VUSXX and SGOV in my portfolio?

VUSXX and SGOV have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VUSXX or SGOV?

VUSXX has higher volatility (0.31%) compared to SGOV (0.05%). In terms of maximum drawdown, VUSXX dropped 0.00% vs SGOV's -0.03%.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 3.68), 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.