XGB.TO vs. SGOV

Last updated Jun 5, 2026

XGB.TO (iShares Core Canadian Government Bond Index ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - XGB.TO is a Canadian Government Bonds fund tracking the Morningstar Can Core Bd GR CAD, 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, XGB.TO returned 0.13%/yr vs 6.50%/yr for SGOV. At a 0.02 correlation, their price movements are largely independent. XGB.TO charges 0.13%/yr vs 0.09%/yr for SGOV.

Performance

XGB.TO vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Canadian Government Bond Index ETF (XGB.TO) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XGB.TO is traded in CAD, while SGOV is traded in USD. To make them comparable, the SGOV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XGB.TO achieves a 1.57% return, which is significantly lower than SGOV's 2.80% return.

XGB.TO

• 1D: 0.00%
• 1M: 1.53%
• YTD: 1.57%
• 6M: 0.83%
• 1Y: 2.46%
• 3Y*: 3.58%
• 5Y*: 0.13%
• 10Y*: 1.06%

SGOV

• 1D: 0.00%
• 1M: 2.32%
• YTD: 2.80%
• 6M: 1.33%
• 1Y: 5.60%
• 3Y*: 5.87%
• 5Y*: 6.50%
• 10Y*: —

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

XGB.TO vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XGB.TO iShares Core Canadian Government Bond Index ETF	1.57%	1.65%	3.54%	5.57%	-12.25%	-3.11%	1.66%
SGOV iShares 0-3 Month Treasury Bond ETF	2.91%	-0.54%	14.32%	2.80%	8.82%	-0.86%	-7.25%

Correlation

The correlation between XGB.TO and SGOV is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since May 29, 2020	0.02

Return for Risk

XGB.TO vs. SGOV — Risk / Return Rank

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

XGB.TO

XGB.TO Risk / Return Rank: 18
XGB.TO Sharpe Ratio Rank: 18
XGB.TO Sortino Ratio Rank: 16
XGB.TO Omega Ratio Rank: 17
XGB.TO Calmar Ratio Rank: 21
XGB.TO Martin Ratio Rank: 18

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.

XGB.TO vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Government Bond Index ETF (XGB.TO) 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.

	XGB.TO	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	0.55	1.21	-0.66
Sortino ratio: Return per unit of downside risk	0.76	1.68	-0.92
Omega ratio: Gain probability vs. loss probability	1.10	1.22	-0.12
Calmar ratio: Return relative to maximum drawdown	0.86	1.51	-0.64
Martin ratio: Return relative to average drawdown	1.86	4.17	-2.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XGB.TO vs. SGOV - Sharpe Ratio Comparison

The current XGB.TO Sharpe Ratio is 0.55, which is lower than the SGOV Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of XGB.TO 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

	XGB.TO	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	1.21	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	1.03	-1.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.49	+0.03

Drawdowns

XGB.TO vs. SGOV - Drawdown Comparison

The maximum XGB.TO drawdown since its inception was -19.53%, which is greater than SGOV's maximum drawdown of -12.53%. Use the drawdown chart below to compare losses from any high point for XGB.TO and SGOV.

Drawdown Indicators

	XGB.TO	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-19.53%	-12.53%	-7.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-3.73%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-5.83%	-5.17%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	-5.17%	-11.27%
Max Drawdown (10Y) Largest decline over 10 years	-19.53%	—	—
Current Drawdown Current decline from peak	-5.25%	0.00%	-5.25%
Average Drawdown Average peak-to-trough decline	-3.94%	-3.62%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	1.34%	-0.01%

Volatility

XGB.TO vs. SGOV - Volatility Comparison

iShares Core Canadian Government Bond Index ETF (XGB.TO) has a higher volatility of 1.71% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.80%. This indicates that XGB.TO'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

	XGB.TO	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	0.80%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	3.49%	3.48%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.52%	4.65%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.92%	6.36%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.99%	6.40%	-0.41%

XGB.TO vs. SGOV - Expense Ratio Comparison

XGB.TO has a 0.13% 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

XGB.TO vs. SGOV - Dividend Comparison

XGB.TO's dividend yield for the trailing twelve months is around 3.11%, less than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
XGB.TO iShares Core Canadian Government Bond Index ETF	3.11%	3.11%	2.95%	2.73%	2.64%	2.25%	2.12%	2.32%	2.44%	2.41%	2.53%	2.62%

Frequently Asked Questions

Can I hold both XGB.TO and SGOV in my portfolio?

XGB.TO and SGOV have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XGB.TO 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, XGB.TO or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.13% for XGB.TO.

What is the main difference between XGB.TO and SGOV?

XGB.TO is categorized as Canadian Government Bonds, while SGOV is Ultrashort Bond. XGB.TO tracks Morningstar Can Core Bd GR CAD, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.13% for XGB.TO and 0.09% for SGOV.