XUSE.AS vs. SGOV

Last updated Jul 16, 2026

XUSE.AS (iShares MSCI World ex-USA UCITS ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - XUSE.AS is a Global Equities fund tracking the MSCI World ex USA Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past year, XUSE.AS returned 23.69% vs 3.89% for SGOV. At a correlation of -0.11, they often move in opposite directions. XUSE.AS charges 0.25%/yr vs 0.09%/yr for SGOV.

Performance

XUSE.AS vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI World ex-USA UCITS ETF (XUSE.AS) 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, XUSE.AS achieves a 9.76% return, which is significantly higher than SGOV's 1.94% return.

XUSE.AS

• 1D: 0.00%
• 1M: 0.17%
• 6M: 7.02%
• YTD: 9.76%
• 1Y: 23.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.02%
• 1M: 0.30%
• 6M: 1.80%
• YTD: 1.94%
• 1Y: 3.89%
• 3Y*: 4.66%
• 5Y*: 3.62%
• 10Y*: —

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

XUSE.AS vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025
XUSE.AS iShares MSCI World ex-USA UCITS ETF	9.76%	26.67%
SGOV iShares 0-3 Month Treasury Bond ETF	1.94%	3.89%

Correlation

The correlation between XUSE.AS 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 (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	-0.11

Return for Risk

XUSE.AS vs. SGOV — Risk / Return Rank

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

XUSE.AS

XUSE.AS Risk / Return Rank: 57
XUSE.AS Sharpe Ratio Rank: 56
XUSE.AS Sortino Ratio Rank: 62
XUSE.AS Omega Ratio Rank: 56
XUSE.AS Calmar Ratio Rank: 54
XUSE.AS Martin Ratio Rank: 57

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.

XUSE.AS vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World ex-USA UCITS ETF (XUSE.AS) 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.

	XUSE.AS	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	1.56	20.89	-19.33
Sortino ratio: Return per unit of downside risk	2.35	384.82	-382.47
Omega ratio: Gain probability vs. loss probability	1.28	385.06	-383.77
Calmar ratio: Return relative to maximum drawdown	2.22	393.03	-390.81
Martin ratio: Return relative to average drawdown	8.00	6,226.74	-6,218.75

XUSE.AS vs. SGOV - Sharpe Ratio Comparison

The current XUSE.AS Sharpe Ratio is 1.56, which is lower than the SGOV Sharpe Ratio of 20.89. The chart below compares the historical Sharpe Ratios of XUSE.AS 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

XUSE.AS vs. SGOV - Drawdown Comparison

The maximum XUSE.AS drawdown since its inception was -12.97%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for XUSE.AS and SGOV.

Drawdown Indicators

	XUSE.AS	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-12.97%	-0.03%	-12.94%
Max Drawdown (1Y) Largest decline over 1 year	-10.54%	-0.01%	-10.53%
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	-0.71%	0.00%	-0.71%
Average Drawdown Average peak-to-trough decline	-1.70%	-0.00%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	0.00%	+2.94%

Volatility

XUSE.AS vs. SGOV - Volatility Comparison

iShares MSCI World ex-USA UCITS ETF (XUSE.AS) has a higher volatility of 3.93% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that XUSE.AS'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

	XUSE.AS	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	0.05%	+3.88%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	0.13%	+12.83%
Volatility (1Y) Calculated over the trailing 1-year period	15.05%	0.19%	+14.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.33%	0.24%	+16.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	0.24%	+16.09%

XUSE.AS vs. SGOV - Expense Ratio Comparison

XUSE.AS has a 0.25% 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

XUSE.AS vs. SGOV - Dividend Comparison

XUSE.AS has not paid dividends to shareholders, while SGOV's dividend yield for the trailing twelve months is around 3.80%.

Position	TTM	2025	2024	2023	2022	2021	2020
SGOV iShares 0-3 Month Treasury Bond ETF	3.80%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%
XUSE.AS iShares MSCI World ex-USA UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XUSE.AS and SGOV in my portfolio?

XUSE.AS 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, XUSE.AS 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, XUSE.AS or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.25% for XUSE.AS.

What is the main difference between XUSE.AS and SGOV?

XUSE.AS is categorized as Global Equities, while SGOV is Ultrashort Bond. XUSE.AS tracks MSCI World ex USA Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.25% for XUSE.AS and 0.09% for SGOV.