How do the expense ratios of SGOV and SHV differ?

SGOV has an expense ratio of 0.09%, while SHV has an expense ratio of 0.15%. This means SGOV is 0.06 percentage points cheaper to hold annually. Lower expense ratios can potentially result in higher net returns over time, particularly for longer holding periods. However, the impact varies depending on the overall performance and distribution rates of the funds.

Which fund offers a longer track record?

SHV, with an inception date of January 5, 2007, offers a significantly longer track record compared to SGOV, which was launched on May 26, 2020. A longer track record provides investors with more historical data on performance across various interest rate environments and market cycles, which can be beneficial for evaluation and comparison.

What type of market conditions might affect these funds?

Both SGOV and SHV are ultrashort bond ETFs, focusing on Treasury securities with very short durations. They are generally sensitive to changes in short-term interest rates. In a rising interest rate environment, these funds may experience price declines. Conversely, in a falling rate environment, they might see price appreciation. Their short duration mitigates interest rate risk compared to longer-term bond ETFs.

How do the assets under management (AUM) compare?

SGOV has a net asset size of $110.9 billion, while SHV has $21.4 billion. Both are substantial, but SGOV's larger AUM might imply potentially tighter bid-ask spreads and better liquidity for very large transactions. However, SHV's AUM is still considerable and likely sufficient for most investor needs, indicating robust liquidity for typical trades.

What are the dividend yields for SGOV and SHV?

As of the provided data, SGOV has a dividend yield of 3.69%, and SHV has a dividend yield of 3.70%. These yields are very similar, with SHV offering a marginally higher distribution rate. Dividend yields can fluctuate based on interest rates and fund performance, so this comparison is a snapshot and may change over time.

What does '0-3 Month' in SGOV's name signify?

The '0-3 Month' in SGOV's name refers to the maturity profile of the underlying Treasury securities it holds. Specifically, SGOV invests in U.S. Treasury bills with maturities ranging from zero to three months. This ultra-short duration is designed to offer high liquidity and minimal interest rate risk compared to longer-term bond investments, making it suitable for cash management.

What does 'Short Treasury Bond' in SHV's name imply?

The 'Short Treasury Bond' in SHV's name implies that it invests in U.S. Treasury securities with short remaining maturities, generally up to one year, though often closer to zero to a few months. While 'short' can be ambiguous, SHV typically maintains a very low duration, aligning closely with cash equivalents but potentially holding slightly longer maturities than a strict 0-3 month fund.

How do index tracking methods differ for these funds?

The specific index tracked by both SGOV and SHV is 'not available' in the provided data. Without this information, it is not possible to definitively compare their exact tracking methodologies or precise maturity bucket logic. However, both funds are categorized as ultrashort bond ETFs, indicating they aim to track the performance of very short-duration Treasury instruments.

How much overlap exists between the top holdings of these two ETFs?

According to the provided data, there are no shared top-10 holdings between SGOV and SHV. This indicates that the specific Treasury securities constituting their largest positions differ. This lack of overlap could be due to variations in their respective index compositions, maturity bucket allocations, or rebalancing activities, resulting in distinct but similar short-duration portfolios.

How do distributions work for these ETFs?

Both SGOV and SHV, like most bond ETFs, typically distribute income received from their underlying holdings to investors. This income comes primarily from the coupon payments of the Treasury securities. The frequency can vary, often monthly for these funds, and the amount depends on the yields of the assets held and prevailing short-term interest rates at the time.

What investing goals might these ETFs fit?

SGOV and SHV are generally suitable for investors seeking to park cash in a relatively low-risk, liquid instrument while earning a yield that typically tracks short-term U.S. Treasury rates. They are often used for short-term cash management, acting as a substitute for traditional savings accounts or money market funds, aiming to preserve capital while generating income.

What is the main similarity in their asset class?

The primary similarity between SGOV and SHV lies in their asset class: both are categorized as 'Ultrashort Bond' ETFs. This means they both invest in very short-duration U.S. Treasury securities. Their shared focus on this specific asset class implies similar risk profiles, primarily centered on minimal interest rate duration risk and high credit quality, given the U.S. government backing.

SGOV vs SHV

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare SGOV (iShares 0-3 Month Treasury Bond ETF) and SHV (iShares Short Treasury Bond ETF). This page examines fees, holdings, dividends, and how each fund tracks the market. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

SGOV

Metric

SHV

0.09%

Expense Ratio

0.15%

3.69%

Dividend Yield

3.70%

$110.87B

Net Assets

$21.36B

Holdings

May 26, 2020

Inception Date

Jan 5, 2007

–

Index Tracked

–

Ultrashort Bond

Fund Category

Ultrashort Bond

SGOV costs about $6.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

SGOV

Pros

0.09% expense ratio is lower than SHV, reducing net returns for long-term holders of short-duration cash equivalents.
0.09% expense ratio is lower than SHV, reducing net returns for long-term holders of short-duration cash equivalents.
$110.9 billion in assets supports tight bid-ask spreads and robust liquidity for large transactions.

Considerations

Inception in 2020 provides a shorter track record than SHV, limiting insight into performance across diverse market cycles.
Index methodology is not available, reducing transparency on how the ultra-short duration exposure is constructed and maintained.
Dividend yield is slightly lower than SHV at 3.69%, potentially reflecting minor differences in underlying Treasury maturity profiles.

SHV

Pros

Inception in 2007 offers a significantly longer track record, providing more data on performance through various interest rate environments.
$110.9 billion in assets supports tight bid-ask spreads and robust liquidity for large transactions.
Dividend yield is slightly higher than SGOV at 3.70%, offering a marginally larger income stream for cash investors.

Considerations

0.15% expense ratio is higher than SGOV, creating a greater drag on returns for cost-sensitive short-term cash managers.
Index methodology is not available, limiting transparency regarding the specific Treasury bonds held and the precise maturity bucket logic.
$21.4 billion in assets, while substantial, is smaller than SGOV, which might imply slightly less depth in secondary markets.

About SGOV and SHV

SGOV (SGOV)

The iShares 0-3 Month Treasury Bond ETF (SGOV) is an exchange-traded fund designed to provide exposure to U.S. Treasury bills with very short maturities, typically less than three months. This asset class is often viewed as a low-risk option for investors seeking liquidity and capital preservation rather than significant growth. With an expense ratio of just 0.09%, it offers a cost-effective way to hold cash-equivalent securities. The fund currently has substantial net assets of USD 110.87 billion and a dividend yield of 3.69%. As of its inception on 26 May 2020, it has attracted investors looking for a safe haven during periods of market volatility. While it generally carries lower risk than long-term bonds or equities, it is important to remember that capital values can fluctuate. It serves primarily as a defensive tool within a diversified portfolio, allowing investors to earn interest on idle cash with minimal duration risk.

SHV (SHV)

The iShares Short Treasury Bond ETF (SHV) offers investors a way to access US government-backed debt with very short maturities. By focusing on Treasury bonds typically maturing within one year, it aims to provide capital preservation and liquidity, often serving as a place to park cash or reduce portfolio volatility. While Treasury bonds are generally considered low risk compared to corporate debt or equities, their value can still fluctuate based on interest rate changes and inflation expectations. This ETF may be suitable for conservative investors seeking modest income potential from short-term government securities, though returns are not guaranteed and past performance does not predict future results. Always consider your personal risk tolerance and financial goals before investing.

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SGOV vs SHV

Fund Snapshot