💵 SGOV vs BIL vs SHV · Cash ETF Comparison
SGOV vs BIL vs SHV: Which Cash ETF Is Best for Parking Money?
Three short-term Treasury ETFs that behave like cash earning T-bill rates. The yields are nearly identical. The fee is where they separate.
💰 Lowest cost wins
📊 Yield, duration, holdings
🏦 State tax exempt income
SGOV vs BIL vs SHV: Side-by-Side
|
SGOV |
BIL |
SHV |
| Full name | iShares 0-3 Month Treasury | SPDR 1-3 Month T-Bill | iShares Short Treasury |
| Expense ratio | 0.09% | 0.14% | 0.15% |
| Approx. yield | ~5.2% | ~5.1% | ~4.8% |
| Issuer | iShares | State Street | iShares |
| Maturity range | 0-3 months | 1-3 months | 0-12 months |
| AUM | $30B | $38B | $22B |
| Inception | 2020 | 2007 | 2007 |
| Price stability | Very high | Very high | High |
| State tax on income | Exempt | Exempt | Exempt |
Yields are approximate, move with Federal Reserve rates, and change daily. Treasury income is generally exempt from state and local tax. Past performance does not guarantee future results.
The BFF Take
These three do the same job: hold short-term US Treasuries and pay out whatever T-bill rates currently are. Because they hold nearly the same thing, their yields land within a fraction of a percent of each other, and the most durable difference is cost. SGOV charges 0.09%, the lowest of the three, so more of the yield reaches you. That makes SGOV the default for parking cash. BIL earns its place for investors who want the longest track record and deepest liquidity, useful for large trades. SHV holds slightly longer maturities, up to about 12 months, which gives marginally more yield sensitivity if rates move. For a typical investor holding cash for a few months, SGOV is the straightforward pick on cost alone.
Which One Fits Your Cash
SGOV
Best for
- Lowest cost at 0.09%
- Parking cash for weeks to months
- Maximizing net yield on Treasuries
- Most investors as the default
BIL
Best for
- Longest track record since 2007
- Deepest liquidity for large trades
- Institutional cash management
- Investors who value scale
SHV
Best for
- Slightly longer maturities up to 12 months
- A bit more rate sensitivity
- iShares platform preference
- Holding cash a little longer
Frequently Asked Questions
What is the difference between SGOV, BIL, and SHV?
All three are short-term US Treasury ETFs that behave like cash earning T-bill rates. SGOV charges 0.09% and holds the shortest maturities. BIL charges 0.14% and holds 1-3 month bills. SHV charges 0.15% and holds slightly longer maturities up to about 12 months. SGOV is the cheapest. Yields move with Federal Reserve rates and stay very close across all three.
Which cash ETF has the highest yield?
Yields are very close because all three hold short-term Treasuries tracking the same underlying rates. SGOV often shows a slightly higher net yield because its 0.09% fee is the lowest, so less return is lost to cost. The differences are small and shift with rate changes. Lower cost is the most durable edge, which favors SGOV. Past performance does not guarantee future results.
Is SGOV better than BIL?
For most investors parking cash, SGOV is marginally better because it charges 0.09% versus BIL’s 0.14%, so more of the T-bill yield stays with you. BIL has a longer track record since 2007 and very deep liquidity, which can matter for large institutional trades. For a retail investor holding cash, the lower fee makes SGOV the slight default.
Are SGOV, BIL, and SHV safe?
All three hold US Treasury securities, which carry the lowest credit risk of any bond. They are not FDIC insured like a bank account, but Treasury default risk is minimal. The main risk is that yield falls when the Federal Reserve cuts rates. Prices barely move because maturities are so short, which is why they behave like cash.
Do these cash ETFs have state tax advantages?
Yes. Income from US Treasury securities is generally exempt from state and local income tax, which applies to SGOV, BIL, and SHV. For investors in high-tax states, that exemption can make Treasury cash ETFs more attractive after tax than a savings account or a prime money market fund. Tax treatment varies by situation. This is general information, not tax advice.
Yields are approximate and change daily with interest rates. These funds hold US Treasury securities and are not FDIC insured. Treasury income is generally exempt from state and local tax; consult your situation. Past performance does not guarantee future results. Nothing on ETF BFF is personalized financial or tax advice. ETF BFF may receive compensation from brokerage partners referenced on this site.