⚖️ SGOV vs SHV Comparison · Free & No Signup

SGOV vs SHV: Two Cash-Like Treasury ETFs — Shorter Duration Wins

SGOV holds the very shortest T-bills. SHV holds slightly longer Treasuries up to 12 months. SGOV is cheaper and sticks closer to the federal funds rate.

💰 SGOV is cheaper 🔬 Compare top 10 holdings → 💡 Plain-English verdict

🤝 BFF Take

SGOV Is Better — Shorter Duration, Lower Cost, Same Government Safety

SGOV (iShares 0-3 Month Treasury Bond ETF) and SHV (iShares Short Treasury Bond ETF) are both ultra-safe cash management tools backed by US government obligations. SGOV holds Treasury bills with maturities of 0-3 months — the most liquid, shortest instruments in the US bond market — at 0.09%. SHV holds Treasuries with maturities of 1-12 months at 0.15%, giving it slightly longer duration and marginally more interest rate sensitivity. SGOV hews very closely to the current fed funds rate. SHV's slightly longer maturity means it may lag or lead rate changes depending on the rate environment. For pure cash management with maximum safety and minimum fee drag, SGOV is the preferred choice.

📋 Quick Takeaways

🏛️Both hold US Treasury obligations — the safest instruments on earth, essentially equivalent to cash

💰SGOV costs 0.09% vs SHV's 0.15% — 6 basis points cheaper for shorter, more responsive exposure

📅SGOV holds 0-3 month T-bills only; SHV holds up to 12 month maturities — SHV has slightly more duration risk

📊 Data-Based Take: SGOV has the lower fee

Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.

✓ Reviewed by a CFA® Charterholder · Data as of Jul 14, 2026 · Educational only, not financial advice

SGOV

iShares 0-3 Month Treasury Bond ETF

Expense Ratio

0.09% ✓

1-Year Return

0.0%

AUM

$95.9B

Holdings

SHV

iShares 0–1 Year Treasury Bond ETF

Expense Ratio

0.15%

1-Year Return

0.0%

AUM

$20.9B

Holdings

📋 SGOV vs SHV — Key Facts Side by Side

Metric	SGOV	SHV
Fund Name	iShares 0-3 Month Treasury Bond ETF	iShares 0–1 Year Treasury Bond ETF
Issuer	iShares	iShares
Tracks Index	ICE 0-3 Month US Treasury	Bloomberg Short US Treasury
Expense Ratio	0.09% ✓	0.15%
Cost per $10K/yr	$9.00	$15.00
AUM	$95.9B	$20.9B
Holdings	7	20
Inception	2020	2007
1-Year Return	-0.01%	-0.05%
3-Year Return	+4.67%	+4.60%
5-Year Return	+3.61%	+3.39%
Dividend Yield	3.85%	3.82%
Holdings Overlap	See holdings overlap →
Avg Bid-Ask Spread	0.01%	0.01%

Expense ratio, AUM, and returns updated Jul 14, 2026 from ETF BFF database. Returns are annualised. Not investment advice.

📊 SGOV vs SHV — Annualised Returns

Annualised returns (trailing, price-based). Past performance does not guarantee future results.

🎯 Which Fund Fits Which Investor?

Often fits investors who...

SGOV

want the lowest fees: saves ~$6/yr per $10K vs SHV

Often fits investors who...

SHV

want broader diversification (20 holdings vs 7)

💰 What the Fee Difference Actually Costs

Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.

Investment amount$ Years held Expected annual return%

Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.

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❓ SGOV vs SHV — Frequently Asked Questions

What is the difference between SGOV and SHV?

Both SGOV and SHV are iShares products holding short-term US Treasury obligations. SGOV specifically holds 0-3 month Treasury bills (the shortest instruments, highest government credit) at 0.09%. SHV holds US Treasuries with 1-12 month maturities at 0.15%. SGOV is slightly cheaper and its holdings mature faster — meaning it adjusts to new interest rate levels more quickly. SHV's slightly longer maturity range provides marginally more yield in some rate environments.

Is SGOV or SHV better than a money market fund?

It depends on your needs. Both SGOV and SHV are traded on exchanges and priced throughout the day — their NAV fluctuates slightly (though minimally). Money market funds maintain a stable $1.00 NAV and often serve as brokerage sweep accounts. For IRA holders or those who want to actively manage their cash allocation with exchange-traded flexibility, SGOV and SHV are excellent tools. For automatic, hands-off cash management, money market funds are more convenient.

How do SGOV and SHV compare to BIL?

BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) is the State Street competitor in the same space, charging 0.1356%. SGOV at 0.09% is cheaper than BIL. SHV at 0.15% is more expensive than BIL. SGOV has gained assets rapidly since its 2020 launch and is now comparable to BIL in size. For pure T-bill exposure at lowest cost, SGOV wins.

What happens to SGOV and SHV if the Fed cuts rates?

When the Federal Reserve cuts interest rates, T-bill yields fall and so do the yields on SGOV and SHV. Because their holdings mature so quickly (weeks to months), they adjust to new rate levels rapidly. SGOV, with its 0-3 month T-bills, will adjust faster than SHV. There is no meaningful price risk — unlike long-term bonds, these funds don't fall in value when rates rise; they simply offer higher or lower yields in the new rate environment.

Can SGOV or SHV ever lose money?

The NAV of SGOV and SHV can fluctuate very slightly intraday, but permanent principal loss is essentially impossible — they hold US Treasury obligations with near-zero credit risk and maturities too short to experience meaningful interest rate losses. In a scenario where the US government defaults (which has never happened), all Treasury-backed investments would be affected. In any realistic scenario, these funds are effectively risk-free for practical purposes.

New to ETF investing? See answers to the most common ETF questions →

📄 SGOV & SHV Fact Sheets

SGOV Fact Sheet→ SHV Fact Sheet→

ℹ️ Data shown is for educational purposes and may not reflect the most current figures. Returns are trailing price-based and exclude dividend reinvestment. Past performance does not guarantee future results. ETF BFF is not a licensed financial advisor — this is not personalized financial advice.