Data as of Oct 28, 2026.

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GOVT vs SHV: Differences, Returns & Fees

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GOVT's duration was 5.5 years on Jul 31, 2026 and SHV's 0.3 on Aug 31, 2026; GOVT charges 0.05% to SHV's 0.15%.

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Net assets on Oct 27, 2026: $42.8bn for iShares U.S. Treasury Bond ETF and $21.7bn for iShares 0-1 Year Treasury Bond ETF.

At a glance
−1.5%
GOVT total return, 1 year
+3.6%
SHV total return, 1 year
0.05%
GOVT expense ratio
0.15%
SHV expense ratio

Pair scorecard

GOVT costs 0.10 points a year less; their one-year returns differ by 5.1 points; GOVT is 2.0 times larger.

GOVT vs SHV: Differences, Returns & Fees
MeasureGOVTSHV
Return
Total return, 1 year−1.5%+3.6%
Drawdown
Below its high8.1%, high on Aug 4, 2020
Benchmark
What it tracksICE U.S. Treasury Core Bond IndexICE Short US Treasury Securities Index
Cost and size
Expense ratio0.05%0.15%
Net assets, as of Oct 27, 2026$42.8bn$21.7bn
Holdings
Holdings in common0%

Holdings in common uses holdings dated Jul 31, 2026 and Aug 31, 2026. Method

Risk and return

Mar 2, 2012 to Oct 23, 2026 · 764 weekly returns
GOVT SHV
Return
Total return edge SHV +18.4% +26.7%
Annualized edge SHV +1.2% +1.6%
Price return edge SHV −10.6% +0.1%
Risk
Volatility edge SHV 4.5% 0.3%
Max drawdown edge SHV −18.7% −0.4%
Risk-adjusted
Sharpe edge GOVT −0.11 −0.44
Sortino edge GOVT −0.15 −0.68
Calmar edge SHV 0.06 4.20
Reading

SHV returned more: +26.7% to +18.4%. SHV swung less: 0.3% to 4.5%. SHV fell less at its worst: −0.4% to −18.7%.

Full scorecard

9 measures, with how each is measured
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Risk and return: GOVT vs SHV: Differences, Returns & Fees
MeasureGOVTSHVEdgeHow it is measured
Return
Total return+18.4%+26.7%SHVPrice change plus distributions, reinvested.
Annualized+1.2%+1.6%SHVTotal return as a yearly rate.
Price return−10.6%+0.1%SHVPrice change alone, distributions left out.
Risk
Volatility4.5%0.3%SHVSpread of weekly returns, annualized. Lower is steadier.
Downside deviation3.3%0.2%SHVLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−18.7%−0.4%SHVDeepest fall from a high to the low after it.
Risk-adjusted
Sharpe−0.11−0.44GOVTReturn above Treasury bills per unit of volatility.
Sortino−0.15−0.68GOVTReturn above Treasury bills per unit of downside deviation.
Calmar0.064.20SHVAnnualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 764 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

0%

By the books each fund has filed, GOVT and SHV hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.

0 half 100%

half

0% in common

Positions both hold · largest shared weight first GOVT SHV
U.S. Treasury Notes, due Jun 30, 2027 0.03% 1.43%
Only in one fund ↓
Only in GOVT
U.S. Treasury Notes, due Nov 15, 2031 5.28%
U.S. Treasury Notes, due Feb 15, 2029 2.95%
U.S. Treasury Notes, due Feb 15, 2028 2.63%
U.S. Treasury Notes, due Nov 15, 2028 2.08%
U.S. Treasury Notes, due May 15, 2028 1.62%
U.S. Treasury Bonds, due May 15, 2046 1.48%
U.S. Treasury Bonds, due Nov 15, 2042 1.46%
U.S. Treasury Bonds, due Feb 15, 2051 1.46%
Only in SHV
U.S. Treasury Bills, due Jan 14, 2027 4.95%
U.S. Treasury Bills, due Oct 29, 2026 4.53%
U.S. Treasury Bills, due Oct 13, 2026 3.86%
U.S. Treasury Bills, due Dec 15, 2026 3.60%
U.S. Treasury Bills, due Oct 27, 2026 3.56%
U.S. Treasury Bills, due Dec 22, 2026 3.55%
U.S. Treasury Bills, due Oct 1, 2026 3.37%
U.S. Treasury Bills, due Nov 12, 2026 3.33%
Check overlap with more funds →

Side by side

GOVT iShares U.S. Treasury Bond ETF SHV iShares 0-1 Year Treasury Bond ETF
Where it sits Bond ETF Bond ETF
What it is Tracks an index of U.S. Treasury Bond Tracks an index of 0-1 Year Treasury Bond
Total return, 1 year −1.5% +3.6%
Expense ratio 0.05% 0.15%
Holdings 229 66
Net assets, as of Oct 27, 2026 $42.8bn $21.7bn

GOVT and SHV on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-A344D184A9

GOVT and SHV do different jobs. What does each one do in a portfolio?

  1. What each follows. GOVT follows ICE U.S. Treasury Core Bond Index and SHV follows ICE Short US Treasury Securities Index.
  2. Holdings in common. 0% of the weight is in the same securities (holdings dated Jul 31, 2026 and Aug 31, 2026).
  3. One-year total return. Over 1 year to Oct 28, 2026 GOVT returned −1.5% and SHV +3.6% with distributions reinvested, a gap of 5.1 points.

Data as of Oct 28, 2026.

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About each fund
GOVT

GOVT tracks an index of U.S. Treasury Bond. Over the year to Oct 28, 2026 it returned −1.5% with distributions reinvested. The prospectus expense ratio is 0.05% a year. It sat 8.1% below its high of Aug 4, 2020 on Oct 28, 2026.

SHV

SHV tracks an index of 0-1 Year Treasury Bond. Over the year to Oct 28, 2026 it returned +3.6% with distributions reinvested. The prospectus expense ratio is 0.15% a year.

Questions people ask

Which returned more over the last year, GOVT or SHV?
In the year to Oct 28, 2026, with distributions reinvested, GOVT returned −1.5% and SHV +3.6%.
Which is cheaper, GOVT or SHV?
GOVT is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, GOVT against SHV, data as of Oct 28, 2026. https://etfiq.com/compare/any/govt-vs-shv

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.