Data as of Oct 28, 2026.
SGOV vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, SGOV returned +3.7% to SPY's +13.6%; 0% of their weight is in the same names.
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Net assets on Oct 27, 2026: $117.0bn for iShares 0-3 Month Treasury Bond ETF and $814.8bn for SPDR S&P 500 ETF Trust.
Pair scorecard
Both cost 0.09% a year; their one-year returns differ by 9.9 points; SPY is 7.0 times larger.
Points (pts) are percentage points.
| Measure | SGOV | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +3.7% | +13.6% |
| Benchmark | ||
| What it tracks | ICE 0-3 Month US Treasury Securities Index | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.09% | 0.09% |
| Net assets, as of Oct 27, 2026 | $117.0bn | $814.8bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Jun 5, 2020 to Oct 23, 2026 · 333 weekly returnsSPY returned more: +160.3% to +20.8%. SGOV swung less: 0.3% to 16.0%. SGOV fell less at its worst: 0.0% to −23.9%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | SGOV | SPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +20.8% | +160.3% | SPY | Price change plus distributions, reinvested. |
| Annualized | +3.0% | +16.1% | SPY | Total return as a yearly rate. |
| Price return | +0.6% | +138.0% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 0.3% | 16.0% | SGOV | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 0.2% | 10.5% | SGOV | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | 0.0% | −23.9% | SGOV | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −0.46 | 0.82 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | −0.57 | 1.25 | SPY | Return above Treasury bills per unit of downside deviation. |
| Calmar | Not measured | 0.67 | Annualized return divided by the max drawdown. | |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 333 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, SGOV and SPY hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
SGOV and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SGOV and SPY do different jobs. What does each one do in a portfolio?
- What each follows. SGOV follows ICE 0-3 Month US Treasury Securities Index and SPY follows S&P 500 Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 SGOV returned +3.7% and SPY +13.6% with distributions reinvested, a gap of 9.9 points.
Data as of Oct 28, 2026.
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SGOV
SGOV tracks an index of 0-3 month T-bills. Over the year to Oct 28, 2026 it returned +3.7% with distributions reinvested. The prospectus expense ratio is 0.09% a year.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, SGOV against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/sgov-vs-spy
ETFIQ. (Oct 28, 2026). SGOV against SPY. Retrieved from https://etfiq.com/compare/any/sgov-vs-spy
[SGOV against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/sgov-vs-spy)
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