GOVT vs SGVT: Grades, Fees and Holdings Compared

iShares U.S. Treasury Bond ETF

GOVTACboe

Schwab Government Money Market ETF

SGVTBNYSE Arca

Overlap

0.0%by weight

Expense ratio

GOVT −0.23pt a year

GOVT0.05%SGVT0.28%

Avg volume · 30D

GOVT 40.2×the volume

GOVT11.1MSGVT277K

GOVT vs SGVT Performance

Oct 31, 2025 – Oct 30, 2026

−0.3%GOVT+3.5%SGVT

Expense ratio: GOVT 0.05%, better; SGVT 0.28%
Fund size: GOVT $43.2B; SGVT $1.07B
1Y total return: GOVT −0.3%; SGVT +3.5%, better
Yield (12M): GOVT 3.73%, better; SGVT 3.33%
Holdings: GOVT 236; SGVT 240
Avg volume (30D): GOVT 11.1M sh, better; SGVT 277K sh
NAV per share: GOVT $22.30; SGVT $100.82
52W range

ETF.net Grade

Pillar letters and Scores for GOVT, SGVT, with each pillar’s weight
Pillar	GOVT	SGVT
Cost30% weight	A87Higher	D27
Mission25% weight	A97	A100Higher
Risk15% weight	C48	B65Higher
Tradability15% weight	A77	A85Higher
Holdings10% weight	B62	B65Higher
Durability5% weight	A92Higher	C53

Rank among US Treasury & Government funds

How we build Categories ›

Same Category. GOVT and SGVT are both graded against the same 16 US Treasury & Government funds, so their Grades compare head to head.

US Treasury & Government⁠

Category · 16 funds

See all 16 ›

GOVT ranks 1st and SGVT 5th of 16 funds in the US Treasury & Government Category.

Rank 1AGOVTiShares U.S. Treasury Bond ETFScore 79
Rank 2ASPTBState Street SPDR Portfolio Treasury ETFScore 78
Rank 4BFLGVFranklin U.S. Treasury Bond ETFScore 67
Rank 5BSGVTSchwab Government Money Market ETFScore 64
Rank 6BVGVTVanguard Government Securities Active ETFScore 61

Our read on each fund

ETF.net Research

GOVTAiShares U.S. Treasury Bond ETF

SGVTBSchwab Government Money Market ETF

In short

GOVT The plain-vanilla Treasury sleeve. One index fund spanning the full maturity spectrum of US government debt, running since 2012 at five basis points, with none of the credit risk that lives in the rest of the bond aisle.

SGVT Schwab took the money market fund, that boring cash staple, and put it in an ETF wrapper: actively run short government paper (T-bills, agency debt, collateralized repo), traded through the day, income paid monthly.

Stated mandate

GOVT The fund seeks to track an index of U.S. Treasury bonds spanning the full maturity spectrum, providing broad exposure to U.S. government debt for stability and income.

SGVT The fund seeks current income while emphasizing capital preservation and liquidity. It pursues this objective by investing in U.S. government securities, including Treasury bills and notes and related agency obligations.

Why people hold it

GOVT Charges 0.05% a year, well under the median fee in its broad-Treasury peer group.
Tracks the ICE US Treasury Core Bond Index tightly, one of the cleaner index implementations among broad Treasury funds.
A multi-billion-dollar fund that trades heavily, which tends to show up as thin bid-ask spreads for retail-size orders.
US Treasury debt and nothing else, paid out monthly. No corporate credit to underwrite, no mortgage prepayments to model.ishares.com

SGVT Fully transparent active management of short government paper: Treasury bills and notes, agency obligations and collateralized repo, aimed at income with capital preservation.schwabassetmanagement.com
Cash management you can trade like a stock: bought and sold on an exchange during the session, with income distributed monthly.etf.com
Schwab is no tourist in cash. Its government money market mutual funds are long-running staples; this is the firm's first exchange-traded version of that job.etftrends.com
The portfolio does what the label says, sticking to the US government cash mandate, and it sits in the upper half of its Treasury and government bond peer group.

Worth knowing

GOVT Covering the full maturity spectrum means long-dated bonds are in the mix, so the share price moves with interest rates more than a short-dated Treasury fund's would.
Nominal Treasuries only. Inflation-linked exposure sits in different funds, such as SPIP or VTP.
SPTB runs the same broad-Treasury idea at 0.03%, two basis points less.

SGVT At 0.28%, the fee runs more than double the 0.12% median of its bond peer group, and plain ultra-short Treasury funds like VGUS charge 0.07%. On cash, fees are felt.
It is not a traditional money market fund. There is no stable $1 share price and no guarantee: NAV floats with market value, and the market price can drift from it.etf.com
The fund opened in June 2025, so the track record is short and has not spanned a full rate cycle yet.

Full GOVT profile⁠

Full SGVT profile⁠

GOVT vs SGVT Holdings

How GOVT and SGVT differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of GOVT and 0.0% of SGVT.

Level by level

Asset classFixed Income, Cash0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for SGVT.

Country, concentration and asset class

Country by domicile

Country weights in GOVT and SGVT, widest gap first
Country	More in GOVTMore in SGVT	GOVT	SGVT
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

GOVT20.8%
SGVT43.7%

Securities held

GOVT234
SGVT240

Asset class

GOVT: Fixed Income
SGVT: Cash

Holdings

Only in GOVT234
In both0
Only in SGVT240

Only in GOVT

234 securities, 99.7% of GOVT by weight

Treasury Note 1.38% 11/15/20315.00%
Treasury Note 2.63% 02/15/20292.98%
Treasury Note 3.13% 11/15/20282.12%
Treasury Note 2.75% 02/15/20281.95%
Treasury Note 2.88% 05/15/20281.65%
Treasury Bond 2.50% 05/15/20461.51%
Treasury Bond 2.75% 11/15/20421.47%
Treasury Bond 6.13% 11/15/20271.42%
Treasury Bond 3.75% 11/15/20431.40%
Treasury Bond 1.88% 02/15/20511.33%
Treasury Note 4.00% 05/31/20281.22%
Treasury Note (Old) 4.38% 05/15/20361.11%
Treasury Note 2.38% 05/15/20291.09%
Treasury Note 4.00% 05/31/20301.02%
Treasury Note 4.00% 02/29/20280.99%
Treasury Note 4.00% 02/15/20340.99%
Treasury Note 3.88% 03/31/20280.98%
Treasury Note 1.25% 09/30/20280.97%
Treasury Note 4.00% 02/28/20300.94%
Treasury Note 4.38% 05/15/20340.94%
Treasury Note 3.88% 08/15/20340.93%
Treasury Note 1.25% 03/31/20280.91%
Treasury Note 3.50% 02/15/20330.85%
Treasury Note 1.50% 11/30/20280.85%
Treasury Bond 2.88% 11/15/20460.84%
Treasury Note 4.50% 11/15/20330.83%
Treasury Note 1.88% 02/15/20320.82%
Treasury Note 4.25% 08/15/20350.80%
Treasury Note 4.38% 12/31/20290.79%
Treasury Note 4.25% 06/30/20290.78%
Treasury Note 4.25% 11/15/20340.78%
Treasury Note 3.38% 05/15/20330.77%
Treasury Note 4.25% 05/31/20330.77%
Treasury Note (Otr) 4.63% 08/15/20360.75%
Treasury Note 3.75% 04/30/20280.73%
Treasury Note 1.63% 05/15/20310.73%
Treasury Note (2OLD) 4.13% 02/15/20360.73%
Treasury Note 3.13% 08/31/20290.70%
Treasury Note 4.50% 05/31/20290.70%
Treasury Note 2.63% 07/31/20290.66%
Treasury Note 4.13% 11/15/20320.65%
Treasury Note 1.38% 10/31/20280.65%
Treasury Note 3.50% 01/31/20280.64%
Treasury Note 1.00% 07/31/20280.64%
Treasury Note 4.25% 05/15/20350.63%
Treasury Note 3.63% 10/31/20300.62%
Treasury Note 4.00% 11/15/20350.61%
Treasury Bond 4.00% 11/15/20520.61%
Us Treasury N/B 0.63% 08/15/20300.60%
Treasury Note 4.25% 07/31/20280.60%

Only in SGVT

240 securities, 100% of SGVT by weight

Tri-Party Jp Morgan Securities Llc 3.93% 10/30/20266.37%
Tri-Party Wells Fargo Securities L 3.93% 10/30/20266.09%
Tri-Party Ficc Jpms 3.92% 10/30/20266.00%
Tri-Party Wells Fargo Securities L 3.95% 11/05/20264.69%
Tri-Party Ficc Wells 3.94% 11/05/20264.69%
Tri-Party Wells Fargo Bank Na 3.93% 10/30/20264.22%
Tri-Party Ficc Wells 3.95% 11/03/20263.37%
Tri-Party Ficc Bny 3.93% 10/30/20263.28%
Tri-Party Ficc Wells 3.93% 10/30/20262.62%
Fnma 11/16/2026 (BBG01XB10YD2)2.34%
Fhlb 12/11/2026 (BBG01XXL6BK0)2.22%
Tri-Party Goldman Sachs & Co Llc 3.93% 10/30/20261.69%
Tri-Party Wells Fargo Securities L 3.95% 11/03/20261.69%
Tri-Party Ficc Boasi 3.93% 10/30/20261.50%
Tri-Party Goldman Sachs & Co Llc 3.94% 11/04/20261.41%
Fhlb 09/17/2027 (BBG023PGVX56)1.40%
Tri-Party Ficc Boasi 3.94% 10/30/20261.31%
Treasury Note 4.13% 02/28/2027 (BBG01SBDZRN3)1.30%
Tri-Party Ficc Jpms 3.93% 10/30/20261.12%
Tri-Party Goldman Sachs & Co Llc 3.85% 11/30/20261.12%
Treasury Bill 12/03/2026 (BBG022K9VTF7)1.07%
Ffcb 4.00% 05/06/2027 (BBG0222V22P8)0.84%
Tri-Party Goldman Sachs & Co Llc 3.95% 11/05/20260.75%
Treasury Bill 11/24/2026 (BBG023TGDMZ3)0.68%
Fhlb Float 3.99% 02/16/2027 (BBG023MG7414)0.66%
Tri-Party Credit Agricole Cib New 3.92% 10/30/20260.66%
Tri-Party Citigroup Global Markets 3.93% 10/30/20260.66%
Tri-Party Bnp Paribas SA 3.93% 10/30/20260.66%
Treasury Bill 12/08/2026 (BBG02444V9G5)0.64%
Treasury Bill 11/27/2026 (BBG01YKHNFB3)0.64%
Treasury Floating Rate Note 4.28% 10/31/2027 (BBG01Y0MGWC4)0.58%
Fhlb Float 4.08% 05/26/2028 (BBG024LFL7W8)0.56%
Tri-Party Wells Fargo Bank Na 3.95% 11/03/20260.56%
Tri-Party Goldman Sachs & Co Llc 3.95% 11/04/20260.56%
Ficc Bny 3.98% 11/04/20260.56%
Tri-Party Goldman Sachs & Co Llc 3.94% 11/02/20260.56%
Fhlb 02/17/2027 (BBG01Z2F7FF8)0.56%
Treasury Bill 11/19/2026 (BBG0226BZH79)0.55%
Treasury Bill 12/15/2026 (BBG0248BG1C3)0.54%
Fhlb 4.00% 04/02/2027 (BBG025M4VPH5)0.52%
Fhlb 3.98% 01/19/2027 (BBG0253YCN59)0.51%
Treasury Note 2.38% 05/15/2027 (BBG00GM9SVD7)0.50%
Fhlb Float 4.09% 08/25/2028 (BBG024GZYK48)0.47%
Fhlb Float 4.05% 04/06/2028 (BBG021DK6SG1)0.47%
Tri-Party Jp Morgan Securities Llc 4.06% 02/23/20270.47%
Ffcb Float 4.03% 04/06/2028 (BBG021DK4ZL1)0.47%
Fhlb 4.00% 06/01/2027 (BBG02212P6J6)0.47%
Treasury Bill 12/29/2026 (BBG024M7BMR9)0.47%
Treasury Note 4.38% 07/15/2027 (BBG01NMSDGQ4)0.44%
Fnma Float 4.03% 04/06/2028 (BBG021DL9Y64)0.42%

Weight gaps

GOVT and SGVT share no securities.

All 229 GOVT holdings⁠All SGVT holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GOVT vs SGVT Cost

Overpaying SGVT vs GOVT

$4,695

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GOVT 0.05%
$1,060
SGVT 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

GOVT 0.05%
SGVT 0.28%
Overpaying

Year by year

Year	GOVT	SGVT	Overpaying
10	$92	$509	$417
20	$360	$1,976	$1,616
30	$1,060	$5,755	$4,695

Expense ratio

0.05%GOVT, cheaper
0.28%SGVT

GOVT0.05%SGVT0.28%

0.03%1.04%

Middle half of US Treasury & Government funds
Median 0.15%

GOVT 3rd cheapest of 16 funds

SGVT 12th cheapest of 16 funds

GOVT vs SGVT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GOVT 3.73%, better; SGVT 3.33%
Payout (12M): GOVT $0.83; SGVT $3.36
Last payment: GOVT $0.07; SGVT $0.29
Ex-dividend: GOVT Oct 1, 2026; SGVT Oct 1, 2026
Paid on: GOVT Oct 6, 2026; SGVT Oct 7, 2026
Frequency: GOVT Monthly; SGVT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GOVTMonthly · 45 paymentsAll GOVT payments⁠

SGVTMonthly · 16 paymentsAll SGVT payments⁠

GOVT vs SGVT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GOVT 5.1%SGVT 0.1%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: GOVT −0.01SGVT −2.87since Jul 2025
Worst fallMax drawdown, 5 years: GOVT −16.2%SGVT −0.03%since Jun 2025
Market sensitivityBeta, 5 years: GOVT 0.88SGVT 0.01; Market = 1

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