USFR vs SGOV: Returns, Drawdowns and Dividends Since 2020
USFR (WisdomTree Floating Rate Treasury Fund) and SGOV (iShares 0-3 Month Treasury Bond ETF) barely moved: their prices swung 0.4% and 0.2% a year. USFR came out ahead, returning 3.1% a year with dividends reinvested from May 2020 to November 2026, against 3.0% for SGOV.
Bought on any day and held five years, USFR finished ahead 100% of the time.
| Measure | USFR | SGOV |
|---|---|---|
| Annual return | 3.1% | 3.0% |
| $10,000 grew to | $12,186 | $12,093 |
| Worst decline | −0.2%May 2022 | −0.0%Aug 2022 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 0.4% | 0.2% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | — | — |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 3.7% | 3.6% |
| Best year | +5.5%2024 | +5.3%2024 |
| Worst year | −0.0%2021 | +0.1%2021 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.335 | |
USFR: WisdomTree Floating Rate Treasury FundSGOV: iShares 0-3 Month Treasury Bond ETF
May 28, 2020 to Nov 4, 2026, dividends reinvested.
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Worst declines
USFR fell 0.2% from May 2, 2022 to May 27, 2022 and was back at its high on Jun 29, 2022. SGOV fell 0.0% from Aug 22, 2022 to Aug 23, 2022 and was back at its high on Aug 25, 2022.
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Year by year
USFR was ahead in 4 of the 7 calendar years.
| Year | USFR | SGOV | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +3.4% | +3.1% | USFR+0.3 |
| 2025 | +4.2% | +4.2% | Even |
| 2024 | +5.5% | +5.3% | USFR+0.2 |
| 2023 | +5.2% | +5.1% | USFR+0.1 |
| 2022 | +2.0% | +1.6% | USFR+0.4 |
| 2021 | −0.0% | +0.1% | SGOV+0.1 |
| 2020 (from May 28) | +0.0% | +0.0% | Even |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from May 28, 2020, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 1,367 | USFR75% | +0.1 |
| 3 years | 863 | USFR100% | +0.4 |
| 5 years | 359 | USFR100% | +0.7 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Over the past 12 months USFR paid 3.7% of its price in dividends and SGOV 3.6%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | USFR | SGOV |
|---|---|---|
| 2026 (to Nov 4) | $1.56 10 payments | $3.01 10 payments |
| 2025 | $2.09 12 payments | $4.12 12 payments |
| 2024 | $2.60 12 payments | $5.12 12 payments |
| 2023 | $2.57 12 payments | $4.88 12 payments |
| 2022 | $0.90 11 payments | $1.45 12 payments |
| 2021 | $0.01 3 payments | $0.03 11 payments |
| 2020 (from May 28) | $0.03 6 payments | $0.05 7 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- USFR
- WisdomTree Floating Rate Treasury Fund, an ETF launched Feb 4, 2014. FinLab prices start Jan 4, 2016.
- USFR price and signal backtests
- SGOV
- iShares 0-3 Month Treasury Bond ETF, an ETF launched May 26, 2020. FinLab prices start May 28, 2020.
- SGOV price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, May 28, 2020 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.