Dividend comparison

SGOV vs USFR: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares 0-3 Month Treasury Bond ETF and WisdomTree Floating Rate Treasury Fund, side by side. Updated October 24, 2026.

Start freeOpen interactive compareSee pricing
SGOV vs USFR: key differences
The short answer, from the latest data on this page.
  • Fees. SGOV is cheaper at 0.09% a year versus 0.15% for USFR. On $10,000 that is $6 a year less in fees.
  • Income. Their trailing yields are almost the same: 3.64% for SGOV and 3.72% for USFR. Both pay monthly.
  • Performance. Over the last 5 years, USFR returned 20.4% versus 17.1% for SGOV, with dividends reinvested. $10,000 would have grown to $12,040 in USFR and $11,711 in SGOV.
  • Risk. Their worst declines over the last 5 years were similar: -0.6% for SGOV and -0.4% for USFR from peak to trough.
  • Diversification. SGOV holds 24 positions and USFR holds 6.
  • Dividend growth. USFR grew its yearly payout 318.5% a year over the last 4 years, versus 238.5% for SGOV.
  • Size. SGOV is the larger fund with $116.7 billion in assets, against $21.2 billion for USFR.

Bottom line: SGOV fits better if you care most about lower fees and broader diversification. USFR fits better if you care most about stronger 5-year returns and faster dividend growth.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSGOV
iShares 0-3 Month Treasury Bond ETF
USFR
WisdomTree Floating Rate Treasury Fund
Dividend yield (TTM)3.64%3.72%
Dividend / share (TTM)$3.67$1.88
Payout frequencyMonthlyMonthly
Last dividend$0.3005 on Oct 6, 2026$0.1582 on Sep 29, 2026
Ex-dividend dateOct 1, 2026Sep 25, 2026
Dividend growth (CAGR)238.5% over 4 yrs318.5% over 4 yrs
Price$100.66$50.52
Beta0.00-0.02
Max drawdown (5Y)-0.6%-0.4%
Market cap$96.06B$17.79B
ExchangeNYSEAMEX
Expense ratio0.09%0.15%
Assets under management$116.67B$21.25B
Number of holdings246
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SGOV

$30.35/mo

$364 /yr at 3.64% yield

USFR

$30.99/mo

$372 /yr at 3.72% yield

Dividend history
Total dividends paid per share in each calendar year. SGOV pays monthly; USFR pays monthly.
YearSGOVUSFR
2025$4.1157$2.0860
2024$5.1151$2.5996
2023$4.8826$2.5718
2022$1.4546$0.8956
2021$0.0313$0.0068
Strategy: Cash equivalent
Funds holding short-dated US government paper, where the objective is that the principal is there when you need it. Yield follows short-term interest rates with a short lag rather than being locked in, so income falls when the central bank cuts and rises when it hikes. Because the underlying holdings are nearly identical across providers, the expense ratio comes almost directly out of what you receive.

There is no growth here by design, and purchasing power erodes whenever the after-tax yield sits below inflation.

What SGOV vs USFR actually do

SGOV
An iShares fund holding US Treasury bills maturing within three months, used as a parking place for cash.

It tracks an ICE index of 0 to 3 month Treasury securities, so the entire portfolio rolls over every quarter and its yield tracks short-term rates with a short lag rather than being locked in. Interest accrues into the share price through the month and is paid out monthly, which is why the price ratchets up and then drops back by the distribution amount instead of trending. Because the holdings are direct Treasury obligations, the income is generally exempt from state and local tax.

Suits an emergency fund, a savings goal with a near-term date, or the cash sleeve of a portfolio waiting to be deployed. It is not an investment in any growth sense, and it will lose purchasing power to inflation whenever short rates sit below it.

Capital preservation

USFR
A WisdomTree fund holding US Treasury floating rate notes rather than fixed-rate bills.

Treasury FRNs are two-year securities whose coupon resets weekly against the 13-week Treasury bill auction, so the fund's income adjusts to rate changes through the coupon itself instead of by rolling into new bills. In practice that makes it respond to a rate move slightly faster than a bill ladder does. The trade-off is a smaller, less liquid corner of the Treasury market and a modest amount of price movement that a portfolio of near-maturity bills does not have.

Suits a cash holder who wants income that resets quickly and is comfortable with a less mainstream instrument. Offers no advantage over a plain bill fund once short rates stop moving, and it is not a place to seek return.

Capital preservation

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 23, 2021 would now be worth $11,711 in SGOV and $12,040 in USFR.
PeriodSGOVUSFR
1 month0.04%0.36%
3 months0.05%1.06%
Year to date0.28%3.21%
1 year0.70%4.08%
3 years10.79%13.32%
5 years17.11%20.40%
  • SGOV
  • USFR
98110122202120222023202420252026117120

Both series indexed to 100 on 2021-10-23 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • SGOV
  • USFR
0%25%50%75%100%Cash & Others100.0%100.0%U.S. Treasury Debt99.5%Investment Company0.5%

Quick verdict

SGOV fits better if you care most about lower fees and broader diversification. USFR fits better if you care most about stronger 5-year returns and faster dividend growth. Model the holding inside your real portfolio before deciding.

Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how SGOV vs USFR fits with the rest of your holdings. Free to start — no credit card required for the trial.
Start freeInteractive DRIP compare

Frequently asked questions

Is SGOV or USFR better for dividend income?
It depends on your goals. SGOV currently yields 3.64% Trailing Twelve Months (TTM) while USFR yields 3.72%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SGOV and USFR?
iShares 0-3 Month Treasury Bond ETF (SGOV) is an ETF listed on NYSE. WisdomTree Floating Rate Treasury Fund (USFR) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SGOV or USFR?
SGOV has the lower expense ratio. SGOV charges 0.09% a year and USFR charges 0.15%, a difference of $6 a year on a $10,000 investment.
Which has performed better, SGOV or USFR?
Over the last 5 years, USFR has the higher total return with dividends reinvested: SGOV returned 17.1% and USFR returned 20.4%. Past performance does not predict future returns.
Which is riskier, SGOV or USFR?
Measured by the worst peak-to-trough decline over the last five years, SGOV has been riskier: SGOV fell as much as 0.6% and USFR as much as 0.4%. Their betas are 0.00 and -0.02.
How often do SGOV and USFR pay dividends?
Both pay monthly. The most recent payments were $0.3005 for SGOV and $0.1582 for USFR.
How much income does $10,000 in SGOV vs USFR generate?
At current TTM yields, $10,000 in SGOV would generate roughly $30.35 per month ($364 annually). The same amount in USFR would produce about $30.99 per month ($372 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SGOV and USFR?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SGOV vs USFR with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SGOV and USFR fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

Related comparisons

For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.