SGOV Alternatives: Where to Park Cash

36 Treasury ETFs and money market funds, ranked by today's yield · updated Nov 5, 2026

As of Nov 5, 2026, SGOV yields 3.64% at a 0.09% cost. The closest like-for-like alternatives are T-bill ETFs such as XBIL (4.00%) and TBIL (3.97%); the best money market yield is VMRXX at 3.97%. Funds that pay more than SGOV take on corporate debt, options or longer bonds, and their income is usually taxed by states.

Every cash fund, by yield

Yield is the fund's current reported yield: the 7-day yield for money market funds (after fees), the yield the fund reports for ETFs. Click a fund to compare it with SGOV.

Fund	Yield	Cost	Type	State tax	Assets	Compare
JAAAJanus Henderson AAA CLO ETF	5.26%	0.20%	Ultra-short bond ETF	mostly taxable by states	$32.4B	vs SGOV →
CSHINEOS Enhanced Income 1-3 Month T-Bill ETF	4.81%	0.38%	T-bills plus options	partly from Treasuries and partly from options	$2.1B	vs SGOV →
PULSPGIM Ultra Short Bond ETF	4.76%	0.15%	Ultra-short bond ETF	mostly taxable by states	$19.6B	vs SGOV →
FLOTiShares Floating Rate Bond ETF	4.27%	0.15%	Ultra-short bond ETF	mostly taxable by states	$11.7B	vs SGOV →
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF	4.26%	0.15%	Ultra-short bond ETF	mostly taxable by states	$3.2B	vs SGOV →
ICSHiShares Ultra Short Duration Bond Active ETF	4.13%	0.08%	Ultra-short bond ETF	mostly taxable by states	$9.0B	vs SGOV →
JPSTJPMorgan Ultra-Short Income ETF	4.13%	0.18%	Ultra-short bond ETF	mostly taxable by states	$42.5B	vs SGOV →
MINTPIMCO Enhanced Short Maturity Active Exchange-Traded Fund	4.08%	0.36%	Ultra-short bond ETF	mostly taxable by states	$18.3B	vs SGOV →
XBILF/m US Treasury 6 Month Bill ETF	4.00%	0.15%	Treasury ETF	generally exempt from state	$792.1M	vs SGOV →
TBILF/m US Treasury 3 Month Bill Fund	3.97%	0.15%	Treasury ETF	generally exempt from state	$7.5B	vs SGOV →
VMRXXVanguard Cash Reserves Federal Money Market Fund	3.97%	in yield	Government money market	only partly exempt from state	$116.1B	vs SGOV →
VMFXXVanguard Federal Money Market Fund	3.96%	in yield	Government money market	only partly exempt from state	$375.6B	vs SGOV →
VUSXXVanguard Treasury Money Market Fund	3.96%	in yield	Treasury money market	mostly exempt from state	$118.5B	vs SGOV →
SWVXXSchwab Value Advantage Money Fund	3.85%	in yield	Prime money market	fully taxable, state tax included	$248.0B	vs SGOV →
SCHOSchwab Short-Term U.S. Treasury ETF	3.82%	0.03%	Treasury ETF	generally exempt from state	$15.7B	vs SGOV →
VGSHVanguard Short-Term Treasury Index Fund ETF Shares	3.76%	0.03%	Treasury ETF	generally exempt from state	$41.2B	vs SGOV →
XHLFBondbloxx Bloomberg Six Month Target Duration US Treasury ETF	3.75%	0.03%	Treasury ETF	generally exempt from state	$2.0B	vs SGOV →
CLIPGlobal X 1-3 Month T-Bill ETF	3.72%	0.07%	Treasury ETF	generally exempt from state	$2.4B	vs SGOV →
TFLOiShares Treasury Floating Rate Bond ETF	3.72%	0.15%	Treasury ETF	generally exempt from state	$7.3B	vs SGOV →
USFRWisdomTree Floating Rate Treasury Fund	3.71%	0.15%	Treasury ETF	generally exempt from state	$21.3B	vs SGOV →
SNOXXSchwab Treasury Obligations Money Fund	3.70%	in yield	Treasury money market	mostly exempt from state	$35.8B	vs SGOV →
SNSXXSchwab U.S. Treasury Money Fund	3.68%	in yield	Treasury money market	mostly exempt from state	$44.7B	vs SGOV →
BILSState Street SPDR Bloomberg 3-12 Month T-Bill ETF	3.67%	0.14%	Treasury ETF	generally exempt from state	$4.0B	vs SGOV →
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF	3.66%	0.14%	Treasury ETF	generally exempt from state	$48.5B	vs SGOV →
SGOViShares 0-3 Month Treasury Bond ETF	3.64%	0.09%	Treasury ETF	generally exempt from state	$116.8B
SHViShares 0–1 Year Treasury Bond ETF	3.63%	0.15%	Treasury ETF	generally exempt from state	$21.4B	vs SGOV →
SHYiShares 1-3 Year Treasury Bond ETF	3.61%	0.15%	Treasury ETF	generally exempt from state	$27.4B	vs SGOV →
GBILGoldman Sachs Access Treasury 0-1 Year ETF	3.59%	0.12%	Treasury ETF	generally exempt from state	$7.9B	vs SGOV →
TBLLInvesco Short Term Treasury ETF	3.59%	0.08%	Treasury ETF	generally exempt from state	$2.9B	vs SGOV →
FZDXXFidelity Money Market Fund	3.51%	in yield	Prime money market	fully taxable, state tax included	—	vs SGOV →
VBILVanguard 0-3 Month Treasury Bill ETF	3.50%	0.06%	Treasury ETF	generally exempt from state	$14.3B	vs SGOV →
FDRXXFidelity Cash Reserves	3.40%	in yield	Government money market	only partly exempt from state	—	vs SGOV →
SPRXXFidelity Money Market Fund	3.38%	in yield	Prime money market	fully taxable, state tax included	—	vs SGOV →
FZFXXFidelity Treasury Fund	3.34%	in yield	Treasury money market	mostly exempt from state	—	vs SGOV →
SPAXXFidelity Government Money Market Fund	3.33%	in yield	Government money market	only partly exempt from state	—	vs SGOV →
FDLXXFidelity Treasury Only Money Market Fund	3.33%	in yield	Treasury money market	mostly exempt from state	—	vs SGOV →
BOXXAlpha Architect 1-3 Month Box ETF	pays none	0.19%	Box-spread ETF	not paid out at all	$14.4B	vs SGOV →
SNVXXSchwab Government Money Fund	not reported	in yield	Government money market	only partly exempt from state	$31.5B	vs SGOV →

Yields from each fund's own reports via Yahoo Finance, refreshed daily. Yields change with interest rates. Not investment or tax advice.

Key facts: SGOV and its alternatives

Data as of Nov 5, 2026 · Source: SmarterDividends data

As of Nov 5, 2026, SGOV (iShares 0-3 Month Treasury Bond ETF) yields 3.64% with a 0.09% expense ratio and $116.8B in assets.
The highest-yielding Treasury ETF besides SGOV that SmarterDividends tracks is XBIL at 4.00% (0.15% a year), as of Nov 5, 2026.
The highest 7-day yield among the money market funds we track is VMRXX (Vanguard Cash Reserves Federal Money Market Fund) at 3.97%, after fees, as of Nov 5, 2026.
24 of the 35 other cash funds on this list yield more than SGOV today; most that do hold corporate debt, sell options or are prime money market funds whose income is taxed by states.
Income from Treasury bills is exempt from state and local income tax, which makes a Treasury ETF or Treasury money market fund worth more after tax than its yield suggests for anyone in a high-tax state.

Cite this page

SmarterDividends, "SGOV Alternatives: T-Bill ETFs and Money Market Funds by Yield," updated Nov 5, 2026, https://smarterdividends.com/sgov-alternatives

How to choose

T-bill ETF or money market fund? Both hold short-term government debt and pay about the same. An ETF like SGOV trades at any broker, its price drifts up during the month and drops when it pays out, and it takes a day to settle. A money market fund holds $1.00 a share, pays monthly and is usually the cash sweep at its own broker (SPAXX at Fidelity, VMFXX at Vanguard, SWVXX at Schwab).

Taxes change the order. Interest from Treasury bills is exempt from state and local income tax. A Treasury fund yielding 3.6% can beat a prime money market fund yielding 3.9% after tax for someone paying 8% to their state. Government money market funds sit in between: only the share they earn from Treasuries is exempt, which they publish each year.

Extra yield means extra risk. Ultra-short bond funds (JPST, MINT, PULS) add corporate and asset-backed debt; CSHI sells options; SHY and SCHO hold notes up to three years, so their prices move when rates do. None of that is dangerous for most people, but it isn't a T-bill.

Frequently asked questions

What is a good alternative to SGOV?

For the same job (cash in Treasury bills, paid monthly) the closest alternatives are other T-bill ETFs such as XBIL, TBIL, SCHO, VGSH, and Treasury money market funds such as VUSXX, SNOXX, SNSXX. They differ by a few hundredths of a percent in yield and cost. Funds that pay noticeably more take more risk: corporate debt, options, or longer maturities.

Is SGOV better than a money market fund?

They do the same job. SGOV yields 3.64% and costs 0.09%, trades at any broker and its income is generally free of state tax. A money market fund keeps a fixed $1.00 price and settles instantly inside its own broker's account; a government one is only partly state-tax-exempt, a prime one not at all.

Is SGOV better than a high-yield savings account?

A savings account is FDIC-insured and its interest is fully taxable, state tax included. SGOV isn't FDIC-insured but holds U.S. Treasury bills, and its income is generally exempt from state tax. In a high-tax state SGOV usually pays more after tax; a savings account is simpler and its balance never moves.

Why does BOXX have no yield?

BOXX earns a T-bill-like return through options box spreads and pays no distributions. The return shows up as a rising share price and is taxed only when you sell, which can suit taxable accounts.

How often do these funds pay?

Almost all of them pay monthly. Money market funds accrue interest daily and pay at month-end; T-bill ETFs pay early in the following month. BOXX pays nothing until you sell.

SGOV vs SPAXX SGOV vs VBIL SGOV vs USFR BOXX vs SGOV SGOV dividend yield Monthly dividend ETFs All comparisons