SGOV vs VBIL

iShares’ SGOV and Vanguard’s VBIL are near-twins: both own Treasury bills maturing within three months and pay monthly. The differences are fees, size and trading liquidity.

By the SGOVResource.com editorial team Last reviewed Oct 24, 2026 Data refreshed Oct 24, 2026 How we calculate Editorial policy

Short answer: SGOV and VBIL are close substitutes. VBIL’s listed expense ratio (0.07%) is 2 basis points lower than SGOV’s (0.09%), worth about $20.00 a year on $100,000. SGOV has a much longer track record (since 2020) and far more assets and trading volume. For most investors the choice comes down to which fund their broker trades commission-free and whether the small fee gap matters.

SGOV vs VBIL side by side

SGOV vs VBIL key facts
	SGOV iShares 0-3 Month Treasury Bond ETF	VBIL Vanguard 0-3 Month Treasury Bill ETF
Type	Exchange-traded fund	Exchange-traded fund
Provider	iShares (BlackRock)	Vanguard
What it holds	US Treasury bills	US Treasury bills
Maturity / rate reset	0–3 months (ICE 0-3 Month US Treasury Securities Index (USD)); weighted avg. 0.12 yrs	0–3 months (Bloomberg US Treasury Bills 0-3 Months Index)
Expense ratio	0.09% (issuer, auto-updated)	0.07% (issuer)
Current yield	3.76% 30-day SEC yield (Oct 22, 2026)	See issuer page (we don’t show peer yields without a licensed live source)
Income paid	Monthly	Monthly
Price behavior	Trades on an exchange near $100; rises slowly through the month, drops on each ex-date.	Trades on an exchange; price drifts up as interest accrues and drops on ex-dates, similar to SGOV.
State income tax	95.14% of 2025 income came from US government obligations (iShares); generally state-exempt in most states.	Treasury-bill interest is generally exempt from state income tax; check Vanguard’s annual US government income percentage and your state’s rules.
Protection	Not FDIC insured. Holdings backed by the full faith and credit of the US government; shares can lose value.	Not FDIC insured. Underlying Treasuries are backed by the US government; fund shares can lose value.

SGOV figures: iShares, retrieved Oct 24, 2026. VBIL figures: Vanguard, checked Oct 24, 2026. Verify current figures with each provider before investing.

Key differences

Fees

Both are among the cheapest Treasury bill funds. The gap is a few hundredths of a percent, which matters most for large balances held for years. Because both funds report a 30-day SEC yield net of expenses, comparing SEC yields captures the fee difference automatically.

Index and holdings

SGOV tracks the ICE 0-3 Month US Treasury Securities Index (USD); VBIL tracks the Bloomberg US Treasury Bills 0-3 Months Index. Both indexes hold the same type of security with the same maturity window, so day-to-day behavior should be very similar. Small yield differences come from which specific bills each fund holds.

Size and liquidity

SGOV is one of the largest ETFs in the US, with $116,778,844,862 in net assets and roughly 23 million shares traded per day on average. VBIL launched in 2025 and is smaller. Both are easy to trade for ordinary order sizes; very large orders may get tighter spreads in SGOV.

Taxes

Income from both is generally taxed as ordinary income federally and is largely exempt from state income tax because it comes from Treasury bills. Each issuer publishes its own annual US government income percentage.

Which might suit you

SGOV if you value the longest track record and deepest trading liquidity in the category, or already hold it and don’t want to realize a gain or loss.
VBIL if you are minimizing fees on a large balance, or prefer to consolidate holdings at Vanguard.

Frequently asked questions

Is VBIL better than SGOV?

Neither is universally better. They hold the same kind of asset (0–3 month Treasury bills). VBIL’s listed expense ratio is 0.07% versus SGOV’s 0.09%, a difference of $20.00 a year per $100,000. SGOV is much larger and more heavily traded, which can mean tighter bid/ask spreads for big orders. Compare their current 30-day SEC yields, which already include fees.

Can I switch from SGOV to VBIL?

You can, but in a taxable account selling SGOV is a taxable event. Because SGOV’s price is so stable, the gain or loss is usually tiny, but check. Also consider whether a few basis points of fee difference justify the trade and any spread costs.

Do SGOV and VBIL pay on the same schedule?

Both pay monthly. Their exact ex-dividend and payment dates differ; check each issuer’s distribution calendar.

Educational information only. SGOVResource.com is independent and not affiliated with BlackRock or iShares. Nothing here is a recommendation to buy or sell any security or individualized tax advice. Estimates depend on the assumptions shown and actual results will differ. Read the fund’s prospectus before investing. Disclaimer.