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Park Funds Compared: SGOV vs BIL vs SHV

Side-by-side comparison

Verify current data with fund sponsors. Numbers change daily.

The key takeaway

All three funds track the same underlying asset class — short-term US Treasuries — and their yields are virtually identical. The meaningful differences are in cost and scale. SGOV's 0.07% expense ratio is roughly half of BIL (0.14%) and SHV (0.15%). On a $100,000 position, that's $70/year vs $140–$150/year. Over 20 years, the cost difference compounds to roughly $300–$400 in favor of SGOV.

The AUM difference is even more meaningful. SGOV's ~$35B+ in assets makes it the largest Treasury ETF by a wide margin, which translates to tighter bid-ask spreads and lower trading friction. BIL at ~$12B and SHV at ~$18B are both large enough for individual investors, but SGOV's scale is in a different category.

SGOV — The default pick

Vanguard Short-Term Treasury ETF (SGOV) is the Park slot's default recommendation for good reason. It holds 0–3 month US Treasuries, pays monthly distributions, and charges just 0.07% — the lowest expense ratio among major Treasury ETFs. Its AUM has grown to over $35 billion, making it the largest fund in this category.

The 0–3 month maturity range means SGOV's portfolio turns over frequently, keeping duration near zero and interest rate risk minimal. This is exactly what you want from a Park slot fund: your money sits in the safest possible instrument while earning current yield, and you can access it without meaningful price risk.

BIL — The alternative

SPDR Bloomberg 1-3 Month Treasury ETF (BIL) does the same thing as SGOV but at a higher cost. It also holds 0–3 month US Treasuries with monthly distributions. The yield is essentially identical — the difference comes from expense ratio and tracking precision.

BIL's 0.14% expense ratio is double SGOV's, and its ~$12B in AUM is significantly smaller. The fund has been around longer (since 2009) and from State Street, but there's no meaningful performance or feature advantage that justifies the higher cost. BIL is a fine fund — it's not wrong to use it — but SGOV does the same job cheaper.

SHV — The legacy option

iShares Short Treasury Bond ETF (SHV) is the oldest fund in this comparison, but also the most expensive. It holds 0–1 year Treasuries (slightly longer duration than SGOV and BIL's 0–3 month focus), charges 0.15%, and has ~$18B in AUM.

The slightly longer duration (up to 1 year vs 3 months) means SHV has marginally more interest rate sensitivity than SGOV or BIL. In a rising rate environment, this could mean slightly lower returns. In a falling rate environment, it could mean slightly higher returns. The difference is small — fractions of a percent — but it exists.

Who should use what

The honest answer: SGOV is the best Park slot pick for virtually every investor. The other two funds do the same thing at higher cost. There's no performance reason to choose BIL or SHV over SGOV, and the cost difference compounds meaningfully over time.