SGOV Dividend Calculator
Dividend growth rate (CAGR)
| Year | Yield | Div / share | Annual income | Yield on cost | Cumulative income | Portfolio value | Shares |
|---|---|---|---|---|---|---|---|
| 1 | 3.7% | $3.75 | $373.00 | 3.0% | $373.00 | $12,784 | 127.06 |
| 2 | 4.0% | $4.01 | $509.73 | 3.4% | $882.73 | $15,708 | 155.96 |
| 3 | 4.3% | $4.29 | $669.48 | 3.9% | $1,552 | $18,795 | 186.42 |
| 4 | 4.6% | $4.59 | $856.25 | 4.4% | $2,408 | $22,072 | 218.70 |
| 5 | 4.9% | $4.91 | $1,075 | 4.9% | $3,483 | $25,570 | 253.11 |
| 6 | 5.2% | $5.26 | $1,331 | 5.5% | $4,814 | $29,329 | 290.03 |
| 7 | 5.6% | $5.63 | $1,632 | 6.1% | $6,446 | $33,392 | 329.88 |
| 8 | 5.9% | $6.02 | $1,986 | 6.8% | $8,432 | $37,814 | 373.19 |
| 9 | 6.4% | $6.44 | $2,404 | 7.6% | $10,837 | $42,658 | 420.57 |
| 10 | 6.8% | $6.89 | $2,899 | 8.5% | $13,736 | $48,003 | 472.79 |
Year 1-10 dividend income (preview)
Based on a $10,000 initial investment with $200.00 monthly contributions, DRIP on.
Historical dividends per share
Recent dividends
| Ex-date | Cash amount | TTM yield | Fwd yield | Share price |
|---|---|---|---|---|
| 2026-05-01 | $0.30 | 3.9% | 3.6% | $100.41 |
| 2026-04-01 | $0.29 | 4.0% | 3.5% | $100.39 |
| 2026-03-02 | $0.27 | 4.3% | 3.3% | $100.38 |
| 2026-02-02 | $0.31 | 4.4% | 3.7% | $100.37 |
| 2025-12-19 | $0.32 | 4.1% | 3.9% | $100.28 |
| 2025-12-01 | $0.31 | 4.5% | 3.7% | $100.38 |
| 2025-11-03 | $0.35 | 4.2% | 4.2% | $100.40 |
| 2025-10-01 | $0.35 | 4.3% | 4.1% | $100.37 |
| 2025-09-02 | $0.36 | 4.8% | 4.3% | $100.39 |
| 2025-08-01 | $0.36 | 4.4% | 4.3% | $100.39 |
| 2025-07-01 | $0.35 | 4.5% | 4.2% | $100.37 |
| 2025-06-02 | $0.36 | 5.1% | 4.3% | $100.38 |
Source: Polygon.io. Last 12 dividend distributions, most recent first. TTM yield = sum of last 12 months of payments ÷ share price on ex-date. Forward yield = this payment × detected payout frequency ÷ share price on ex-date.
About SGOV
SGOV — the iShares 0-3 Month Treasury Bond ETF — is a short-duration Treasury fund issued by iShares (BlackRock). It holds US Treasury bills with maturities of three months or less, rolling them as they approach maturity so that the average weighted duration of the portfolio stays under about one and a half months. The fund's net asset value is therefore extremely stable: T-bills trade close to par as they near maturity, and the short rolling window means SGOV experiences almost none of the price volatility that intermediate or long-duration Treasury funds exhibit during rate-rate changes. The headline characteristic is duration risk almost equal to zero.
SGOV is not a dividend-growth instrument. Its yield is determined by where short-term Treasury rates sit at any given moment, which is in turn anchored to the Federal Reserve's policy rate. When the Fed funds rate is around five percent, SGOV's distribution yield is near five percent; when the Fed cuts to one percent, SGOV's distributions fall toward one percent on roughly the same schedule that the bill auctions reprice. The fund is best understood as a transparent, tradeable cash-equivalent vehicle whose yield mirrors the prevailing short-rate environment, not as an income-growth strategy. The dividend-calculator framing on this page works mechanically, but a multi-year DGR projection has no underlying basis here — the per-share monthly distribution will not "grow at X percent per year" in any structural sense; it will simply track wherever short rates happen to be.
The portfolio composition reinforces this. SGOV holds plain US Treasury bills — direct obligations of the federal government, the lowest credit risk available in dollar-denominated assets, with no corporate or sovereign default risk in the basket. The fund does not use leverage, does not write options, and does not hold corporate paper or agency mortgages. Income comes entirely from the discount-to-par accrual on the underlying T-bills as they march toward maturity. This makes SGOV a clean exposure to the short end of the Treasury curve and nothing else.
How SGOV pays distributions
SGOV distributes monthly. The ex-dividend date typically falls on the first business day of the month, with the pay date following a few business days later. The per-share cash amount reflects roughly one month of accrued T-bill interest collected from the portfolio, net of the fund's expense ratio. Because the underlying bills reprice at each weekly Treasury auction and the portfolio rolls continuously, the monthly distribution moves with short-rate conditions — not on a fixed step-up schedule. In a stable-rate environment, monthly distributions are close to flat from one month to the next; during a rate-hike or rate-cut cycle, the distribution drifts in the direction of the policy path with a lag of a few weeks as the older bills mature and newer-coupon bills enter the basket.
The tax treatment of SGOV is meaningfully different from most ETF distributions. Interest income from US Treasury obligations is exempt from state and local income taxes (it remains fully taxable at the federal level). The fund's distributions inherit this characteristic — most of the cash amount paid to shareholders is classified as Treasury interest passed through, and brokers report the exempt portion on the year-end 1099-DIV. For holders in high-tax states (California, New York, Oregon, and the like), the state-tax exemption is a real after-tax advantage relative to a corporate-bond fund or a money-market fund holding non-Treasury paper at the same headline yield. The advantage is largest at high marginal state rates and shrinks for holders in no-income-tax states.
SGOV's expense ratio is low. The fund has consistently been one of the cheapest ways to hold short-duration Treasury exposure in an ETF wrapper, which matters more than usual for a low-yielding holding: in a five-percent-yield environment, a five-basis-point fee is roughly one percent of gross yield, but in a one-percent-yield environment it would be five percent of gross yield. The expense ratio compounds against the holder more visibly when rates are low.
Who SGOV suits
SGOV suits investors who want a high-quality, transparent place to park cash with daily liquidity and a yield close to the prevailing Fed funds rate. The typical use cases are not long-term compounding — they are short-horizon: emergency-fund reserves, dry powder waiting to be deployed into other positions, a parking spot for portfolio cash between rebalances, or a holding for the bond side of a barbell portfolio when the investor wants to keep duration low. In each of these roles, SGOV competes most directly with money-market funds, brokered CDs, high-yield savings accounts, and other ultra-short Treasury ETFs such as BIL.
SGOV is explicitly not a long-term dividend compounder. The dividend calculator on this page can model an SGOV position with DRIP enabled and a projected DGR, but the inputs should be interpreted with caution. The fund's per-share distribution does not have a structural growth driver — there is no underlying company hiking its payout, no option premium environment improving, no underwriting margin expanding. There is only the path of short-term Treasury rates, which is set by the Federal Reserve and changes when policy changes. A multi-decade projection at a non-zero DGR is modeling a path of monetary policy, not a path of corporate earnings. Investors who want a long-horizon dividend-growth holding should look at SCHD, VYM, or the underlying dividend-growth stocks rather than SGOV.
Inside tax-advantaged accounts the state-tax-exemption benefit doesn't apply (the wrapper already shelters the income), so SGOV's main appeal in an IRA or 401(k) is simply the combination of credit quality, near-zero duration, and a yield close to the policy rate. In taxable accounts at high state-tax brackets, the after-tax math is more favorable than a comparable non-Treasury short-duration fund. Holders should treat SGOV as a yield-on-cash tool, monitor the Fed policy path because that is what drives the distribution stream, and avoid overinterpreting any historical month-over-month change in the per-share amount as a trend.
Hypothetical scenarios
Scenario 1: $50,000 parked in SGOV as a cash reserve
Consider a hypothetical use of SGOV as a cash-reserve holding: $50,000 held in the fund for two years while the investor decides on a permanent deployment, with monthly distributions taken as cash rather than reinvested. The starting forward yield in the current environment is roughly three to four percent on the per-share trailing window; at that yield, $50,000 produces approximately $1,500 to $2,000 per year in distributions, paid out in twelve monthly installments of $125 to $170 each. The dollars arrive cleanly, the NAV barely moves, and the position is available to liquidate on any business day at a price within pennies of par.
This is the scenario SGOV is designed for. The structural illustration is not a multi-decade compounding curve — it is a one-or-two-year holding that produces a yield close to where short-term Treasury bills currently trade, with state-tax exemption on the Treasury-sourced portion of the distribution. For a holder in a high-tax state at a high marginal bracket, the after-state-tax yield on SGOV can exceed the after-state-tax yield on a money-market fund holding non-Treasury paper at the same headline pre-tax yield. The math improves with state-rate level and shrinks for residents of no-income-tax states.
The dividend calculator on this page will project monthly cash distributions across the chosen horizon, but the meaningful planning question for SGOV is not "what will this be worth in twenty-five years" — it is "what will this produce in cash over the next twelve to twenty-four months at the current Treasury curve, and how does that compare to my alternatives." Run the calculator with a one-to-two-year horizon, DRIP off (since the typical use is to collect the cash), and the current forward yield. The output is informative; the same calculator run at a twenty-five-year horizon with a non-zero DGR is asking a question SGOV is not built to answer.
Scenario 2: rate-cut sensitivity — what happens when policy rates fall
Consider a hypothetical Fed-easing scenario: short-term policy rates decline from roughly five percent to two percent over an eighteen-month window, then stabilize. SGOV's distribution yield tracks short rates almost in real time as the underlying T-bills roll. Within a few months of the first cut, the per-share monthly distribution begins to step down; by the time policy is fully repriced, the monthly distribution amount is roughly forty percent of its starting level on the same share count. The NAV stays near par throughout — the fund's near-zero duration means it does not capture the price gains that intermediate or long-duration bond funds would experience during the same easing cycle.
This sensitivity is the central planning consideration for SGOV. The headline yield investors see today is contingent on the current rate environment. A buyer at five-percent yields who plans to hold for several years should expect the distribution amount to follow the path of short-term policy rates over the holding window — up if the Fed hikes further, down if it cuts. The calculator on this page does not model this sensitivity directly; if the user inputs the current forward yield and projects across multiple years, the projection holds that yield constant, which can overstate or understate future cash distributions depending on the actual rate path.
For investors who want yield exposure that benefits from future rate cuts via price appreciation rather than tracking rates downward in real time, the alternative is intermediate-duration Treasury funds (such as IEF or VGIT) or longer-duration Treasury funds (TLT, EDV). Those products carry meaningful interest-rate risk in exchange for the price-gain potential during easing cycles; SGOV intentionally does not. Investors using SGOV for its cash-equivalent properties should expect the distribution to mirror short-rate conditions and should not model long-horizon income growth without an explicit view on Fed policy. Educational only; not a forecast.
Sources & methodology
Dividend history and price data come from Polygon.io's reference and aggregates endpoints. Forward yield is computed as the sum of the most recent four cash distributions divided by the previous-close share price. The dividend growth rate shown on this page is the compound annual growth rate of total annual distributions across the available history in this snapshot.
Last updated: 2026-05-15.
Information here is for educational purposes only and does not constitute investment advice. Past dividend history does not guarantee future payments. Verify all figures with the issuer or a registered financial advisor before making investment decisions.