SGOV vs BIL: two Treasury bill ETFs, 95.14% vs 97.26% state tax exempt for 2025, a few dollars apart after tax in every state

Both are exchange-traded funds that hold U.S. Treasury bills, and both clear the state-tax hurdles: iShares reports 95.14% of the iShares 0-3 Month Treasury Bond ETF's (SGOV) 2025 dividends as U.S. government income, State Street 97.26% for the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), and both met the 50% test that California, Connecticut and New York require. On October 22, 2026 their 30-day SEC yields were 3.76% and 3.76%. For our example filer the difference after tax is a few dollars a year on $50,000 in every state: BIL keeps more in 38 states, by up to $2.87 in California, and SGOV in 13, by $0.88 where dividends are not taxed.

• Why it is this close. The yields differ by 0.0022 point, which is SGOV's whole edge where there is no state tax. Where a state exempts each fund's U.S. government share, BIL's 2.12 points more of exempt income outweighs it. To keep as much as SGOV, BIL would need a 30-day SEC yield of about 3.76% in Texas and 3.75% in California, for this filer; every state is in the table.
• What each holds. SGOV tracks “an index composed of U.S. Treasury bonds with remaining maturities of less than or equal to three months”; State Street says BIL “Seeks to provide exposure to publicly issued U.S. Treasury Bills that have a remaining maturities between 1 and 3 months”.
• Costs. SGOV's expense ratio is 0.09%; State Street's page shows a gross expense ratio of 0.1353% for BIL. Both 30-day SEC yields are after the funds' expenses.
• Price per share. SGOV's net asset value was $100.58 on October 16, 2026, BIL's $91.60 on October 22. Both trade on the exchange at a market price and settle one business day after the trade.

SGOV and BIL side by side

SGOV vs BIL after tax in all 50 states and D.C.

The yield left after federal and state income tax for a single filer aged 35 with $90,000 of wages and $50,000 in the fund for a year, at the yields above. “Keeps more” is the dollar difference over a year on $50,000. “Break-even” is the 30-day SEC yield BIL would need to keep as much as SGOV at 3.76% in that state, for this filer.

BIL keeps more in 38 states and SGOV in 13: the 9 states without tax on dividends, D.C., Hawaii and Kentucky (where our calculator taxes both funds), and North Dakota. The largest gaps are $2.87 in California, $2.65 in Oregon and $2.01 in Maine.

And SHV and TFLO?

Two more Treasury ETFs from iShares sit in our calculator: the iShares 0-1 Year Treasury Bond ETF (SHV) and the iShares Treasury Floating Rate Bond ETF (TFLO). Their 2025 shares come from the same iShares document as SGOV's, and both met the 50% test. iShares' footnote for the funds that did: “At least 50% of the assets of the fund were invested in Federal Obligations at the end of each quarter of the fiscal year.” The yields are each fund's 30-day SEC yield on October 22, 2026; the after-tax yields are for the same example filer in four states that stand for the four kinds of state rule.

Quick answers

Is SGOV better than BIL?

For what is left after tax, they were within $2.87 a year of each other on $50,000 in every state at the Oct. 22, 2026 yields. Where dividends are not taxed the slightly higher yield (SGOV's that day) wins; where a state exempts each fund's U.S. government share, BIL's higher share (97.26% against 95.14%) wins. The yields move separately, so the order can change from one month to the next. Which suits your cash is your decision.

Are SGOV and BIL state tax exempt?

Mostly, from state tax only. 95.14% of SGOV's 2025 dividends and 97.26% of BIL's came from U.S. government obligations, and both funds met the 50% test, so that share is exempt in 39 states including California, Connecticut and New York. Nine states do not tax dividends. D.C., Hawaii and Kentucky have no rule we found for fund dividends. Federal tax applies in full. More on SGOV: Is SGOV state tax exempt?

SGOV vs BIL yield: which pays more?

On October 22, 2026 iShares showed a 30-day SEC yield of 3.76% for SGOV and State Street 3.76% for BIL. Both figures are after expenses. SGOV holds bills maturing in up to three months and BIL bills maturing in one to three months, so the two yields usually move together.

What are the expense ratios of SGOV and BIL?

0.09% for SGOV. State Street's page shows a gross expense ratio of 0.1353% for BIL.

Why does BIL cost about $91 a share and SGOV about $100?

A lower share price does not mean a lower yield: a 30-day SEC yield is a percentage of the price, so $50,000 earns about the same in either fund at the same yield. Both pay monthly: State Street lists BIL's distribution frequency as monthly, and iShares lists SGOV's as monthly.

Where can I buy SGOV and BIL?

At any brokerage that trades U.S.-listed ETFs. How 15 brokerages handle a purchase, including commissions and buying by the dollar: how to buy SGOV. To buy the bills themselves instead: how to buy T-bills.

How we built this page

• The yields, expense ratios, minimums and fund descriptions are the sponsors' own pages, read October 24, 2026. To keep the comparison fair, both yields are each fund company's latest figure.
• The 2025 shares and 50% test results are the sponsors' 2025 tax documents.
• Each state's rule comes from its own instructions, regulations or statutes, listed in our calculator's table of state rules. The after-tax figures come from the reference code that produces the calculator's published test cases.
• For twelve funds from five sponsors side by side, see state tax exempt money market funds; for Fidelity's core fund, Is SPAXX state tax exempt?; for SGOV in every state, Is SGOV state tax exempt?

Rechecks and changes

We will update the 2025 shares when the sponsors publish their 2026 documents, usually in January or February, and the yields every month.

• October 24, 2026. First published.

Sources: iShares, 2025 U.S. Government Source Income Information; State Street, SPDR ETF 2025 Tax Summary (spreadsheet); iShares, SGOV product page; State Street, BIL product page; iShares, SGOV summary prospectus (PDF); each state's source is in our calculator's table of state rules. Dollars Ahead is not affiliated with iShares, BlackRock, State Street or any state. This page reports what the funds and states publish. It is not tax or investment advice.