13-wk T-bill vs SGOV: which pays more after state tax?
Headline: 13-wk T-bill 4.20% vs SGOV 3.75%. After top-bracket state tax, 13-wk T-bill wins in 51 states and SGOV in 0.
| 13-wk T-bill | SGOV | |
|---|---|---|
| Type | Treasury bill | ETF |
| Yield | 4.20% (auction high investment rate (bond-equivalent)) | 3.75% (30-day SEC yield) |
| As of / source | Oct 19, 2026 | Oct 20, 2026 |
| 2025 state-exempt share | 100.00% | 95.14% |
| Meets CA/CT/NY 50% test | Yes (direct Treasury) | Yes |
| Expense ratio | none (held directly) | 0.09% |
Note: yields are different measures (auction investment rate vs 7-day vs 30-day SEC) on different dates; small gaps are within noise.
State by state (top marginal rate, before federal tax)
| State | Top rate | 13-wk T-bill | SGOV | Higher | Gap |
|---|---|---|---|---|---|
| Alabama | 5.00% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Alaska | 0.00% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
| Arizona | 2.50% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
| Arkansas | 3.90% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| California | 13.30% | 4.20% | 3.73% | 13-wk T-bill | 47 bp |
| Colorado | 4.40% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Connecticut | 6.99% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| Delaware | 6.60% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| Florida | 0.00% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
| Georgia | 5.19% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Hawaii | 11.00% | 4.20% | 3.73% | 13-wk T-bill | 47 bp |
| Idaho | 5.30% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Illinois | 4.95% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Indiana | 2.95% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Iowa | 3.80% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Kansas | 5.58% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| Kentucky | 3.50% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Louisiana | 3.00% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Maine | 7.15% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| Maryland | 6.50% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| Massachusetts | 9.00% | 4.20% | 3.73% | 13-wk T-bill | 46 bp |
| Michigan | 4.25% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Minnesota | 9.85% | 4.20% | 3.73% | 13-wk T-bill | 46 bp |
| Mississippi | 4.00% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Missouri | 4.70% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Montana | 5.65% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| Nebraska | 4.55% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Nevada | 0.00% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
| New Hampshire | 0.00% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
| New Jersey | 10.75% | 4.20% | 3.73% | 13-wk T-bill | 46 bp |
| New Mexico | 5.90% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| New York | 10.90% | 4.20% | 3.73% | 13-wk T-bill | 46 bp |
| North Carolina | 3.99% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| North Dakota | 2.50% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
| Ohio | 2.75% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Oklahoma | 4.50% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Oregon | 9.90% | 4.20% | 3.73% | 13-wk T-bill | 46 bp |
| Pennsylvania | 3.07% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Rhode Island | 5.99% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| South Carolina | 6.00% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| South Dakota | 0.00% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
| Tennessee | 0.00% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
| Texas | 0.00% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
| Utah | 4.50% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Vermont | 8.75% | 4.20% | 3.73% | 13-wk T-bill | 46 bp |
| Virginia | 5.75% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| Washington | 0.00% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
| Washington DC | 10.75% | 4.20% | 3.73% | 13-wk T-bill | 46 bp |
| West Virginia | 4.82% | 4.20% | 3.74% | 13-wk T-bill | 45 bp |
| Wisconsin | 7.65% | 4.20% | 3.74% | 13-wk T-bill | 46 bp |
| Wyoming | 0.00% | 4.20% | 3.75% | 13-wk T-bill | 45 bp |
† treated as fully taxable in that state (fails or doesn't disclose the CA/CT/NY 50% test, or share unknown).
Not financial advice. Rankings are mechanical calculations from published yields and issuer tax data. They ignore fees you pay your broker, trading spreads, minimums, liquidity, and your full tax picture. Check the source links before acting.
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