An investigation of dynamic-threshold (DT) performance was carried out on a 0.5 µm gate length p-type Si:SiGe heterostructure field effect transistor, for temperatures ranging from T = 300 K to T = 10 K. The maximum low-field transconductance of DT-mode operation was found to be 30% higher than in normal mode, through a better control of carriers in the channel. The subthreshold slope of the device, when operated in DT mode, also improved, decreasing by 28%. The sensitivity of the threshold voltage to substrate bias was extracted from experimental data over the whole temperature range, and was found to be higher in the SiGe device than in a corresponding Si control device. The substrate sensitivity was used together with equations derived from classical Si MOSFET theory to successfully predict the performance improvement due to DT-mode operation, at all temperatures.