First Trust Long Duration Opportunities ETF (LGOV) belongs to the Mortgage Backed Securities category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with LGOV. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to LGOV
LGOV charges 0.70% annually. There are 23 ETFs in the Mortgage Backed Securities category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Schwab Mortgage-Backed Securities ETF | 0.03% | — | Nov 2024 | LGOV vs SMBS | |
| Vanguard Mortgage-Backed Securities ETF | 0.04% | 17.10B | Nov 2009 | LGOV vs VMBS | |
| SPDR Portfolio Mortgage Backed Bond ETF | 0.04% | 7.02B | Jan 2009 | LGOV vs SPMB | |
| iShares MBS Bond ETF | 0.06% | 39.57B | Mar 2007 | LGOV vs MBB | |
| Simplify MBS ETF | 0.15% | 1.55B | Nov 2023 | LGOV vs MTBA |
Best Risk-Adjusted Alternatives to LGOV
LGOV has a PortfoliosLab risk / return rank of 22. There are 17 ETFs in the Mortgage Backed Securities category with higher risk-adjusted ranks, going as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Franklin Short Duration U.S. Government ETF | 96 | 291.09M | Nov 2013 | LGOV vs FTSD | |
| First Trust Low Duration Mortgage Opportunities ET... | 89 | 6.34B | Nov 2014 | LGOV vs LMBS | |
| Virtus Newfleet ABS/MBS ETF | 74 | 112.64M | Feb 2021 | LGOV vs VABS | |
| PIMCO Mortgage-Backed Securities Active Exchange-T... | 52 | — | Jul 1997 | LGOV vs PMBS | |
| Janus Henderson Mortgage-Backed Securities ETF | 48 | 6.84B | Sep 2018 | LGOV vs JMBS |
Top Performing LGOV Alternatives (YTD)
LGOV is at 0.87% YTD. There are 19 ETFs in the Mortgage Backed Securities category with higher YTD returns, going as high as 2.09%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Nuveen Securitized Income ETF | 2.09% | 167.58M | Sep 2025 | LGOV vs NSCI | |
| Virtus Newfleet ABS/MBS ETF | 1.82% | 112.64M | Feb 2021 | LGOV vs VABS | |
| First Trust Low Duration Mortgage Opportunities ET... | 1.60% | 6.34B | Nov 2014 | LGOV vs LMBS | |
| PIMCO Mortgage-Backed Securities Active Exchange-T... | 1.60% | — | Jul 1997 | LGOV vs PMBS | |
| Academy Veteran Bond ETF | 1.57% | 80.69M | Aug 2023 | LGOV vs VETZ |
Lowest Volatility Alternatives to LGOV
LGOV has 6.98% 1-year volatility. There are 23 ETFs in the Mortgage Backed Securities category with lower 1-year volatility, going as low as 1.30%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Nuveen Securitized Income ETF | 1.30% | 167.58M | Sep 2025 | LGOV vs NSCI | |
| Franklin Short Duration U.S. Government ETF | 1.36% | 291.09M | Nov 2013 | LGOV vs FTSD | |
| First Trust Low Duration Mortgage Opportunities ET... | 1.94% | 6.34B | Nov 2014 | LGOV vs LMBS | |
| Virtus Newfleet ABS/MBS ETF | 2.01% | 112.64M | Feb 2021 | LGOV vs VABS | |
| Eaton Vance Mortgage Opportunities ETF | 2.88% | — | Aug 2025 | LGOV vs EVMO |
Lowest Drawdown Alternatives to LGOV
LGOV has a 1-year max drawdown of -5.62%. There are 17 ETFs in the Mortgage Backed Securities category with shallower 1-year drawdowns, going as shallow as -0.45%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Franklin Short Duration U.S. Government ETF | -0.45% | 291.09M | Nov 2013 | LGOV vs FTSD | |
| Virtus Newfleet ABS/MBS ETF | -0.98% | 112.64M | Feb 2021 | LGOV vs VABS | |
| First Trust Low Duration Mortgage Opportunities ET... | -1.43% | 6.34B | Nov 2014 | LGOV vs LMBS | |
| FlexShares Disciplined Duration MBS Index Fund | -2.17% | 94.67M | Sep 2014 | LGOV vs MBSD | |
| iShares CMBS ETF | -2.44% | 475.16M | Feb 2012 | LGOV vs CMBS |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, NFTY and span 13 categories. AUM among these funds goes as high as $14B.
Often Compared With LGOV
Investors most often compare LGOV with SGOV, MGOV, SPY. These 20 comparison targets span 13 categories, based on PortfoliosLab usage data.
Compare LGOV with Any Fund or Stock
Compare LGOV with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair LGOV with funds that move differently
First Trust Long Duration Opportunities ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to LGOV.
Explore LGOV Diversifiers