GNMA vs. LGOV
GNMA (iShares GNMA Bond ETF) and LGOV (First Trust Long Duration Opportunities ETF) are both Mortgage Backed Securities funds. GNMA is passively managed, while LGOV is actively managed. Over the past 5 years, GNMA returned 0.75%/yr vs -1.66%/yr for LGOV. A 0.64 correlation means they provide meaningful diversification when combined. GNMA charges 0.15%/yr vs 0.70%/yr for LGOV.
Performance
GNMA vs. LGOV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GNMA achieves a 1.44% return, which is significantly higher than LGOV's 0.81% return.
GNMA
- 1D
- 0.12%
- 1M
- 0.97%
- YTD
- 1.44%
- 6M
- 1.55%
- 1Y
- 5.74%
- 3Y*
- 4.36%
- 5Y*
- 0.75%
- 10Y*
- 1.23%
LGOV
- 1D
- -0.06%
- 1M
- 1.35%
- YTD
- 0.81%
- 6M
- 0.42%
- 1Y
- 5.25%
- 3Y*
- 2.92%
- 5Y*
- -1.66%
- 10Y*
- —
GNMA vs. LGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 1.44% | 8.25% | 1.07% | 5.34% | -10.83% | -1.86% | 3.51% | 5.82% |
LGOV First Trust Long Duration Opportunities ETF | 0.81% | 9.13% | -2.05% | 4.91% | -19.73% | -1.93% | 11.31% | 11.53% |
Correlation
The correlation between GNMA and LGOV is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2019 | 0.64 |
The correlation between GNMA and LGOV shifts across timeframes, from 0.64 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GNMA vs. LGOV — Risk / Return Rank
GNMA
LGOV
GNMA vs. LGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) and First Trust Long Duration Opportunities ETF (LGOV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GNMA | LGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.13 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 0.94 | +1.27 |
| Martin ratioReturn relative to average drawdown | 6.60 | 2.51 | +4.09 |
Loading charts...
Drawdowns
GNMA vs. LGOV - Drawdown Comparison
The maximum GNMA drawdown since its inception was -17.09%, smaller than the maximum LGOV drawdown of -30.86%. Use the drawdown chart below to compare losses from any high point for GNMA and LGOV.
Loading charts...
Drawdown Indicators
| GNMA | LGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -30.86% | +13.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -5.62% | +3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -7.12% | -12.54% | +5.42% |
Max Drawdown (5Y)Largest decline over 5 years | -15.83% | -28.14% | +12.31% |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | — | — |
Current DrawdownCurrent decline from peak | -0.54% | -14.10% | +13.56% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -13.09% | +9.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 2.09% | -1.22% |
Volatility
GNMA vs. LGOV - Volatility Comparison
The current volatility for iShares GNMA Bond ETF (GNMA) is 1.32%, while First Trust Long Duration Opportunities ETF (LGOV) has a volatility of 2.17%. This indicates that GNMA experiences smaller price fluctuations and is considered to be less risky than LGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GNMA | LGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 2.17% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 3.29% | 5.42% | -2.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.26% | 6.97% | -2.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 9.05% | -2.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 9.22% | -4.08% |
GNMA vs. LGOV - Expense Ratio Comparison
GNMA has a 0.15% expense ratio, which is lower than LGOV's 0.70% expense ratio.
Dividends
GNMA vs. LGOV - Dividend Comparison
GNMA's dividend yield for the trailing twelve months is around 4.20%, less than LGOV's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 4.20% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
LGOV First Trust Long Duration Opportunities ETF | 4.58% | 4.02% | 4.03% | 3.59% | 1.97% | 2.58% | 3.75% | 3.01% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GNMA and LGOV have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LGOV has higher volatility (2.17%) compared to GNMA (1.32%). In terms of maximum drawdown, GNMA dropped -17.09% vs LGOV's -30.86%.
On 5-year performance, GNMA leads with 0.75% vs -1.66% for LGOV. On fees, GNMA is cheaper at 0.15% per year. On volatility, GNMA has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GNMA has performed better with a 0.75% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNMA is cheaper with a 0.15% expense ratio, compared with 0.70% for LGOV.
LGOV has the higher dividend yield at 4.58%, compared with 4.20% for GNMA.
They also come from different issuers: iShares and First Trust. Their fees differ too: 0.15% for GNMA and 0.70% for LGOV.
GNMA currently has the higher Sharpe Ratio (1.35 vs 0.76), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for GNMA and LGOV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer