GOVI vs. FGOVX

Last updated Jun 5, 2026

GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and FGOVX (Fidelity Government Income Fund) are both Government Bonds funds. Over the past 10 years, GOVI returned -0.05%/yr vs 0.77%/yr for FGOVX. Their correlation of 0.90 suggests significant overlap in exposure. GOVI charges 0.15%/yr vs 0.45%/yr for FGOVX.

Performance

GOVI vs. FGOVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) and Fidelity Government Income Fund (FGOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOVI achieves a -0.34% return, which is significantly lower than FGOVX's 0.11% return. Over the past 10 years, GOVI has underperformed FGOVX with an annualized return of -0.05%, while FGOVX has yielded a comparatively higher 0.77% annualized return.

GOVI

• 1D: 0.20%
• 1M: 0.24%
• YTD: -0.34%
• 6M: -0.80%
• 1Y: 3.44%
• 3Y*: 0.97%
• 5Y*: -2.73%
• 10Y*: -0.05%

FGOVX

• 1D: -0.22%
• 1M: 0.09%
• YTD: 0.11%
• 6M: 0.24%
• 1Y: 3.97%
• 3Y*: 2.96%
• 5Y*: -0.58%
• 10Y*: 0.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GOVI vs. FGOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOVI Invesco Equal Weight 0-30 Year Treasury ETF	-0.34%	5.84%	-2.95%	3.31%	-19.98%	-3.76%	12.55%	10.00%	-0.28%	4.96%
FGOVX Fidelity Government Income Fund	0.11%	6.57%	0.09%	4.23%	-13.09%	-2.25%	6.79%	6.41%	0.63%	2.22%

Correlation

The correlation between GOVI and FGOVX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007	0.90

The correlation between GOVI and FGOVX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

GOVI vs. FGOVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GOVI

GOVI Risk / Return Rank: 17
GOVI Sharpe Ratio Rank: 18
GOVI Sortino Ratio Rank: 17
GOVI Omega Ratio Rank: 16
GOVI Calmar Ratio Rank: 17
GOVI Martin Ratio Rank: 18

FGOVX

FGOVX Risk / Return Rank: 17
FGOVX Sharpe Ratio Rank: 18
FGOVX Sortino Ratio Rank: 18
FGOVX Omega Ratio Rank: 17
FGOVX Calmar Ratio Rank: 18
FGOVX Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GOVI vs. FGOVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) and Fidelity Government Income Fund (FGOVX). 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.

	GOVI	FGOVX	Difference
Sharpe ratio: Return per unit of total volatility	0.53	1.19	-0.65
Sortino ratio: Return per unit of downside risk	0.81	1.77	-0.96
Omega ratio: Gain probability vs. loss probability	1.09	1.21	-0.12
Calmar ratio: Return relative to maximum drawdown	0.63	1.49	-0.86
Martin ratio: Return relative to average drawdown	1.76	4.50	-2.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVI vs. FGOVX - Sharpe Ratio Comparison

The current GOVI Sharpe Ratio is 0.53, which is lower than the FGOVX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of GOVI and FGOVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GOVI	FGOVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	1.19	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	-0.10	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	0.15	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.71	-0.40

Drawdowns

GOVI vs. FGOVX - Drawdown Comparison

The maximum GOVI drawdown since its inception was -32.70%, which is greater than FGOVX's maximum drawdown of -19.93%. Use the drawdown chart below to compare losses from any high point for GOVI and FGOVX.

Drawdown Indicators

	GOVI	FGOVX	Difference
Max Drawdown Largest peak-to-trough decline	-32.70%	-19.93%	-12.77%
Max Drawdown (1Y) Largest decline over 1 year	-5.45%	-3.06%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-11.58%	-6.33%	-5.25%
Max Drawdown (5Y) Largest decline over 5 years	-28.30%	-18.00%	-10.30%
Max Drawdown (10Y) Largest decline over 10 years	-32.70%	-19.93%	-12.77%
Current Drawdown Current decline from peak	-22.22%	-6.89%	-15.33%
Average Drawdown Average peak-to-trough decline	-9.65%	-3.93%	-5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.01%	+0.94%

Volatility

GOVI vs. FGOVX - Volatility Comparison

Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) has a higher volatility of 2.03% compared to Fidelity Government Income Fund (FGOVX) at 1.29%. This indicates that GOVI's price experiences larger fluctuations and is considered to be riskier than FGOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOVI	FGOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	1.29%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	4.54%	2.72%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	6.58%	3.86%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	6.09%	+3.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	5.04%	+4.06%

GOVI vs. FGOVX - Expense Ratio Comparison

GOVI has a 0.15% expense ratio, which is lower than FGOVX's 0.45% expense ratio.

Dividends

GOVI vs. FGOVX - Dividend Comparison

GOVI's dividend yield for the trailing twelve months is around 3.82%, more than FGOVX's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGOVX Fidelity Government Income Fund	3.49%	3.37%	3.20%	2.57%	1.13%	0.60%	2.39%	2.10%	2.08%	1.81%	2.69%	2.25%
GOVI Invesco Equal Weight 0-30 Year Treasury ETF	3.82%	3.75%	3.56%	2.87%	1.97%	1.15%	1.00%	1.96%	2.14%	2.02%	2.00%	2.14%

Frequently Asked Questions

Can I hold both GOVI and FGOVX in my portfolio?

With a correlation of 0.90, GOVI and FGOVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GOVI or FGOVX?

GOVI has higher volatility (2.03%) compared to FGOVX (1.29%). In terms of maximum drawdown, GOVI dropped -32.70% vs FGOVX's -19.93%.

Which has better risk-adjusted returns?

FGOVX currently has the higher Sharpe Ratio (1.19 vs 0.53), 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.