GOVI vs. MGOV

Last updated Jun 23, 2026

GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) and MGOV (First Trust Intermediate Government Opportunities ETF) are both Government Bonds funds. GOVI is passively managed, while MGOV is actively managed. Over the past year, GOVI returned 3.61% vs 5.71% for MGOV. Their correlation of 0.91 suggests significant overlap in exposure. GOVI charges 0.15%/yr vs 0.65%/yr for MGOV.

Performance

GOVI vs. MGOV - 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 First Trust Intermediate Government Opportunities ETF (MGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOVI achieves a -0.10% return, which is significantly lower than MGOV's 0.59% return.

GOVI

• 1D: -0.53%
• 1M: 1.16%
• YTD: -0.10%
• 6M: -0.06%
• 1Y: 3.61%
• 3Y*: 0.88%
• 5Y*: -2.91%
• 10Y*: -0.20%

MGOV

• 1D: -0.25%
• 1M: 0.84%
• YTD: 0.59%
• 6M: 0.77%
• 1Y: 5.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GOVI vs. MGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GOVI Invesco Equal Weight 0-30 Year Treasury ETF	-0.10%	5.84%	-2.95%	3.36%
MGOV First Trust Intermediate Government Opportunities ETF	0.59%	8.54%	1.55%	4.56%

Correlation

The correlation between GOVI and MGOV is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Aug 3, 2023	0.91

The correlation between GOVI and MGOV has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

GOVI vs. MGOV — Risk / Return Rank

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

GOVI

GOVI Risk / Return Rank: 16
GOVI Sharpe Ratio Rank: 18
GOVI Sortino Ratio Rank: 16
GOVI Omega Ratio Rank: 15
GOVI Calmar Ratio Rank: 16
GOVI Martin Ratio Rank: 17

MGOV

MGOV Risk / Return Rank: 35
MGOV Sharpe Ratio Rank: 37
MGOV Sortino Ratio Rank: 38
MGOV Omega Ratio Rank: 34
MGOV Calmar Ratio Rank: 33
MGOV Martin Ratio Rank: 33

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. MGOV - 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 First Trust Intermediate Government Opportunities ETF (MGOV). 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.

	GOVI	MGOV	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.28	-0.71
Sortino ratio: Return per unit of downside risk	0.86	1.90	-1.04
Omega ratio: Gain probability vs. loss probability	1.10	1.22	-0.13
Calmar ratio: Return relative to maximum drawdown	0.66	1.63	-0.96
Martin ratio: Return relative to average drawdown	1.75	4.63	-2.88

GOVI vs. MGOV - Sharpe Ratio Comparison

The current GOVI Sharpe Ratio is 0.56, which is lower than the MGOV Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of GOVI and MGOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GOVI vs. MGOV - Drawdown Comparison

The maximum GOVI drawdown since its inception was -32.70%, which is greater than MGOV's maximum drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for GOVI and MGOV.

Drawdown Indicators

	GOVI	MGOV	Difference
Max Drawdown Largest peak-to-trough decline	-32.70%	-6.11%	-26.59%
Max Drawdown (1Y) Largest decline over 1 year	-5.45%	-3.53%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-11.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.70%	—	—
Current Drawdown Current decline from peak	-22.04%	-1.99%	-20.05%
Average Drawdown Average peak-to-trough decline	-9.68%	-1.63%	-8.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.24%	+0.82%

Volatility

GOVI vs. MGOV - Volatility Comparison

Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) has a higher volatility of 1.62% compared to First Trust Intermediate Government Opportunities ETF (MGOV) at 1.08%. This indicates that GOVI's price experiences larger fluctuations and is considered to be riskier than MGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOVI	MGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	1.08%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	4.67%	3.27%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	6.43%	4.51%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.85%	5.92%	+3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	5.92%	+3.18%

GOVI vs. MGOV - Expense Ratio Comparison

GOVI has a 0.15% expense ratio, which is lower than MGOV's 0.65% expense ratio.

Dividends

GOVI vs. MGOV - Dividend Comparison

GOVI's dividend yield for the trailing twelve months is around 4.16%, less than MGOV's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOVI Invesco Equal Weight 0-30 Year Treasury ETF	4.16%	3.75%	3.56%	2.87%	1.97%	1.15%	1.00%	1.96%	2.14%	2.02%	2.00%	2.14%
MGOV First Trust Intermediate Government Opportunities ETF	4.96%	4.95%	5.05%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GOVI and MGOV in my portfolio?

GOVI and MGOV have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOVI or MGOV?

GOVI has higher volatility (1.62%) compared to MGOV (1.08%). In terms of maximum drawdown, GOVI dropped -32.70% vs MGOV's -6.11%.

Which ETF is better, GOVI or MGOV?

On 1-year performance, MGOV leads with 5.71% vs 3.61% for GOVI. On fees, GOVI is cheaper at 0.15% per year. On volatility, MGOV has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOVI or MGOV?

Over the 1-year period, MGOV has performed better with a 5.71% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOVI or MGOV?

GOVI is cheaper with a 0.15% expense ratio, compared with 0.65% for MGOV.

Which ETF pays a higher dividend yield, GOVI or MGOV?

MGOV has the higher dividend yield at 4.96%, compared with 4.16% for GOVI.

What is the main difference between GOVI and MGOV?

They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.15% for GOVI and 0.65% for MGOV.

Which has better risk-adjusted returns?

MGOV currently has the higher Sharpe Ratio (1.28 vs 0.56), 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.