IEF vs. MGOV
IEF (iShares 7-10 Year Treasury Bond ETF) and MGOV (First Trust Intermediate Government Opportunities ETF) are both Government Bonds funds. IEF is passively managed, while MGOV is actively managed. Over the past year, IEF returned 3.78% vs 6.11% for MGOV. Their correlation of 0.92 suggests significant overlap in exposure. IEF charges 0.15%/yr vs 0.65%/yr for MGOV.
Performance
IEF vs. MGOV - Performance Comparison
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Returns By Period
In the year-to-date period, IEF achieves a -0.47% return, which is significantly lower than MGOV's 0.44% return.
IEF
- 1D
- -0.17%
- 1M
- 1.05%
- YTD
- -0.47%
- 6M
- -0.18%
- 1Y
- 3.78%
- 3Y*
- 2.86%
- 5Y*
- -1.24%
- 10Y*
- 0.59%
MGOV
- 1D
- -0.30%
- 1M
- 0.95%
- YTD
- 0.44%
- 6M
- 0.90%
- 1Y
- 6.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IEF vs. MGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | -0.47% | 8.03% | -0.63% | 3.12% |
MGOV First Trust Intermediate Government Opportunities ETF | 0.44% | 8.54% | 1.55% | 4.56% |
Correlation
The correlation between IEF and MGOV is 0.86, 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 | 0.86 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2023 | 0.92 |
The correlation between IEF and MGOV has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.
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Return for Risk
IEF vs. MGOV — Risk / Return Rank
IEF
MGOV
IEF vs. MGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) 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.
| IEF | MGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.22 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 1.62 | -0.78 |
| Martin ratioReturn relative to average drawdown | 2.35 | 4.72 | -2.38 |
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Drawdowns
IEF vs. MGOV - Drawdown Comparison
The maximum IEF drawdown since its inception was -23.93%, which is greater than MGOV's maximum drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for IEF and MGOV.
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Drawdown Indicators
| IEF | MGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.93% | -6.11% | -17.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -3.53% | -0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -7.74% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.93% | — | — |
Current DrawdownCurrent decline from peak | -11.18% | -2.13% | -9.05% |
Average DrawdownAverage peak-to-trough decline | -5.35% | -1.63% | -3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 1.21% | +0.24% |
Volatility
IEF vs. MGOV - Volatility Comparison
iShares 7-10 Year Treasury Bond ETF (IEF) has a higher volatility of 1.62% compared to First Trust Intermediate Government Opportunities ETF (MGOV) at 1.47%. This indicates that IEF'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.
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Volatility by Period
| IEF | MGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 1.47% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.42% | 3.26% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 4.53% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.71% | 5.93% | +1.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.63% | 5.93% | +0.70% |
IEF vs. MGOV - Expense Ratio Comparison
IEF has a 0.15% expense ratio, which is lower than MGOV's 0.65% expense ratio.
Dividends
IEF vs. MGOV - Dividend Comparison
IEF's dividend yield for the trailing twelve months is around 3.89%, less than MGOV's 4.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.89% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
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
IEF and MGOV have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEF has higher volatility (1.62%) compared to MGOV (1.47%). In terms of maximum drawdown, IEF dropped -23.93% vs MGOV's -6.11%.
On 1-year performance, MGOV leads with 6.11% vs 3.78% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, MGOV has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MGOV has performed better with a 6.11% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.65% for MGOV.
MGOV has the higher dividend yield at 4.96%, compared with 3.89% for IEF.
They also come from different issuers: iShares and First Trust. Their fees differ too: 0.15% for IEF and 0.65% for MGOV.
MGOV currently has the higher Sharpe Ratio (1.27 vs 0.72), 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.
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