LGOV vs. EVMO

Last updated Aug 5, 2026

LGOV (First Trust Long Duration Opportunities ETF) and EVMO (Eaton Vance Mortgage Opportunities ETF) are both Mortgage Backed Securities funds. Both are actively managed. Over the past year, LGOV returned 2.01% vs 4.63% for EVMO. Their 0.61 correlation means they have sometimes moved together and sometimes differently. LGOV charges 0.70%/yr vs 0.45%/yr for EVMO.

Performance

LGOV vs. EVMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Long Duration Opportunities ETF (LGOV) and Eaton Vance Mortgage Opportunities ETF (EVMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LGOV achieves a -1.07% return, which is significantly lower than EVMO's 1.25% return.

LGOV

• 1D: 0.62%
• 1M: -0.95%
• 6M: -1.02%
• YTD: -1.07%
• 1Y: 2.01%
• 3Y*: 3.66%
• 5Y*: -2.47%
• 10Y*: —
• ALL TIME*: 1.08%

EVMO

• 1D: 0.44%
• 1M: 0.08%
• 6M: 0.85%
• YTD: 1.25%
• 1Y: 4.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EVMO Eaton Vance Mortgage Opportunities ETF	$2.01M	$2.95M	$3.08M
LGOV First Trust Long Duration Opportunities ETF	$4.60M	$4.03M	$4.23M

LGOV vs. EVMO - Yearly Performance Comparison

	2026 (YTD)	2025
LGOV First Trust Long Duration Opportunities ETF	-1.07%	3.45%
EVMO Eaton Vance Mortgage Opportunities ETF	1.25%	3.37%

Correlation

The correlation between LGOV and EVMO is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (All Time) Calculated using the full available price history since Aug 4, 2025	0.61

The correlation between LGOV and EVMO has been stable across timeframes, ranging from 0.61 to 0.61 - a consistent structural relationship.

Return for Risk

LGOV vs. EVMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LGOV

LGOV Risk / Return Rank: 15
LGOV Sharpe Ratio Rank: 16
LGOV Sortino Ratio Rank: 14
LGOV Omega Ratio Rank: 14
LGOV Calmar Ratio Rank: 16
LGOV Martin Ratio Rank: 16

EVMO

EVMO Risk / Return Rank: 59
EVMO Sharpe Ratio Rank: 59
EVMO Sortino Ratio Rank: 61
EVMO Omega Ratio Rank: 56
EVMO Calmar Ratio Rank: 62
EVMO Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LGOV vs. EVMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Long Duration Opportunities ETF (LGOV) and Eaton Vance Mortgage Opportunities ETF (EVMO). 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.

	LGOV	EVMO	Difference
Sharpe ratio: Return per unit of total volatility	0.29	1.59	-1.30
Sortino ratio: Return per unit of downside risk	0.45	2.33	-1.88
Omega ratio: Gain probability vs. loss probability	1.05	1.28	-0.23
Calmar ratio: Return relative to maximum drawdown	0.36	2.46	-2.10
Martin ratio: Return relative to average drawdown	0.82	7.24	-6.43

LGOV vs. EVMO - Sharpe Ratio Comparison

The current LGOV Sharpe Ratio is 0.29, which is lower than the EVMO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of LGOV and EVMO, 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

LGOV vs. EVMO - Drawdown Comparison

The maximum LGOV drawdown since its inception was -30.86%, which is greater than EVMO's maximum drawdown of -1.89%. Use the drawdown chart below to compare losses from any high point for LGOV and EVMO.

Drawdown Indicators

	LGOV	EVMO	Difference
Max Drawdown Largest peak-to-trough decline	-30.86%	-1.89%	-28.97%
Max Drawdown (1Y) Largest decline over 1 year	-5.62%	-1.89%	-3.73%
Max Drawdown (3Y) Largest decline over 3 years	-10.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.10%	—	—
Current Drawdown Current decline from peak	-15.71%	-0.39%	-15.32%
Average Drawdown Average peak-to-trough decline	-13.12%	-0.45%	-12.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	0.64%	+1.83%

Volatility

LGOV vs. EVMO - Volatility Comparison

First Trust Long Duration Opportunities ETF (LGOV) has a higher volatility of 2.11% compared to Eaton Vance Mortgage Opportunities ETF (EVMO) at 0.98%. This indicates that LGOV's price experiences larger fluctuations and is considered to be riskier than EVMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LGOV	EVMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	0.98%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	5.66%	2.37%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	6.93%	2.92%	+4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.05%	2.92%	+6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	2.92%	+6.28%

LGOV vs. EVMO - Expense Ratio Comparison

LGOV has a 0.70% expense ratio, which is higher than EVMO's 0.45% expense ratio.

Dividends

LGOV vs. EVMO - Dividend Comparison

LGOV's dividend yield for the trailing twelve months is around 4.37%, less than EVMO's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EVMO Eaton Vance Mortgage Opportunities ETF	4.96%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LGOV First Trust Long Duration Opportunities ETF	4.37%	4.02%	4.03%	3.59%	1.97%	2.58%	3.75%	3.01%

Frequently Asked Questions

Can I hold both LGOV and EVMO in my portfolio?

LGOV and EVMO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LGOV or EVMO?

LGOV has higher volatility (2.11%) compared to EVMO (0.98%). In terms of maximum drawdown, LGOV dropped -30.86% vs EVMO's -1.89%.

Which ETF is better, LGOV or EVMO?

On 1-year performance, EVMO leads with 4.63% vs 2.01% for LGOV. On fees, EVMO is cheaper at 0.45% per year. On volatility, EVMO has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LGOV or EVMO?

Over the 1-year period, EVMO has performed better with a 4.63% return vs 2.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LGOV or EVMO?

EVMO is cheaper with a 0.45% expense ratio, compared with 0.70% for LGOV.

Which ETF pays a higher dividend yield, LGOV or EVMO?

EVMO has the higher dividend yield at 4.96%, compared with 4.37% for LGOV.

What is the main difference between LGOV and EVMO?

They also come from different issuers: First Trust and Eaton Vance. Their fees differ too: 0.70% for LGOV and 0.45% for EVMO.

Which has better risk-adjusted returns?

EVMO currently has the higher Sharpe Ratio (1.59 vs 0.29), 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.