LGOV vs. TLH
LGOV (First Trust Long Duration Opportunities ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both exchange-traded funds - LGOV is a Mortgage Backed Securities fund actively managed by First Trust, while TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index. LGOV is actively managed, while TLH is passively managed. Over the past 5 years, LGOV returned -1.93%/yr vs -4.05%/yr for TLH. A 0.79 correlation means they provide meaningful diversification when combined. LGOV charges 0.70%/yr vs 0.15%/yr for TLH.
Performance
LGOV vs. TLH - Performance Comparison
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Returns By Period
In the year-to-date period, LGOV achieves a -0.34% return, which is significantly lower than TLH's 0.04% return.
LGOV
- 1D
- -0.42%
- 1M
- 1.09%
- YTD
- -0.34%
- 6M
- -0.21%
- 1Y
- 4.73%
- 3Y*
- 2.55%
- 5Y*
- -1.93%
- 10Y*
- —
TLH
- 1D
- -0.63%
- 1M
- 1.54%
- YTD
- 0.04%
- 6M
- 0.20%
- 1Y
- 4.38%
- 3Y*
- 0.58%
- 5Y*
- -4.05%
- 10Y*
- -0.93%
LGOV vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
LGOV First Trust Long Duration Opportunities ETF | -0.34% | 9.13% | -2.05% | 4.91% | -19.73% | -1.93% | 11.31% | 11.53% |
TLH iShares 10-20 Year Treasury Bond ETF | 0.04% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | 10.85% |
Correlation
The correlation between LGOV and TLH is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2019 | 0.79 |
The correlation between LGOV and TLH shifts across timeframes, from 0.79 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LGOV vs. TLH — Risk / Return Rank
LGOV
TLH
LGOV vs. TLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Long Duration Opportunities ETF (LGOV) and iShares 10-20 Year Treasury Bond ETF (TLH). 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 | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.10 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 0.68 | +0.17 |
| Martin ratioReturn relative to average drawdown | 2.29 | 1.77 | +0.52 |
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Drawdowns
LGOV vs. TLH - Drawdown Comparison
The maximum LGOV drawdown since its inception was -30.86%, smaller than the maximum TLH drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for LGOV and TLH.
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Drawdown Indicators
| LGOV | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.86% | -41.14% | +10.28% |
Max Drawdown (1Y)Largest decline over 1 year | -5.62% | -6.50% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -12.54% | -15.35% | +2.81% |
Max Drawdown (5Y)Largest decline over 5 years | -28.14% | -35.41% | +7.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.14% | — |
Current DrawdownCurrent decline from peak | -15.08% | -29.43% | +14.35% |
Average DrawdownAverage peak-to-trough decline | -13.08% | -10.80% | -2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 2.49% | -0.42% |
Volatility
LGOV vs. TLH - Volatility Comparison
First Trust Long Duration Opportunities ETF (LGOV) has a higher volatility of 2.20% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 1.97%. This indicates that LGOV's price experiences larger fluctuations and is considered to be riskier than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LGOV | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 1.97% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 5.37% | 5.63% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.94% | 7.80% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.04% | 12.67% | -3.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 11.20% | -1.97% |
LGOV vs. TLH - Expense Ratio Comparison
LGOV has a 0.70% expense ratio, which is higher than TLH's 0.15% expense ratio.
Dividends
LGOV vs. TLH - Dividend Comparison
LGOV's dividend yield for the trailing twelve months is around 4.26%, less than TLH's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LGOV First Trust Long Duration Opportunities ETF | 4.26% | 4.02% | 4.03% | 3.59% | 1.97% | 2.58% | 3.75% | 3.01% | 0.00% | 0.00% | 0.00% | 0.00% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.46% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
With a correlation of 0.92, LGOV and TLH 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.
LGOV has higher volatility (2.20%) compared to TLH (1.97%). In terms of maximum drawdown, LGOV dropped -30.86% vs TLH's -41.14%.
On 5-year performance, LGOV leads with -1.93% vs -4.05% for TLH. On fees, TLH is cheaper at 0.15% per year. On volatility, TLH has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LGOV has performed better with a -1.93% return vs -4.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLH is cheaper with a 0.15% expense ratio, compared with 0.70% for LGOV.
TLH has the higher dividend yield at 4.46%, compared with 4.26% for LGOV.
LGOV is categorized as Mortgage Backed Securities, while TLH is Government Bonds. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.70% for LGOV and 0.15% for TLH.
LGOV currently has the higher Sharpe Ratio (0.68 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.
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