MGOV vs. BNDD

Last updated Jun 4, 2026

MGOV (First Trust Intermediate Government Opportunities ETF) and BNDD (Quadratic Deflation ETF) are both Government Bonds funds. Both are actively managed. Over the past year, MGOV returned 6.73% vs 3.39% for BNDD. A 0.51 correlation means they provide meaningful diversification when combined. MGOV charges 0.65%/yr vs 1.02%/yr for BNDD.

Performance

MGOV vs. BNDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Intermediate Government Opportunities ETF (MGOV) and Quadratic Deflation ETF (BNDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGOV achieves a 0.19% return, which is significantly lower than BNDD's 4.32% return.

MGOV

• 1D: -0.20%
• 1M: -0.19%
• YTD: 0.19%
• 6M: -0.01%
• 1Y: 6.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDD

• 1D: -0.08%
• 1M: 1.37%
• YTD: 4.32%
• 6M: 2.24%
• 1Y: 3.39%
• 3Y*: -3.91%
• 5Y*: —
• 10Y*: —

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

MGOV vs. BNDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MGOV First Trust Intermediate Government Opportunities ETF	0.19%	8.54%	1.55%	4.56%
BNDD Quadratic Deflation ETF	4.32%	-8.17%	-6.65%	2.37%

Correlation

The correlation between MGOV and BNDD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Aug 4, 2023	0.51

The correlation between MGOV and BNDD has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

Return for Risk

MGOV vs. BNDD — Risk / Return Rank

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

MGOV

MGOV Risk / Return Rank: 41
MGOV Sharpe Ratio Rank: 42
MGOV Sortino Ratio Rank: 43
MGOV Omega Ratio Rank: 40
MGOV Calmar Ratio Rank: 40
MGOV Martin Ratio Rank: 38

BNDD

BNDD Risk / Return Rank: 14
BNDD Sharpe Ratio Rank: 13
BNDD Sortino Ratio Rank: 12
BNDD Omega Ratio Rank: 12
BNDD Calmar Ratio Rank: 16
BNDD Martin Ratio Rank: 15

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.

MGOV vs. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and Quadratic Deflation ETF (BNDD). 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.

	MGOV	BNDD	Difference
Sharpe ratio Return per unit of total volatility	1.46	0.32	+1.13
Sortino ratio Return per unit of downside risk	2.16	0.52	+1.64
Omega ratio Gain probability vs. loss probability	1.26	1.06	+0.19
Calmar ratio Return relative to maximum drawdown	1.92	0.56	+1.36
Martin ratio Return relative to average drawdown	5.87	1.20	+4.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGOV vs. BNDD - Sharpe Ratio Comparison

The current MGOV Sharpe Ratio is 1.46, which is higher than the BNDD Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of MGOV and BNDD, 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

	MGOV	BNDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	0.32	+1.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	-0.33	+1.21

Drawdowns

MGOV vs. BNDD - Drawdown Comparison

The maximum MGOV drawdown since its inception was -6.11%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for MGOV and BNDD.

Drawdown Indicators

	MGOV	BNDD	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-30.87%	+24.76%
Max Drawdown (1Y) Largest decline over 1 year	-3.53%	-6.09%	+2.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.75%	—
Current Drawdown Current decline from peak	-2.38%	-26.51%	+24.13%
Average Drawdown Average peak-to-trough decline	-1.62%	-19.34%	+17.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	2.83%	-1.68%

Volatility

MGOV vs. BNDD - Volatility Comparison

The current volatility for First Trust Intermediate Government Opportunities ETF (MGOV) is 1.70%, while Quadratic Deflation ETF (BNDD) has a volatility of 2.21%. This indicates that MGOV experiences smaller price fluctuations and is considered to be less risky than BNDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGOV	BNDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	2.21%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	3.22%	8.11%	-4.89%
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	10.59%	-5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.95%	13.38%	-7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.95%	13.38%	-7.43%

MGOV vs. BNDD - Expense Ratio Comparison

MGOV has a 0.65% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

MGOV vs. BNDD - Dividend Comparison

MGOV's dividend yield for the trailing twelve months is around 4.98%, more than BNDD's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDD Quadratic Deflation ETF	3.61%	3.82%	3.85%	4.30%	43.17%	1.04%
MGOV First Trust Intermediate Government Opportunities ETF	4.98%	4.95%	5.05%	1.47%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MGOV and BNDD in my portfolio?

MGOV and BNDD have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGOV or BNDD?

BNDD has higher volatility (2.21%) compared to MGOV (1.70%). In terms of maximum drawdown, MGOV dropped -6.11% vs BNDD's -30.87%.

Which ETF is better, MGOV or BNDD?

On 1-year performance, MGOV leads with 6.73% vs 3.39% for BNDD. On fees, MGOV is cheaper at 0.65% per year. On volatility, MGOV has been the lower-risk option at 1.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGOV or BNDD?

Over the 1-year period, MGOV has performed better with a 6.73% return vs 3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGOV or BNDD?

MGOV is cheaper with a 0.65% expense ratio, compared with 1.02% for BNDD.

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

MGOV has the higher dividend yield at 4.98%, compared with 3.61% for BNDD.

What is the main difference between MGOV and BNDD?

They also come from different issuers: First Trust and KraneShares. Their fees differ too: 0.65% for MGOV and 1.02% for BNDD.

Which has better risk-adjusted returns?

MGOV currently has the higher Sharpe Ratio (1.46 vs 0.32), 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.