MGOV vs. FDL
MGOV (First Trust Intermediate Government Opportunities ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - MGOV is a Government Bonds fund actively managed by First Trust, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. MGOV is actively managed, while FDL is passively managed. Over the past year, MGOV returned 2.59% vs 27.65% for FDL. Their 0.13 correlation means their historical movements had little consistent relationship. MGOV charges 0.65%/yr vs 0.43%/yr for FDL.
Performance
MGOV vs. FDL - Performance Comparison
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Returns By Period
In the year-to-date period, MGOV achieves a -0.74% return, which is significantly lower than FDL's 18.16% return.
MGOV
- 1D
- -0.42%
- 1M
- -1.49%
- 6M
- -1.27%
- YTD
- -0.74%
- 1Y
- 2.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.60%
FDL
- 1D
- 0.02%
- 1M
- 3.27%
- 6M
- 9.50%
- YTD
- 18.16%
- 1Y
- 27.65%
- 3Y*
- 18.28%
- 5Y*
- 13.98%
- 10Y*
- 11.09%
- ALL TIME*
- 8.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $52.24M | $50.06M | $42.95M | |
| $321.85K | $589.79K | $619.98K |
MGOV vs. FDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MGOV First Trust Intermediate Government Opportunities ETF | -0.74% | 8.54% | 1.55% | 4.56% |
FDL First Trust Morningstar Dividend Leaders Index Fund | 18.16% | 14.79% | 17.98% | 4.22% |
Correlation
The correlation between MGOV and FDL is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2023 | 0.13 |
The correlation between MGOV and FDL shifts across timeframes, from -0.02 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MGOV vs. FDL — Risk / Return Rank
MGOV
FDL
MGOV vs. FDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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.
| MGOV | FDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.39 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.02 | 6.29 | -5.27 |
| Martin ratioReturn relative to average drawdown | 2.48 | 14.86 | -12.38 |
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Drawdowns
MGOV vs. FDL - Drawdown Comparison
The maximum MGOV drawdown since its inception was -6.11%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for MGOV and FDL.
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Drawdown Indicators
| MGOV | FDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.11% | -65.93% | +59.82% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | -4.27% | +0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -6.11% | -12.24% | +6.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.40% | — |
Current DrawdownCurrent decline from peak | -3.28% | -1.96% | -1.32% |
Average DrawdownAverage peak-to-trough decline | -1.65% | -9.59% | +7.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 1.81% | -0.37% |
Volatility
MGOV vs. FDL - Volatility Comparison
The current volatility for First Trust Intermediate Government Opportunities ETF (MGOV) is 1.18%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.96%. This indicates that MGOV experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MGOV | FDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 4.96% | -3.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.41% | 8.97% | -5.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.42% | 11.95% | -7.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.87% | 14.44% | -8.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.87% | 17.16% | -11.29% |
MGOV vs. FDL - Expense Ratio Comparison
MGOV has a 0.65% expense ratio, which is higher than FDL's 0.43% expense ratio.
Dividends
MGOV vs. FDL - Dividend Comparison
MGOV's dividend yield for the trailing twelve months is around 4.96%, more than FDL's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDL First Trust Morningstar Dividend Leaders Index Fund | 3.59% | 4.04% | 4.96% | 4.58% | 3.58% | 4.59% | 4.48% | 3.75% | 3.97% | 3.18% | 2.93% | 3.65% |
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
MGOV and FDL have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDL has higher volatility (4.96%) compared to MGOV (1.18%). In terms of maximum drawdown, MGOV dropped -6.11% vs FDL's -65.93%.
On 1-year performance, FDL leads with 27.65% vs 2.59% for MGOV. On fees, FDL is cheaper at 0.43% per year. On volatility, MGOV has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FDL has performed better with a 27.65% return vs 2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDL is cheaper with a 0.43% expense ratio, compared with 0.65% for MGOV.
MGOV has the higher dividend yield at 4.96%, compared with 3.59% for FDL.
MGOV is categorized as Government Bonds, while FDL is Large Cap Value Equities. Their fees differ too: 0.65% for MGOV and 0.43% for FDL.
FDL currently has the higher Sharpe Ratio (2.26 vs 0.81), 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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