MGOV vs. GGOV
MGOV (First Trust Intermediate Government Opportunities ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - MGOV is a Government Bonds fund actively managed by First Trust, while GGOV is a Global Bonds fund managed by iShares. A 0.51 correlation means they provide meaningful diversification when combined. MGOV charges 0.65%/yr vs 0.39%/yr for GGOV.
Performance
MGOV vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, MGOV achieves a 0.34% return, which is significantly lower than GGOV's 2.16% return.
MGOV
- 1D
- 0.15%
- 1M
- -0.05%
- YTD
- 0.34%
- 6M
- 0.29%
- 1Y
- 6.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GGOV
- 1D
- -0.14%
- 1M
- -0.11%
- YTD
- 2.16%
- 6M
- -1.06%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MGOV vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MGOV First Trust Intermediate Government Opportunities ETF | 0.34% | 4.30% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.16% | -2.81% |
Correlation
The correlation between MGOV and GGOV is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025 | 0.51 |
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Return for Risk
MGOV vs. GGOV — Risk / Return Rank
MGOV
GGOV
MGOV vs. GGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and iShares Global Government Bond USD Hedged Active ETF (GGOV). 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 | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.23 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | — | — |
| Martin ratioReturn relative to average drawdown | 5.28 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MGOV | GGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | -0.14 | +1.03 |
Drawdowns
MGOV vs. GGOV - Drawdown Comparison
The maximum MGOV drawdown since its inception was -6.11%, which is greater than GGOV's maximum drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for MGOV and GGOV.
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Drawdown Indicators
| MGOV | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.11% | -4.69% | -1.42% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | — | — |
Current DrawdownCurrent decline from peak | -2.23% | -1.64% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -1.59% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | — | — |
Volatility
MGOV vs. GGOV - Volatility Comparison
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Volatility by Period
| MGOV | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.64% | 5.37% | -0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.95% | 5.37% | +0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.95% | 5.37% | +0.58% |
MGOV vs. GGOV - Expense Ratio Comparison
MGOV has a 0.65% expense ratio, which is higher than GGOV's 0.39% expense ratio.
Dividends
MGOV vs. GGOV - Dividend Comparison
MGOV's dividend yield for the trailing twelve months is around 4.97%, while GGOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% | 0.00% |
MGOV First Trust Intermediate Government Opportunities ETF | 4.97% | 4.95% | 5.05% | 1.47% |
Frequently Asked Questions
MGOV and GGOV have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GGOV is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GGOV is cheaper with a 0.39% expense ratio, compared with 0.65% for MGOV.
MGOV has the higher dividend yield at 4.97%, compared with 0.00% for GGOV.
MGOV is categorized as Government Bonds, while GGOV is Global Bonds. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.65% for MGOV and 0.39% for GGOV.
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