MGOV vs. JAAA

Last updated Jun 14, 2026

MGOV (First Trust Intermediate Government Opportunities ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - MGOV is a Government Bonds fund actively managed by First Trust, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past year, MGOV returned 6.11% vs 5.01% for JAAA. At a correlation of -0.05, they often move in opposite directions. MGOV charges 0.65%/yr vs 0.20%/yr for JAAA.

Performance

MGOV vs. JAAA - Performance Comparison

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

Returns By Period

In the year-to-date period, MGOV achieves a 0.44% return, which is significantly lower than JAAA's 1.99% return.

MGOV

• 1D: -0.30%
• 1M: 0.95%
• YTD: 0.44%
• 6M: 0.90%
• 1Y: 6.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.33%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 5.01%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

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

MGOV vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MGOV First Trust Intermediate Government Opportunities ETF	0.44%	8.54%	1.55%	4.56%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	3.31%

Correlation

The correlation between MGOV and JAAA is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (All Time) Calculated using the full available price history since Aug 3, 2023	-0.05

Return for Risk

MGOV vs. JAAA — Risk / Return Rank

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

MGOV

MGOV Risk / Return Rank: 37
MGOV Sharpe Ratio Rank: 39
MGOV Sortino Ratio Rank: 40
MGOV Omega Ratio Rank: 37
MGOV Calmar Ratio Rank: 36
MGOV Martin Ratio Rank: 34

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

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. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and Janus Henderson AAA CLO ETF (JAAA). 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	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.27	6.03	-4.76
Sortino ratio: Return per unit of downside risk	1.89	10.06	-8.18
Omega ratio: Gain probability vs. loss probability	1.22	2.72	-1.50
Calmar ratio: Return relative to maximum drawdown	1.62	12.91	-11.29
Martin ratio: Return relative to average drawdown	4.72	69.57	-64.85

MGOV vs. JAAA - Sharpe Ratio Comparison

The current MGOV Sharpe Ratio is 1.27, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of MGOV and JAAA, 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

MGOV vs. JAAA - Drawdown Comparison

The maximum MGOV drawdown since its inception was -6.11%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for MGOV and JAAA.

Drawdown Indicators

	MGOV	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-2.64%	-3.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.53%	-0.39%	-3.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-2.13%	0.00%	-2.13%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.25%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	0.07%	+1.14%

Volatility

MGOV vs. JAAA - Volatility Comparison

First Trust Intermediate Government Opportunities ETF (MGOV) has a higher volatility of 1.47% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that MGOV's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGOV	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	0.12%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	0.63%	+2.63%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	0.83%	+3.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.93%	1.67%	+4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.93%	1.64%	+4.29%

MGOV vs. JAAA - Expense Ratio Comparison

MGOV has a 0.65% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

MGOV vs. JAAA - Dividend Comparison

MGOV's dividend yield for the trailing twelve months is around 4.96%, which matches JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%
MGOV First Trust Intermediate Government Opportunities ETF	4.96%	4.95%	5.05%	1.47%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MGOV and JAAA in my portfolio?

MGOV and JAAA have a correlation of 0.01, 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 JAAA?

MGOV has higher volatility (1.47%) compared to JAAA (0.12%). In terms of maximum drawdown, MGOV dropped -6.11% vs JAAA's -2.64%.

Which ETF is better, MGOV or JAAA?

On 1-year performance, MGOV leads with 6.11% vs 5.01% for JAAA. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGOV or JAAA?

Over the 1-year period, MGOV has performed better with a 6.11% return vs 5.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGOV or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.65% for MGOV.

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

JAAA has the higher dividend yield at 4.99%, compared with 4.96% for MGOV.

What is the main difference between MGOV and JAAA?

MGOV is categorized as Government Bonds, while JAAA is CLO. They also come from different issuers: First Trust and Janus Henderson. Their fees differ too: 0.65% for MGOV and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 1.27), 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.