MGOV vs. SCHQ

Last updated Aug 5, 2026

MGOV (First Trust Intermediate Government Opportunities ETF) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both Government Bonds funds. MGOV is actively managed, while SCHQ is passively managed. Over the past 3 years, MGOV returned 4.64%/yr vs 0.22%/yr for SCHQ. Their correlation of 0.89 means they have usually moved in the same direction. MGOV charges 0.65%/yr vs 0.03%/yr for SCHQ.

Performance

MGOV vs. SCHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Intermediate Government Opportunities ETF (MGOV) and Schwab Long-Term U.S. Treasury ETF (SCHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGOV achieves a -0.08% return, which is significantly higher than SCHQ's -2.16% return.

MGOV

• 1D: 0.40%
• 1M: -0.83%
• 6M: -0.37%
• YTD: -0.08%
• 1Y: 3.18%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.81%

SCHQ

• 1D: 0.77%
• 1M: -2.42%
• 6M: -2.00%
• YTD: -2.16%
• 1Y: -0.79%
• 3Y*: 0.22%
• 5Y*: -6.96%
• 10Y*: —
• ALL TIME*: -4.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MGOV First Trust Intermediate Government Opportunities ETF	$301.27K	$575.46K	$601.44K
SCHQ Schwab Long-Term U.S. Treasury ETF	$14.32M	$14.68M	$18.61M

MGOV vs. SCHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MGOV First Trust Intermediate Government Opportunities ETF	-0.08%	8.54%	1.55%	4.56%
SCHQ Schwab Long-Term U.S. Treasury ETF	-2.16%	5.50%	-6.44%	3.83%

Correlation

The correlation between MGOV and SCHQ is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (All Time) Calculated using the full available price history since Aug 3, 2023	0.89

The correlation between MGOV and SCHQ has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

MGOV vs. SCHQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MGOV

MGOV Risk / Return Rank: 26
MGOV Sharpe Ratio Rank: 28
MGOV Sortino Ratio Rank: 26
MGOV Omega Ratio Rank: 24
MGOV Calmar Ratio Rank: 26
MGOV Martin Ratio Rank: 25

SCHQ

SCHQ Risk / Return Rank: 9
SCHQ Sharpe Ratio Rank: 9
SCHQ Sortino Ratio Rank: 8
SCHQ Omega Ratio Rank: 8
SCHQ Calmar Ratio Rank: 9
SCHQ Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MGOV vs. SCHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and Schwab Long-Term U.S. Treasury ETF (SCHQ). 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	SCHQ	Difference
Sharpe ratio: Return per unit of total volatility	0.73	-0.09	+0.83
Sortino ratio: Return per unit of downside risk	1.07	-0.07	+1.14
Omega ratio: Gain probability vs. loss probability	1.13	0.99	+0.13
Calmar ratio: Return relative to maximum drawdown	0.90	-0.11	+1.02
Martin ratio: Return relative to average drawdown	2.18	-0.24	+2.42

MGOV vs. SCHQ - Sharpe Ratio Comparison

The current MGOV Sharpe Ratio is 0.73, which is higher than the SCHQ Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of MGOV and SCHQ, 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. SCHQ - Drawdown Comparison

The maximum MGOV drawdown since its inception was -6.11%, smaller than the maximum SCHQ drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for MGOV and SCHQ.

Drawdown Indicators

	MGOV	SCHQ	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-46.13%	+40.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.53%	-7.05%	+3.52%
Max Drawdown (3Y) Largest decline over 3 years	-6.11%	-13.38%	+7.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.93%	—
Current Drawdown Current decline from peak	-2.63%	-37.91%	+35.28%
Average Drawdown Average peak-to-trough decline	-1.65%	-26.61%	+24.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	3.25%	-1.79%

Volatility

MGOV vs. SCHQ - Volatility Comparison

The current volatility for First Trust Intermediate Government Opportunities ETF (MGOV) is 1.31%, while Schwab Long-Term U.S. Treasury ETF (SCHQ) has a volatility of 2.47%. This indicates that MGOV experiences smaller price fluctuations and is considered to be less risky than SCHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGOV	SCHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	2.47%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	3.44%	6.34%	-2.90%
Volatility (1Y) Calculated over the trailing 1-year period	4.34%	8.43%	-4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.87%	14.42%	-8.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.87%	15.20%	-9.33%

MGOV vs. SCHQ - Expense Ratio Comparison

MGOV has a 0.65% expense ratio, which is higher than SCHQ's 0.03% expense ratio.

Dividends

MGOV vs. SCHQ - Dividend Comparison

MGOV's dividend yield for the trailing twelve months is around 4.92%, which matches SCHQ's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
MGOV First Trust Intermediate Government Opportunities ETF	4.92%	4.95%	5.05%	1.47%	0.00%	0.00%	0.00%	0.00%
SCHQ Schwab Long-Term U.S. Treasury ETF	4.89%	4.54%	4.58%	3.79%	2.88%	1.69%	1.51%	0.44%

Frequently Asked Questions

Can I hold both MGOV and SCHQ in my portfolio?

MGOV and SCHQ have a correlation of 0.88, 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 SCHQ?

SCHQ has higher volatility (2.47%) compared to MGOV (1.31%). In terms of maximum drawdown, MGOV dropped -6.11% vs SCHQ's -46.13%.

Which ETF is better, MGOV or SCHQ?

On 3-year performance, MGOV leads with 4.64% vs 0.22% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, MGOV has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGOV or SCHQ?

Over the 3-year period, MGOV has performed better with a 4.64% return vs 0.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGOV or SCHQ?

SCHQ is cheaper with a 0.03% expense ratio, compared with 0.65% for MGOV.

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

MGOV has the higher dividend yield at 4.92%, compared with 4.89% for SCHQ.

What is the main difference between MGOV and SCHQ?

They also come from different issuers: First Trust and Charles Schwab. Their fees differ too: 0.65% for MGOV and 0.03% for SCHQ.

Which has better risk-adjusted returns?

MGOV currently has the higher Sharpe Ratio (0.73 vs -0.09), 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.