MGOV vs. SGOV

Last updated Jun 14, 2026

MGOV (First Trust Intermediate Government Opportunities ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - MGOV is a Government Bonds fund actively managed by First Trust, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. MGOV is actively managed, while SGOV is passively managed. Over the past year, MGOV returned 6.11% vs 3.91% for SGOV. At a correlation of -0.01, they often move in opposite directions. MGOV charges 0.65%/yr vs 0.09%/yr for SGOV.

Performance

MGOV vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Intermediate Government Opportunities ETF (MGOV) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 SGOV's 1.61% return.

MGOV

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

SGOV

• 1D: 0.02%
• 1M: 0.26%
• YTD: 1.61%
• 6M: 1.78%
• 1Y: 3.91%
• 3Y*: 4.71%
• 5Y*: 3.56%
• 10Y*: —

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

MGOV vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MGOV First Trust Intermediate Government Opportunities ETF	0.44%	8.54%	1.55%	4.56%
SGOV iShares 0-3 Month Treasury Bond ETF	1.61%	4.24%	5.27%	2.22%

Correlation

The correlation between MGOV and SGOV is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Aug 3, 2023	-0.01

The correlation between MGOV and SGOV shifts across timeframes, from -0.14 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MGOV vs. SGOV — 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

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV Martin Ratio Rank: 100

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. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	1.27	20.28	-19.01
Sortino ratio: Return per unit of downside risk	1.89	275.69	-273.80
Omega ratio: Gain probability vs. loss probability	1.22	195.55	-194.33
Calmar ratio: Return relative to maximum drawdown	1.62	398.20	-396.58
Martin ratio: Return relative to average drawdown	4.72	4,461.98	-4,457.26

MGOV vs. SGOV - Sharpe Ratio Comparison

The current MGOV Sharpe Ratio is 1.27, which is lower than the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of MGOV and SGOV, 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. SGOV - Drawdown Comparison

The maximum MGOV drawdown since its inception was -6.11%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for MGOV and SGOV.

Drawdown Indicators

	MGOV	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-0.03%	-6.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.53%	-0.01%	-3.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.03%	—
Current Drawdown Current decline from peak	-2.13%	0.00%	-2.13%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.00%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	0.00%	+1.21%

Volatility

MGOV vs. SGOV - Volatility Comparison

First Trust Intermediate Government Opportunities ETF (MGOV) has a higher volatility of 1.47% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that MGOV's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGOV	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	0.05%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	0.13%	+3.13%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	0.20%	+4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.93%	0.24%	+5.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.93%	0.24%	+5.69%

MGOV vs. SGOV - Expense Ratio Comparison

MGOV has a 0.65% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

MGOV vs. SGOV - Dividend Comparison

MGOV's dividend yield for the trailing twelve months is around 4.96%, more than SGOV's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MGOV First Trust Intermediate Government Opportunities ETF	4.96%	4.95%	5.05%	1.47%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.85%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both MGOV and SGOV in my portfolio?

MGOV and SGOV have a correlation of -0.14, 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 SGOV?

MGOV has higher volatility (1.47%) compared to SGOV (0.05%). In terms of maximum drawdown, MGOV dropped -6.11% vs SGOV's -0.03%.

Which ETF is better, MGOV or SGOV?

On 1-year performance, MGOV leads with 6.11% vs 3.91% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGOV or SGOV?

Over the 1-year period, MGOV has performed better with a 6.11% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGOV or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.65% for MGOV.

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

MGOV has the higher dividend yield at 4.96%, compared with 3.85% for SGOV.

What is the main difference between MGOV and SGOV?

MGOV is categorized as Government Bonds, while SGOV is Ultrashort Bond. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.65% for MGOV and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 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.