MGOV vs. SHY
MGOV (First Trust Intermediate Government Opportunities ETF) and SHY (iShares 1-3 Year Treasury Bond ETF) are both Government Bonds funds. MGOV is actively managed, while SHY is passively managed. Over the past year, MGOV returned 6.09% vs 3.20% for SHY. A 0.76 correlation means they provide meaningful diversification when combined. MGOV charges 0.65%/yr vs 0.15%/yr for SHY.
Performance
MGOV vs. SHY - 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 SHY's 0.50% return.
MGOV
- 1D
- 0.15%
- 1M
- -0.05%
- YTD
- 0.34%
- 6M
- 0.29%
- 1Y
- 6.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHY
- 1D
- 0.07%
- 1M
- 0.10%
- YTD
- 0.50%
- 6M
- 0.84%
- 1Y
- 3.20%
- 3Y*
- 4.04%
- 5Y*
- 1.73%
- 10Y*
- 1.66%
MGOV vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MGOV First Trust Intermediate Government Opportunities ETF | 0.34% | 8.54% | 1.55% | 4.56% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.50% | 4.95% | 3.92% | 2.84% |
Correlation
The correlation between MGOV and SHY is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Aug 4, 2023 | 0.76 |
The correlation between MGOV and SHY has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.
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Return for Risk
MGOV vs. SHY — Risk / Return Rank
MGOV
SHY
MGOV vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and iShares 1-3 Year Treasury Bond ETF (SHY). 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 | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.49 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 3.62 | -1.89 |
| Martin ratioReturn relative to average drawdown | 5.28 | 14.74 | -9.46 |
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 | SHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | 2.42 | -1.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.88 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.06 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 1.29 | -0.40 |
Drawdowns
MGOV vs. SHY - Drawdown Comparison
The maximum MGOV drawdown since its inception was -6.11%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for MGOV and SHY.
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Drawdown Indicators
| MGOV | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.11% | -5.71% | -0.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | -0.89% | -2.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.97% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.71% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.71% | — |
Current DrawdownCurrent decline from peak | -2.23% | -0.23% | -2.00% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -0.52% | -1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 0.22% | +0.94% |
Volatility
MGOV vs. SHY - Volatility Comparison
First Trust Intermediate Government Opportunities ETF (MGOV) has a higher volatility of 1.71% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.35%. This indicates that MGOV's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MGOV | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 0.35% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | 0.93% | +2.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.64% | 1.34% | +3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.95% | 1.98% | +3.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.95% | 1.57% | +4.38% |
MGOV vs. SHY - Expense Ratio Comparison
MGOV has a 0.65% expense ratio, which is higher than SHY's 0.15% expense ratio.
Dividends
MGOV vs. SHY - Dividend Comparison
MGOV's dividend yield for the trailing twelve months is around 4.97%, more than SHY's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MGOV First Trust Intermediate Government Opportunities ETF | 4.97% | 4.95% | 5.05% | 1.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
MGOV and SHY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MGOV has higher volatility (1.71%) compared to SHY (0.35%). In terms of maximum drawdown, MGOV dropped -6.11% vs SHY's -5.71%.
On 1-year performance, MGOV leads with 6.09% vs 3.20% for SHY. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MGOV has performed better with a 6.09% return vs 3.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHY is cheaper with a 0.15% expense ratio, compared with 0.65% for MGOV.
MGOV has the higher dividend yield at 4.97%, compared with 3.68% for SHY.
They also come from different issuers: First Trust and iShares. Their fees differ too: 0.65% for MGOV and 0.15% for SHY.
SHY currently has the higher Sharpe Ratio (2.42 vs 1.33), 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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