MGOV vs. SMBS

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Intermediate Government Opportunities ETF (MGOV) and Schwab Mortgage-Backed Securities ETF (SMBS).

MGOV and SMBS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MGOV is an actively managed fund by First Trust. It was launched on Aug 2, 2023. SMBS is a passively managed fund by Charles Schwab that tracks the performance of the Bloomberg US MBS Float Adjusted Total Return Index. It was launched on Nov 18, 2024.

Performance

MGOV vs. SMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Intermediate Government Opportunities ETF (MGOV) and Schwab Mortgage-Backed Securities ETF (SMBS). The values are adjusted to include any dividend payments, if applicable.

MGOV vs. SMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MGOV First Trust Intermediate Government Opportunities ETF	0.21%	8.54%	-0.35%
SMBS Schwab Mortgage-Backed Securities ETF	0.47%	8.15%	-0.07%

Returns By Period

In the year-to-date period, MGOV achieves a 0.21% return, which is significantly lower than SMBS's 0.47% return.

MGOV

• 1D: -0.07%
• 1M: -1.89%
• YTD: 0.21%
• 6M: 1.53%
• 1Y: 4.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMBS

• 1D: 0.11%
• 1M: -1.15%
• YTD: 0.47%
• 6M: 1.88%
• 1Y: 5.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MGOV vs. SMBS - Expense Ratio Comparison

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

MGOV

First Trust Intermediate Government Opportunities ETF

SMBS

Schwab Mortgage-Backed Securities ETF

Return for Risk

MGOV vs. SMBS — Risk / Return Rank

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

MGOV

MGOV Risk / Return Rank: 42
MGOV Sharpe Ratio Rank: 46
MGOV Sortino Ratio Rank: 44
MGOV Omega Ratio Rank: 36
MGOV Calmar Ratio Rank: 47
MGOV Martin Ratio Rank: 37

SMBS

SMBS Risk / Return Rank: 57
SMBS Sharpe Ratio Rank: 58
SMBS Sortino Ratio Rank: 57
SMBS Omega Ratio Rank: 47
SMBS Calmar Ratio Rank: 70
SMBS Martin Ratio Rank: 54

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. SMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and Schwab Mortgage-Backed Securities ETF (SMBS). 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	SMBS	Difference
Sharpe ratio Return per unit of total volatility	0.91	1.07	-0.16
Sortino ratio Return per unit of downside risk	1.31	1.54	-0.22
Omega ratio Gain probability vs. loss probability	1.16	1.19	-0.03
Calmar ratio Return relative to maximum drawdown	1.43	1.93	-0.49
Martin ratio Return relative to average drawdown	4.09	5.53	-1.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGOV vs. SMBS - Sharpe Ratio Comparison

The current MGOV Sharpe Ratio is 0.91, which is comparable to the SMBS Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of MGOV and SMBS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MGOV	SMBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	1.07	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	1.28	-0.35

Correlation

The correlation between MGOV and SMBS is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MGOV vs. SMBS - Dividend Comparison

MGOV's dividend yield for the trailing twelve months is around 4.96%, more than SMBS's 4.82% yield.

	TTM	2025	2024	2023
MGOV First Trust Intermediate Government Opportunities ETF	4.96%	4.95%	5.05%	1.47%
SMBS Schwab Mortgage-Backed Securities ETF	4.82%	4.83%	0.50%	0.00%

Drawdowns

MGOV vs. SMBS - Drawdown Comparison

The maximum MGOV drawdown since its inception was -6.11%, which is greater than SMBS's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for MGOV and SMBS.

Drawdown Indicators

	MGOV	SMBS	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-3.20%	-2.91%
Max Drawdown (1Y) Largest decline over 1 year	-3.57%	-2.83%	-0.74%
Current Drawdown Current decline from peak	-2.36%	-1.56%	-0.80%
Average Drawdown Average peak-to-trough decline	-1.59%	-0.77%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	0.99%	+0.26%

Volatility

MGOV vs. SMBS - Volatility Comparison

First Trust Intermediate Government Opportunities ETF (MGOV) and Schwab Mortgage-Backed Securities ETF (SMBS) have volatilities of 1.77% and 1.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGOV	SMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	1.83%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.03%	2.75%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	4.77%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	4.91%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.01%	4.91%	+1.10%