MGOV vs. SPTB

Last updated Jul 16, 2026

MGOV (First Trust Intermediate Government Opportunities ETF) and SPTB (State Street SPDR Portfolio Treasury ETF) are both Government Bonds funds. MGOV is actively managed, while SPTB is passively managed. Over the past year, MGOV returned 6.05% vs 3.54% for SPTB. Their correlation of 0.91 suggests significant overlap in exposure. MGOV charges 0.65%/yr vs 0.03%/yr for SPTB.

Performance

MGOV vs. SPTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Intermediate Government Opportunities ETF (MGOV) and State Street SPDR Portfolio Treasury ETF (SPTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGOV achieves a 0.46% return, which is significantly higher than SPTB's 0.05% return.

MGOV

• 1D: 0.25%
• 1M: -0.13%
• 6M: -0.25%
• YTD: 0.46%
• 1Y: 6.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPTB

• 1D: 0.13%
• 1M: -0.17%
• 6M: -0.33%
• YTD: 0.05%
• 1Y: 3.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MGOV vs. SPTB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MGOV First Trust Intermediate Government Opportunities ETF	0.46%	8.54%	2.70%
SPTB State Street SPDR Portfolio Treasury ETF	0.05%	6.14%	2.17%

Correlation

The correlation between MGOV and SPTB is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 21, 2024	0.91

The correlation between MGOV and SPTB has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

MGOV vs. SPTB — Risk / Return Rank

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

MGOV

MGOV Risk / Return Rank: 43
MGOV Sharpe Ratio Rank: 47
MGOV Sortino Ratio Rank: 49
MGOV Omega Ratio Rank: 44
MGOV Calmar Ratio Rank: 41
MGOV Martin Ratio Rank: 36

SPTB

SPTB Risk / Return Rank: 30
SPTB Sharpe Ratio Rank: 33
SPTB Sortino Ratio Rank: 33
SPTB Omega Ratio Rank: 30
SPTB Calmar Ratio Rank: 29
SPTB Martin Ratio Rank: 28

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. SPTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and State Street SPDR Portfolio Treasury ETF (SPTB). 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	SPTB	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.00	+0.37
Sortino ratio: Return per unit of downside risk	2.04	1.51	+0.53
Omega ratio: Gain probability vs. loss probability	1.24	1.17	+0.07
Calmar ratio: Return relative to maximum drawdown	1.72	1.22	+0.50
Martin ratio: Return relative to average drawdown	4.61	3.19	+1.42

MGOV vs. SPTB - Sharpe Ratio Comparison

The current MGOV Sharpe Ratio is 1.37, which is higher than the SPTB Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of MGOV and SPTB, 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. SPTB - Drawdown Comparison

The maximum MGOV drawdown since its inception was -6.11%, which is greater than SPTB's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for MGOV and SPTB.

Drawdown Indicators

	MGOV	SPTB	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-4.96%	-1.15%
Max Drawdown (1Y) Largest decline over 1 year	-3.53%	-2.90%	-0.63%
Current Drawdown Current decline from peak	-2.11%	-1.83%	-0.28%
Average Drawdown Average peak-to-trough decline	-1.63%	-1.34%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.11%	+0.20%

Volatility

MGOV vs. SPTB - Volatility Comparison

First Trust Intermediate Government Opportunities ETF (MGOV) has a higher volatility of 1.20% compared to State Street SPDR Portfolio Treasury ETF (SPTB) at 1.10%. This indicates that MGOV's price experiences larger fluctuations and is considered to be riskier than SPTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGOV	SPTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.10%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	2.66%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	4.45%	3.57%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.89%	4.38%	+1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	4.38%	+1.51%

MGOV vs. SPTB - Expense Ratio Comparison

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

Dividends

MGOV vs. SPTB - Dividend Comparison

MGOV's dividend yield for the trailing twelve months is around 4.94%, more than SPTB's 4.19% yield.

Position	TTM	2025	2024	2023
MGOV First Trust Intermediate Government Opportunities ETF	4.94%	4.95%	5.05%	1.47%
SPTB State Street SPDR Portfolio Treasury ETF	4.19%	4.23%	2.76%	0.00%

Frequently Asked Questions

Can I hold both MGOV and SPTB in my portfolio?

MGOV and SPTB have a correlation of 0.86, 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 SPTB?

MGOV has higher volatility (1.20%) compared to SPTB (1.10%). In terms of maximum drawdown, MGOV dropped -6.11% vs SPTB's -4.96%.

Which ETF is better, MGOV or SPTB?

On 1-year performance, MGOV leads with 6.05% vs 3.54% for SPTB. On fees, SPTB is cheaper at 0.03% per year. On volatility, SPTB has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGOV or SPTB?

Over the 1-year period, MGOV has performed better with a 6.05% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGOV or SPTB?

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

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

MGOV has the higher dividend yield at 4.94%, compared with 4.19% for SPTB.

What is the main difference between MGOV and SPTB?

They also come from different issuers: First Trust and State Street. Their fees differ too: 0.65% for MGOV and 0.03% for SPTB.

Which has better risk-adjusted returns?

MGOV currently has the higher Sharpe Ratio (1.37 vs 1.00), 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.