MGOV vs. TLT
MGOV (First Trust Intermediate Government Opportunities ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both Government Bonds funds. MGOV is actively managed, while TLT is passively managed. Over the past year, MGOV returned 6.09% vs 3.48% for TLT. Their correlation of 0.88 suggests significant overlap in exposure. MGOV charges 0.65%/yr vs 0.15%/yr for TLT.
Performance
MGOV vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MGOV achieves a 0.34% return, which is significantly higher than TLT's -0.05% return.
MGOV
- 1D
- 0.15%
- 1M
- -0.05%
- YTD
- 0.34%
- 6M
- 0.29%
- 1Y
- 6.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- 0.22%
- 1M
- 0.48%
- YTD
- -0.05%
- 6M
- -1.27%
- 1Y
- 3.48%
- 3Y*
- -1.67%
- 5Y*
- -6.27%
- 10Y*
- -1.56%
MGOV vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MGOV First Trust Intermediate Government Opportunities ETF | 0.34% | 8.54% | 1.55% | 4.56% |
TLT iShares 20+ Year Treasury Bond ETF | -0.05% | 4.25% | -8.05% | 5.93% |
Correlation
The correlation between MGOV and TLT is 0.85, 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 | 0.85 |
Correlation (All Time) Calculated using the full available price history since Aug 4, 2023 | 0.88 |
The correlation between MGOV and TLT has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MGOV vs. TLT — Risk / Return Rank
MGOV
TLT
MGOV vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.07 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 0.46 | +1.27 |
| Martin ratioReturn relative to average drawdown | 5.28 | 1.14 | +4.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MGOV | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | 0.36 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 0.26 | +0.63 |
Drawdowns
MGOV vs. TLT - Drawdown Comparison
The maximum MGOV drawdown since its inception was -6.11%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for MGOV and TLT.
Loading charts...
Drawdown Indicators
| MGOV | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.11% | -48.35% | +42.24% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | -7.58% | +4.05% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -2.23% | -40.31% | +38.08% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -13.82% | +12.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 3.05% | -1.89% |
Volatility
MGOV vs. TLT - Volatility Comparison
The current volatility for First Trust Intermediate Government Opportunities ETF (MGOV) is 1.71%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.71%. This indicates that MGOV experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MGOV | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 2.71% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | 6.50% | -3.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.64% | 9.77% | -5.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.95% | 15.86% | -9.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.95% | 14.90% | -8.95% |
MGOV vs. TLT - Expense Ratio Comparison
MGOV has a 0.65% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
MGOV vs. TLT - Dividend Comparison
MGOV's dividend yield for the trailing twelve months is around 4.97%, more than TLT's 4.58% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.58% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
MGOV and TLT have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.71%) compared to MGOV (1.71%). In terms of maximum drawdown, MGOV dropped -6.11% vs TLT's -48.35%.
On 1-year performance, MGOV leads with 6.09% vs 3.48% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, MGOV has been the lower-risk option at 1.71%. 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 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT 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 4.58% for TLT.
They also come from different issuers: First Trust and iShares. Their fees differ too: 0.65% for MGOV and 0.15% for TLT.
MGOV currently has the higher Sharpe Ratio (1.33 vs 0.36), 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.
Find the right allocation for MGOV and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer