MGOV vs. XONE

Last updated Jun 5, 2026

MGOV (First Trust Intermediate Government Opportunities ETF) and XONE (BondBloxx Bloomberg One Year Target Duration US Treasury ETF) are both Government Bonds funds. MGOV is actively managed, while XONE is passively managed. Over the past year, MGOV returned 6.09% vs 3.81% for XONE. A 0.56 correlation means they provide meaningful diversification when combined. MGOV charges 0.65%/yr vs 0.03%/yr for XONE.

Performance

MGOV vs. XONE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Intermediate Government Opportunities ETF (MGOV) and BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGOV achieves a 0.34% return, which is significantly lower than XONE's 1.16% return.

MGOV

• 1D: 0.15%
• 1M: -0.05%
• YTD: 0.34%
• 6M: 0.29%
• 1Y: 6.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XONE

• 1D: 0.04%
• 1M: 0.23%
• YTD: 1.16%
• 6M: 1.52%
• 1Y: 3.81%
• 3Y*: 4.55%
• 5Y*: —
• 10Y*: —

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

MGOV vs. XONE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MGOV First Trust Intermediate Government Opportunities ETF	0.34%	8.54%	1.55%	4.56%
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF	1.16%	4.41%	4.83%	2.60%

Correlation

The correlation between MGOV and XONE is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Aug 4, 2023	0.56

The correlation between MGOV and XONE has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.

Return for Risk

MGOV vs. XONE — 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: 38
MGOV Sortino Ratio Rank: 39
MGOV Omega Ratio Rank: 36
MGOV Calmar Ratio Rank: 36
MGOV Martin Ratio Rank: 35

XONE

XONE Risk / Return Rank: 99
XONE Sharpe Ratio Rank: 99
XONE Sortino Ratio Rank: 99
XONE Omega Ratio Rank: 99
XONE Calmar Ratio Rank: 99
XONE Martin Ratio Rank: 99

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. XONE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Government Opportunities ETF (MGOV) and BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE). 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	XONE	Difference
Sharpe ratio: Return per unit of total volatility	1.33	7.03	-5.69
Sortino ratio: Return per unit of downside risk	1.97	16.77	-14.81
Omega ratio: Gain probability vs. loss probability	1.23	3.55	-2.31
Calmar ratio: Return relative to maximum drawdown	1.73	23.89	-22.16
Martin ratio: Return relative to average drawdown	5.28	138.39	-133.12
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. XONE - Sharpe Ratio Comparison

The current MGOV Sharpe Ratio is 1.33, which is lower than the XONE Sharpe Ratio of 7.03. The chart below compares the historical Sharpe Ratios of MGOV and XONE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MGOV	XONE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	7.03	-5.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	4.97	-4.08

Drawdowns

MGOV vs. XONE - Drawdown Comparison

The maximum MGOV drawdown since its inception was -6.11%, which is greater than XONE's maximum drawdown of -0.40%. Use the drawdown chart below to compare losses from any high point for MGOV and XONE.

Drawdown Indicators

	MGOV	XONE	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-0.40%	-5.71%
Max Drawdown (1Y) Largest decline over 1 year	-3.53%	-0.16%	-3.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.28%	—
Current Drawdown Current decline from peak	-2.23%	0.00%	-2.23%
Average Drawdown Average peak-to-trough decline	-1.62%	-0.04%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	0.03%	+1.13%

Volatility

MGOV vs. XONE - Volatility Comparison

First Trust Intermediate Government Opportunities ETF (MGOV) has a higher volatility of 1.71% compared to BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) at 0.09%. This indicates that MGOV's price experiences larger fluctuations and is considered to be riskier than XONE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGOV	XONE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	0.09%	+1.62%
Volatility (6M) Calculated over the trailing 6-month period	3.22%	0.34%	+2.88%
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	0.55%	+4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.95%	0.86%	+5.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.95%	0.86%	+5.09%

MGOV vs. XONE - Expense Ratio Comparison

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

Dividends

MGOV vs. XONE - Dividend Comparison

MGOV's dividend yield for the trailing twelve months is around 4.97%, more than XONE's 4.06% yield.

Position	TTM	2025	2024	2023	2022
MGOV First Trust Intermediate Government Opportunities ETF	4.97%	4.95%	5.05%	1.47%	0.00%
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF	4.06%	4.33%	5.21%	4.46%	1.17%

Frequently Asked Questions

Can I hold both MGOV and XONE in my portfolio?

MGOV and XONE have a correlation of 0.51, 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 XONE?

MGOV has higher volatility (1.71%) compared to XONE (0.09%). In terms of maximum drawdown, MGOV dropped -6.11% vs XONE's -0.40%.

Which ETF is better, MGOV or XONE?

On 1-year performance, MGOV leads with 6.09% vs 3.81% for XONE. On fees, XONE is cheaper at 0.03% per year. On volatility, XONE has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGOV or XONE?

Over the 1-year period, MGOV has performed better with a 6.09% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGOV or XONE?

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

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

MGOV has the higher dividend yield at 4.97%, compared with 4.06% for XONE.

What is the main difference between MGOV and XONE?

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

Which has better risk-adjusted returns?

XONE currently has the higher Sharpe Ratio (7.03 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.