PLW vs. MGOV
PLW (Invesco 1-30 Laddered Treasury ETF) and MGOV (First Trust Intermediate Government Opportunities ETF) are both Government Bonds funds. PLW is passively managed, while MGOV is actively managed. Over the past year, PLW returned 4.34% vs 6.73% for MGOV. Their correlation of 0.91 suggests significant overlap in exposure. PLW charges 0.25%/yr vs 0.65%/yr for MGOV.
Performance
PLW vs. MGOV - Performance Comparison
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Returns By Period
In the year-to-date period, PLW achieves a -0.55% return, which is significantly lower than MGOV's 0.19% return.
PLW
- 1D
- -0.33%
- 1M
- 0.34%
- YTD
- -0.55%
- 6M
- -1.32%
- 1Y
- 4.34%
- 3Y*
- 0.89%
- 5Y*
- -2.77%
- 10Y*
- -0.10%
MGOV
- 1D
- -0.20%
- 1M
- -0.19%
- YTD
- 0.19%
- 6M
- -0.01%
- 1Y
- 6.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PLW vs. MGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | -0.55% | 5.84% | -2.95% | 4.73% |
MGOV First Trust Intermediate Government Opportunities ETF | 0.19% | 8.54% | 1.55% | 4.56% |
Correlation
The correlation between PLW and MGOV is 0.88, 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 | 0.88 |
Correlation (All Time) Calculated using the full available price history since Aug 4, 2023 | 0.91 |
The correlation between PLW and MGOV has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.
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Return for Risk
PLW vs. MGOV — Risk / Return Rank
PLW
MGOV
PLW vs. MGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco 1-30 Laddered Treasury ETF (PLW) and First Trust Intermediate Government Opportunities ETF (MGOV). 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.
| PLW | MGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.26 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 1.92 | -1.12 |
| Martin ratioReturn relative to average drawdown | 2.24 | 5.87 | -3.63 |
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
| PLW | MGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 1.46 | -0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.01 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.88 | -0.57 |
Drawdowns
PLW vs. MGOV - Drawdown Comparison
The maximum PLW drawdown since its inception was -32.70%, which is greater than MGOV's maximum drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for PLW and MGOV.
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Drawdown Indicators
| PLW | MGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -6.11% | -26.59% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -3.53% | -1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -11.58% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | — | — |
Current DrawdownCurrent decline from peak | -22.38% | -2.38% | -20.00% |
Average DrawdownAverage peak-to-trough decline | -9.65% | -1.62% | -8.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.94% | 1.15% | +0.79% |
Volatility
PLW vs. MGOV - Volatility Comparison
Invesco 1-30 Laddered Treasury ETF (PLW) has a higher volatility of 2.04% compared to First Trust Intermediate Government Opportunities ETF (MGOV) at 1.70%. This indicates that PLW's price experiences larger fluctuations and is considered to be riskier than MGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PLW | MGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.04% | 1.70% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 4.53% | 3.22% | +1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.58% | 4.64% | +1.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.86% | 5.95% | +3.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.10% | 5.95% | +3.15% |
PLW vs. MGOV - Expense Ratio Comparison
PLW has a 0.25% expense ratio, which is lower than MGOV's 0.65% expense ratio.
Dividends
PLW vs. MGOV - Dividend Comparison
PLW's dividend yield for the trailing twelve months is around 3.83%, less than MGOV's 4.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MGOV First Trust Intermediate Government Opportunities ETF | 4.98% | 4.95% | 5.05% | 1.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PLW Invesco 1-30 Laddered Treasury ETF | 3.83% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
Frequently Asked Questions
PLW and MGOV have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PLW has higher volatility (2.04%) compared to MGOV (1.70%). In terms of maximum drawdown, PLW dropped -32.70% vs MGOV's -6.11%.
On 1-year performance, MGOV leads with 6.73% vs 4.34% for PLW. On fees, PLW is cheaper at 0.25% per year. On volatility, MGOV has been the lower-risk option at 1.70%. 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 6.73% return vs 4.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PLW is cheaper with a 0.25% expense ratio, compared with 0.65% for MGOV.
MGOV has the higher dividend yield at 4.98%, compared with 3.83% for PLW.
They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.25% for PLW and 0.65% for MGOV.
MGOV currently has the higher Sharpe Ratio (1.46 vs 0.66), 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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