VNLA vs. MGOV

Last updated Jun 14, 2026

VNLA (Janus Henderson Short Duration Income ETF) and MGOV (First Trust Intermediate Government Opportunities ETF) are both exchange-traded funds - VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill Index, while MGOV is a Government Bonds fund actively managed by First Trust. VNLA is passively managed, while MGOV is actively managed. Over the past year, VNLA returned 4.77% vs 6.11% for MGOV. A 0.51 correlation means they provide meaningful diversification when combined. VNLA charges 0.23%/yr vs 0.65%/yr for MGOV.

Performance

VNLA vs. MGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Short Duration Income ETF (VNLA) and First Trust Intermediate Government Opportunities ETF (MGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNLA achieves a 1.59% return, which is significantly higher than MGOV's 0.44% return.

VNLA

• 1D: 0.02%
• 1M: 0.41%
• YTD: 1.59%
• 6M: 1.85%
• 1Y: 4.77%
• 3Y*: 5.79%
• 5Y*: 3.83%
• 10Y*: —

MGOV

• 1D: -0.30%
• 1M: 0.95%
• YTD: 0.44%
• 6M: 0.90%
• 1Y: 6.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VNLA vs. MGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VNLA Janus Henderson Short Duration Income ETF	1.59%	5.45%	6.41%	2.92%
MGOV First Trust Intermediate Government Opportunities ETF	0.44%	8.54%	1.55%	4.56%

Correlation

The correlation between VNLA and MGOV is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Aug 3, 2023	0.51

The correlation between VNLA and MGOV has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

Return for Risk

VNLA vs. MGOV — Risk / Return Rank

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

VNLA

VNLA Risk / Return Rank: 99
VNLA Sharpe Ratio Rank: 99
VNLA Sortino Ratio Rank: 99
VNLA Omega Ratio Rank: 99
VNLA Calmar Ratio Rank: 98
VNLA Martin Ratio Rank: 98

MGOV

MGOV Risk / Return Rank: 37
MGOV Sharpe Ratio Rank: 39
MGOV Sortino Ratio Rank: 40
MGOV Omega Ratio Rank: 37
MGOV Calmar Ratio Rank: 36
MGOV Martin Ratio Rank: 34

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.

VNLA vs. MGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) 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.

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.

	VNLA	MGOV	Difference
Sharpe ratio: Return per unit of total volatility	7.54	1.27	+6.27
Sortino ratio: Return per unit of downside risk	15.49	1.89	+13.60
Omega ratio: Gain probability vs. loss probability	3.56	1.22	+2.34
Calmar ratio: Return relative to maximum drawdown	11.10	1.62	+9.48
Martin ratio: Return relative to average drawdown	57.09	4.72	+52.36

VNLA vs. MGOV - Sharpe Ratio Comparison

The current VNLA Sharpe Ratio is 7.54, which is higher than the MGOV Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of VNLA and MGOV, 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

VNLA vs. MGOV - Drawdown Comparison

The maximum VNLA drawdown since its inception was -4.49%, smaller than the maximum MGOV drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for VNLA and MGOV.

Drawdown Indicators

	VNLA	MGOV	Difference
Max Drawdown Largest peak-to-trough decline	-4.49%	-6.11%	+1.62%
Max Drawdown (1Y) Largest decline over 1 year	-0.43%	-3.53%	+3.10%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.76%	—	—
Current Drawdown Current decline from peak	0.00%	-2.13%	+2.13%
Average Drawdown Average peak-to-trough decline	-0.23%	-1.63%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	1.21%	-1.13%

Volatility

VNLA vs. MGOV - Volatility Comparison

The current volatility for Janus Henderson Short Duration Income ETF (VNLA) is 0.15%, while First Trust Intermediate Government Opportunities ETF (MGOV) has a volatility of 1.47%. This indicates that VNLA experiences smaller price fluctuations and is considered to be less risky than MGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNLA	MGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	1.47%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	0.46%	3.26%	-2.80%
Volatility (1Y) Calculated over the trailing 1-year period	0.63%	4.53%	-3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.04%	5.93%	-4.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.42%	5.93%	-4.51%

VNLA vs. MGOV - Expense Ratio Comparison

VNLA has a 0.23% expense ratio, which is lower than MGOV's 0.65% expense ratio.

Dividends

VNLA vs. MGOV - Dividend Comparison

VNLA's dividend yield for the trailing twelve months is around 4.77%, less than MGOV's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MGOV First Trust Intermediate Government Opportunities ETF	4.96%	4.95%	5.05%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNLA Janus Henderson Short Duration Income ETF	4.77%	4.84%	4.97%	3.95%	4.35%	1.67%	1.21%	3.13%	2.43%	1.79%	0.08%

Frequently Asked Questions

Can I hold both VNLA and MGOV in my portfolio?

VNLA and MGOV have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNLA or MGOV?

MGOV has higher volatility (1.47%) compared to VNLA (0.15%). In terms of maximum drawdown, VNLA dropped -4.49% vs MGOV's -6.11%.

Which ETF is better, VNLA or MGOV?

On 1-year performance, MGOV leads with 6.11% vs 4.77% for VNLA. On fees, VNLA is cheaper at 0.23% per year. On volatility, VNLA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNLA or MGOV?

Over the 1-year period, MGOV has performed better with a 6.11% return vs 4.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNLA or MGOV?

VNLA is cheaper with a 0.23% expense ratio, compared with 0.65% for MGOV.

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

MGOV has the higher dividend yield at 4.96%, compared with 4.77% for VNLA.

What is the main difference between VNLA and MGOV?

VNLA is categorized as Ultrashort Bond, while MGOV is Government Bonds. They also come from different issuers: Janus Henderson and First Trust. Their fees differ too: 0.23% for VNLA and 0.65% for MGOV.

Which has better risk-adjusted returns?

VNLA currently has the higher Sharpe Ratio (7.54 vs 1.27), 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.