XTEN vs. MGOV

Last updated Jun 4, 2026

XTEN (BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF) and MGOV (First Trust Intermediate Government Opportunities ETF) are both Government Bonds funds. XTEN is passively managed, while MGOV is actively managed. Over the past year, XTEN returned 4.81% vs 6.73% for MGOV. Their correlation of 0.91 suggests significant overlap in exposure. XTEN charges 0.07%/yr vs 0.65%/yr for MGOV.

Performance

XTEN vs. MGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) 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, XTEN achieves a -0.54% return, which is significantly lower than MGOV's 0.19% return.

XTEN

• 1D: -0.35%
• 1M: 0.25%
• YTD: -0.54%
• 6M: -1.22%
• 1Y: 4.81%
• 3Y*: 1.73%
• 5Y*: —
• 10Y*: —

MGOV

• 1D: -0.20%
• 1M: -0.19%
• YTD: 0.19%
• 6M: -0.01%
• 1Y: 6.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XTEN vs. MGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF	-0.54%	7.37%	-2.15%	4.95%
MGOV First Trust Intermediate Government Opportunities ETF	0.19%	8.54%	1.55%	4.56%

Correlation

The correlation between XTEN 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 XTEN and MGOV has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

XTEN vs. MGOV — Risk / Return Rank

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

XTEN

XTEN Risk / Return Rank: 21
XTEN Sharpe Ratio Rank: 22
XTEN Sortino Ratio Rank: 21
XTEN Omega Ratio Rank: 20
XTEN Calmar Ratio Rank: 21
XTEN Martin Ratio Rank: 21

MGOV

MGOV Risk / Return Rank: 41
MGOV Sharpe Ratio Rank: 42
MGOV Sortino Ratio Rank: 43
MGOV Omega Ratio Rank: 40
MGOV Calmar Ratio Rank: 40
MGOV Martin Ratio Rank: 38

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.

XTEN vs. MGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) 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.

	XTEN	MGOV	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.46	-0.70
Sortino ratio: Return per unit of downside risk	1.13	2.16	-1.03
Omega ratio: Gain probability vs. loss probability	1.13	1.26	-0.13
Calmar ratio: Return relative to maximum drawdown	0.89	1.92	-1.03
Martin ratio: Return relative to average drawdown	2.59	5.87	-3.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTEN vs. MGOV - Sharpe Ratio Comparison

The current XTEN Sharpe Ratio is 0.75, which is lower than the MGOV Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of XTEN 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.

Sharpe Ratios by Period

	XTEN	MGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	1.46	-0.70
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.88	-0.73

Drawdowns

XTEN vs. MGOV - Drawdown Comparison

The maximum XTEN drawdown since its inception was -13.86%, which is greater than MGOV's maximum drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for XTEN and MGOV.

Drawdown Indicators

	XTEN	MGOV	Difference
Max Drawdown Largest peak-to-trough decline	-13.86%	-6.11%	-7.75%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-3.53%	-1.89%
Max Drawdown (3Y) Largest decline over 3 years	-11.15%	—	—
Current Drawdown Current decline from peak	-3.51%	-2.38%	-1.13%
Average Drawdown Average peak-to-trough decline	-4.03%	-1.62%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.15%	+0.71%

Volatility

XTEN vs. MGOV - Volatility Comparison

BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) has a higher volatility of 2.05% compared to First Trust Intermediate Government Opportunities ETF (MGOV) at 1.70%. This indicates that XTEN'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.

Volatility by Period

	XTEN	MGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	1.70%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	4.41%	3.22%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	6.41%	4.64%	+1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.56%	5.95%	+3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.56%	5.95%	+3.61%

XTEN vs. MGOV - Expense Ratio Comparison

XTEN has a 0.08% expense ratio, which is lower than MGOV's 0.65% expense ratio.

Dividends

XTEN vs. MGOV - Dividend Comparison

XTEN's dividend yield for the trailing twelve months is around 4.40%, less than MGOV's 4.98% yield.

Position	TTM	2025	2024	2023	2022
MGOV First Trust Intermediate Government Opportunities ETF	4.98%	4.95%	5.05%	1.47%	0.00%
XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF	4.40%	4.05%	4.21%	3.71%	1.04%

Frequently Asked Questions

Can I hold both XTEN and MGOV in my portfolio?

XTEN 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.

Which is riskier, XTEN or MGOV?

XTEN has higher volatility (2.05%) compared to MGOV (1.70%). In terms of maximum drawdown, XTEN dropped -13.86% vs MGOV's -6.11%.

Which ETF is better, XTEN or MGOV?

On 1-year performance, MGOV leads with 6.73% vs 4.81% for XTEN. On fees, XTEN is cheaper at 0.07% 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.

Which ETF has performed better, XTEN or MGOV?

Over the 1-year period, MGOV has performed better with a 6.73% return vs 4.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTEN or MGOV?

XTEN is cheaper with a 0.07% expense ratio, compared with 0.65% for MGOV.

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

MGOV has the higher dividend yield at 4.98%, compared with 4.40% for XTEN.

What is the main difference between XTEN and MGOV?

They also come from different issuers: BondBloxx and First Trust. Their fees differ too: 0.07% for XTEN and 0.65% for MGOV.

Which has better risk-adjusted returns?

MGOV currently has the higher Sharpe Ratio (1.46 vs 0.75), 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.