My intuition is that perhaps you meant его (as a Single Genitive Case of он(о)) instead of эго, which is more likely to be 'used almost in the same context' as это, or perhaps него.
The differences shall be as follows:
- это (Gen. Sg. этого [étava]) = a) demonstrative pronoun (or b) neutrum descriptive pronoun).
a) Это миелофон. = This is a mind-reading device.
b) Это слово - из фантастического фильма. = This word [comes] from a sci-fi movie.
Cf: Этот миелофон не работает / выключен. = This mind-reading device is off.
- его [(j)ivó] = Gen. Sg. of он (he => him) or это (it), used most often as a case of direct (animate, in case of он) object, or as b) Partitive Genitive, or as c) Possessive Genitive, or :
a) Вижу его. = I see him / it.
b) Его там нет. = He is not there (lit. it's like 'There is no him there').
c) Это - его. = This belongs to him / This is his (lit. = ...of him).
- него [nivó] = Gen.Sg.2 , used most often with prepositions:
Это - для / от него. = This is for / from him.
Этого = Gen. Sg. of это or этот (both as demonstrative and descriptive pronoun):
У меня этого нет. / Это у меня. = I don't have it/this/that.// I have it/this/that.
Other examples (try to deduce to which type of usage each form is related):
Этот миелофон - у меня. = I have (got) this/that mind-reading device.
У него этого миелофона нет. = He doesn't have this/that/such a mind-reading device.
У него этого нет. = He doesn't have this/that/it. = У него его нет. = He doesn't have this/that/it / He is not at his place (chez lui).
У меня его нет. = I don't have this/that/it. / He is not at my place (chez moi).
Therefore I suppose that perhaps you meant the interchangeability of это VS его in the sub-category of 2. a) and 2.b types (direct objects and existential sentences).
So, basically, the interchangeability between это and его occurs in a case of Masculine (Inanimate) nouns.